pen Problem 3-SA (Part Level Submission) On November 1, 2017, the account balanc

Question

pen Problem 3-SA (Part Level Submission) On November 1, 2017, the account balances of Schilling Equipment Repair were as follows. De No 101 Cash s 2,430 154 Accumulated $ 2,120 Equipment 112 Accounts 126 Supplies 153 Equipment 4,290 201 Accounts Payable 1,770 2,640 Pa ion Receivable 209 212 311 Common Stock 320 Retained Earnings Unearned Service Revenue Salaries and Wages Payable 1,150 722 10,628 3,950 $21,210 12,720 $21,210 During November, the following summary transactions were completed. Nov. 8 Paid $1,720 for salaries due employees, of which $722 is for October salaries. 10 Received $3,380 cash from customers on account. 12 Received $3,150 cash for services performed in November. 15 Purchased equipment on account $2,030 17 Purchased supplies on account $660. 20 Paid creditors on account $2.700 22 Paid November rent $440 25 Paid salaries $1,720. 27 Performed services on account and billed customers $1.910 for these services Received $620 from customers for future service. nt | Privacy Pol Al Rights Reserved. A Division of 1ohn Wile

Explanation / Answer

working Revenue/( expenses) 8-Nov ($998) (1720-722) 10-Nov - 12-Nov $3,150 15-Nov - 17-Nov - 20-Nov - 22-Nov ($440) 25-Nov ($1,720) 27-Nov $1,910 29-Nov - Adjusting entries 1 ($1,020) 2 ($361) 3 ($212) 4 $1,300 Net Income $1,609 Statement of Retained Earnings For the month ended November 30 2017 Beginning Balance $3,950 Add: net Income $1,609 Ending balance $5,559

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