60.1K

Verified Solution

Link Copied!

On November 1, 2017, Windsor, Inc. had the following account balances. The company uses the perpetual inventory meth Cash Accounts Receivable Supplies Equipment Debit $8,460 Accumulated Depreciation-Equipment 2,106 Accounts Payable 808 Unearned Service Revenue 23,500 Salaries and Wages Payable $34,874 Common Stock Retained Earnings Credit $940 3,196 3,760 1,598 18,800 6,580 $34,874 During November, the following surimary transactions were completed. Nov. 8 Paid $3,337 for salaries due employees, of which $1,739 is for November and $1,598 is for October 10 Received $1,786 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $7,520, terms 2/10,n/30. 12 Sold merchandise on account for $5,170, terms 2/10,n/30. The cost of the merchandise sold was $3,760. 15 Received credit from Dimas Discount Supply for merchandise returned $282. 19 Received collections in full, less discounts, from customers billed on sales of $5,170 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,162 cash for services performed in November. 25 Purchased equipment on account $4,700. 27 Purchased supplies on account $1,598. 28 Paid creditors $2,820 of accounts payable due. 29 Paid November rent $353. 29 Paid salaries $1,222. 29 Performed services on account and billed customers $658 for those services. 29 Received $635 from customers for services to be performed in the future. Cash 11/1 Bal. 8,460 Accounts Receivable 2,106 11/1 Bal. Inventory Supplies 808 11/1 Bal. Equipment 23,500 11/1 Bal. Accumulated Depreciation-Equipment 11/1 Bal. 940 Accounts Payable 11/1 Bal. 3,196 Unearned Service Revenue 11/1 Bal. 3,760 Salaries and Wages Payable 11/1 Bal. 1,598 Common Stock 11/1 Bal. 18,800 Retained Earnings 11/1 Bal. 6,580 Service Revenue Salaries and Wages Expense Rent Expense Sales Revenue Cost of Goods Sold Sales Discou

Answer & Explanation Solved by verified expert

See Answer