Question

In: Accounting

On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit...

On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 2,790 Accumulated Depreciation—Equipment $ 500 Accounts Receivable 2,910 Accounts Payable 2,300 Supplies 1,120 Unearned Service Revenue 400 Equipment 10,000 Salaries and Wages Payable 620 Common Stock 10,000 Retained Earnings 3,000 $16,820 $16,820

During November, the following summary transactions were completed.

Nov. 8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable.

10 Received $1,800 cash from customers in payment of account.

12 Received $3,700 cash for services performed in November.

15 Purchased store equipment on account $3,600.

17 Purchased supplies on account $1,300. 20 Paid creditors $2,500 of accounts payable due.

22 Paid November rent $480.

25 Paid salaries $1,000.

27 Performed services on account worth $900 and billed customers.

29 Received $750 from customers for services to be performed in the future.

part 1

Enter the November 1 balances in the ledger accounts.

Solutions

Expert Solution

1.

Cash
Beginning Balance $             2,790
  
Accounts Receivable
Beginning Balance $             2,910
Supplies
Beginning Balance $             1,120
Equipment
Beginning Balance $          10,000
Accumulated Depreciation - Equipment
Beginning Balance $               500
Accounts Payable
Beginning Balance $            2,300
Unearned Service Revenue
Beginning Balance $               400
Salaries and Wages Payable
Beginning Balance $               620
Common Stock
Beginning Balance $         10,000
Retained Earnings
Beginning Balance $            3,000

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