Determine and enter the november balances in ledger accounts

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Reference no: EM132472220

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

                                                                             DebitCredit

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.

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

Point 2: 10Received $1,800 cash from customers in payment of account.

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

Point 4: 15Purchased store equipment on account $3,600.

Point 5: 17Purchased supplies on account $1,300.20Paid creditors $2,500 of accounts payable due.

Point 6: 22Paid November rent $480.25Paid salaries $1,000.27Performed services on account worth $900 and billed customers.

Point 7: 29Received $750 from customers for services to be performed in the future.

Adjustment data:

  1. Supplies on hand are valued at $1,100.
  2. Accrued salaries payable are $480.
  3. Depreciation for the month is $250.
  4. Services were performed to satisfy $500 of unearned service revenue.

Instructions

Question 1.(a) Enter the November 1 balances in the ledger accounts. (Use T-accounts.)

Reference no: EM132472220

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