On November 1, 2015, the account balances of Schilling Equipment Repair were as
ID: 2423328 • Letter: O
Question
On November 1, 2015, the account balances of Schilling Equipment Repair were as follows.
No.
Debits
No.
Credits
During November, the following summary transactions were completed.
Date
Account Titles and Explanation
Debit
Credit
Nov. 8
No.
Debits
No.
Credits
101 Cash $ 2,389 154 Accumulated Depreciation—Equipment $ 2,080 112 Accounts Receivable 4,237 201 Accounts Payable 2,614 126 Supplies 1,824 209 Unearned Service Revenue 1,176 153 Equipment 12,480 212 Salaries and Wages Payable 670 311 Common Stock 10,440 320 Retained Earnings 3,950 $20,930 $20,930Explanation / Answer
Nov-10 Cash Dr 3416 Accounts Receivable Cr 3416 ( To record cash received on account) Nov-12 Cash Dr 3133 Service Revenue Cr 3133 ( to record cash received for service revenue) Nov-15 Equipment Dr 1972 Accounts Payable Cr 1972 ( To record purchase of equipment on account) Nov-17 Supplies Dr 677 Accounts Payable Cr 677 ( To record purchase of supplies on account) Nov-20 Accounts Payable Dr 2668 Cash Cr 2668 ( To record payment to creditors on account) Nov-22 Rent Expense Dr 406 Cash Cr 406 ( To record Payment of Nov Rent) Nov-25 Salaries Dr 1690 Cash Cr 1690 ( To record salaries paid for nov) Nov-27 Accounts Receivable Dr 1857 Service Revenue Cr 1857 ( To record services rendered for Nov) Nov-29 Cash Dr 606 Unearned Service Revenue Cr 606 ( To record cash received on account)
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