On November 1, 2017, Marin Inc. had the following account balances. The company uses the...
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Accounting
On November 1, 2017, Marin Inc. had the following account balances. The company uses the perpetual inventory method.
Debit | Credit | |||||
Cash | $9,180 | Accumulated DepreciationEquipment | $1,020 | |||
Accounts Receivable | 2,285 | Accounts Payable | 3,468 | |||
Supplies | 877 | Unearned Service Revenue | 4,080 | |||
Equipment | 25,500 | Salaries and Wages Payable | 1,734 | |||
$37,842 | Common Stock | 20,400 | ||||
Retained Earnings | 7,140 | |||||
$37,842 |
During November, the following summary transactions were completed.
Nov. | 8 | Paid $3,621 for salaries due employees, of which $1,887 is for November and $1,734 is for October. | |
10 | Received $1,938 cash from customers in payment of account. | ||
11 | Purchased merchandise on account from Dimas Discount Supply for $8,160, terms 2/10, n/30. | ||
12 | Sold merchandise on account for $5,610, terms 2/10, n/30. The cost of the merchandise sold was $4,080. | ||
15 | Received credit from Dimas Discount Supply for merchandise returned $306. | ||
19 | Received collections in full, less discounts, from customers billed on sales of $5,610 on November 12. | ||
20 | Paid Dimas Discount Supply in full, less discount. | ||
22 | Received $2,346 cash for services performed in November. | ||
25 | Purchased equipment on account $5,100. | ||
27 | Purchased supplies on account $1,734. | ||
28 | Paid creditors $3,060 of accounts payable due. | ||
29 | Paid November rent $383. | ||
29 | Paid salaries $1,326. | ||
29 | Performed services on account and billed customers $714 for those services. | ||
29 | Received $689 from customers for services to be performed in the future. |
create a balance sheet
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You can see the logs in the Dashboard.