nment Comprehensive Accounting Cycle Review 5-2 On November 1, 2017, Marin Inc.

Question

nment Comprehensive Accounting Cycle Review 5-2 On November 1, 2017, Marin Inc. had the following account balances. The company uses the perpetual inventory m Debit Credit Cash Accounts Receivable 2,778 Accounts Payable Supplies Equipment $11,160 Accumulated Depreciation-Equipment $1,240 4,216 4,960 2,108 24,800 8,680 $46,004 1,066 Unearned Service Revenue 1,000 Salaries and Wages Payable $46,004 Common Stock Retained Earnings During November, the following summary transactions were completed. Nov. 8 Paid $4,402 for salaries due employees, of which $2,294 is for November and $2,108 is for October 10 Received $2,356 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $9,920, terms 2/10, n/30. 12 Sold merchandise on account for $6,820, terms 2/10, n/30. The cost of the merchandise sold was $4,960. 15 Received credit from Dimas Discount Supply for merchandise returned $372. 19 Received collections in full less discounts, from customers billed on sales of $6,820 on November 12 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,852 cash for services performed in November. 25 Purchased equipment on account $6,200. 27 Purchased supplies on account $2,108. vacy Policy I 22000-2018 John Wiley &SsIns; All Rights Reserved. A Division of 2ohn Wiley & Sons, Ins MacBook Ai F3 F4 FS F7

Explanation / Answer

Journal Entries: Date Accounts Titles Debit $ Credit $ 8-Nov Salaries and Wages payable 2108 salaries and wages expense 2294 Cash 4402 (being nov salaries and oct payable salaries paid) 10-Nov Cash 2356 AR 2356 (being reced from customers) 11-Nov Merchandise 9920 AP 9920 (being merchandise purchased on account) 12-Nov AR 6820 Sales revenue 6820 COGS 4960 Merchandise 4960 15-Nov AP 372 Merchandise returned 372 (being return of merchandise) 19-Nov Cash 6684 Trade Discount 136 AR 6820 (being cash received from AR) 20-Nov AP 9548 Cash 9357 Trade Discount 191 (being payment made to Dimas) 22-Nov Cash 2852 Service Revenue 2852 (being cash received of service revenue) 25-Nov Equipment 6200 AP 6200 (being equipment purchased) 27-Nov Supplies 2108 AP 2108 (being supplies purchased on account)

Related Questions

Navigate

• Browse (All)
• Browse N
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.