1. Business
  2. Accounting
  3. problem 47a part level submission on november 1 2017 the...

Question: problem 47a part level submission on november 1 2017 the...

Question details

Problem 4-7A (Part Level Submission) On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 3,220 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 3,150 Accounts Payable 2,730 Supplies 1,550 Unearned Service Revenue 400 Equipment 10,430 Salaries and Wages Payable 860 Common Stock 10,430 Retained Earnings 3,430 $18,350 $18,350 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $360 is for November and $860 is for October salaries payable. 10 Received $1,820 cash from customers in payment of account. 12 Received $3,770 cash for services performed in November. 15 Purchased store equipment on account $3,610. 17 Purchased supplies on account $1,320. 20 Paid creditors $2,530 of accounts payable due. 22 Paid November rent $460. 25 Paid salaries $1,050. 27 Performed services on account worth $960 and billed customers. 29 Received $760 from customers for services to be performed in the future. (e2) Post the above adjusting entries. (Post entries in the order of journal entries passed in the previous question.)

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution