During November, the following summary transactions were completed. Journalize t

Question

During November, the following summary transactions were completed. Journalize the November Transactions.

Received $810 from customers for services to be performed in the future.

Nov. 8 Paid $4,260 for salaries due employees, of which $2,220 is for November and $2,040 is for October. 10 Received $2,280 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $9,600, terms 2/10, n/30. 12 Sold merchandise on account for $6,600, terms 2/10, n/30. The cost of the merchandise sold was $4,800. 15 Received credit from Dimas Discount Supply for merchandise returned $360. 19 Received collections in full, less discounts, from customers billed on sales of $6,600 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,760 cash for services performed in November. 25 Purchased equipment on account $6,000. 27 Purchased supplies on account $2,040. 28 Paid creditors $3,600 of accounts payable due. 29 Paid November rent $450. 29 Paid salaries $1,560. 29 Performed services on account and billed customers $840 for those services. 29

Received $810 from customers for services to be performed in the future.

Explanation / Answer

Date General Journal Debit Credit 08-Nov Salaries Payable          2,040 Salaries Expense          2,220 Cash          4,260 10-Nov Cash          2,280 Accounts Receivables          2,280 11-Nov Merchandise Inventory          9,600 Accounts Payable          9,600 12-Nov Accounts Receivables          6,600 Sales          6,600 COGS          4,800 Merchandise Inventory          4,800 15-Nov Accounts payable             360 Merchandise Inventory             360 19-Nov Cash          6,468 Sales Discount (6600*2%)             132 Accounts Receivable          6,600 20-Nov Accounts Payable          9,240 Merchandise Inventory             185 Cash          9,055 (9600-360)*2% 22-Nov Cash          2,760 Service Revenue          2,760 25-Nov Equipment          6,000 Accounts Payable          6,000 27-Nov Supplies          2,040 Accounts Payable          2,040 28-Nov Accounts Payable          3,600 Cash          3,600 29-Nov Rent Expense             450 Cash             450 29-Nov Salaries Expense          1,560 Cash          1,560 29-Nov Accounts Receivable             840 Service Revenue             840 29-Nov Cash             810 Unearned Service Revenue             810

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