On November 1, 2017, the account balances of Schilling Equipment Repair were as

Question

On November 1, 2017, the account balances of Schilling Equipment Repair were as follows. No. Debits No. Credits $1,930 2,620 1,210 734 9,616 3,950 $20,060 s 2.440 154 Accumulated Depreciation-Equipment 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment 4,240 201 Accounts Payable 1,800 11.580 209 212 311 Common Stock 320 Retained Earnings Unearned Service Revenue Salaries and Wages Payable $20,060 During November, the following summary transactions were completed. Paid $1,730 for salaries due employees, of which $734 is for October salaries. Received $3,370 cash from customers on account. Nov. 8 2 10 12 Received $3,050 cash for services performed in November 15 Purchased equipment on account $1,970. 17 Purchased supplies on account $720 20 Paid creditors on account $2,700. 22 Paid November rent $450. 25 Paid salaries $1,730. 27 Performed services on account and billed customers $1,900 for these services. 29 Received $600 from customers for future service.

Explanation / Answer

Recording Beginning Balance:

Date explanation Debit Credit Balance Cash 1 Nov Balance 2440 Accounts receivable 1 Nov Balance 4240 Supplies 1 Nov Balance 1800 Equipment 1Nov Balance 11580 Accumulated Depreciation-Equipment 1 Nov Balance 1930 Accounts payable 1 Nov Balance 2620 Unearned revenue service 1 Nov Balance 1210 salaries and wages payable 1 Nov 734 Common stock 1 Nov balance 9616 Retained earning 1 Nov Balance 3950

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