Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on november 1, 2017, the following were the accoun

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

80.2K

Verified Solution

Question

Accounting

imageimageimageimageimage

On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit $ 3,630 3,140 1,960 10,840 Credit Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $ 500 3,140 400 850 10,840 3,840 $19,570 $19,570 During November, the following summary transactions were completed. Nov. 8 10 12 15 17 20 22 25 27 29 Paid $1,220 for salaries due employees, of which $370 is for November and $850 is for October salaries payable. Received $1,840 cash from customers in payment of account. Received $3,740 cash for services performed in November. Purchased store equipment on account $3,600. Purchased supplies on account $1,400. Paid creditors $2,550 of accounts payable due. Paid November rent $480. Paid salaries $1,160. Performed services on account worth $930 and billed customers Received $830 from customers for services to be performed in the future

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students