70.2K

Verified Solution

Link Copied!

On November 1, 2025, Splish Brothers Inc. had the following account balances. The company uses the perpetual inventory metho Cash Accounts Receivable Supplies Equipment Nov. 10 11 Debit 12 $21,600 5,376 2,064 60,000 $89,040 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue During November, the following summary transactions were completed. Salaries and Wages Payable Common Stock Retained Earnings Credit $2,400 8,160 9,600 4,080 48,000 16,800 $89,040 Paid $8,520 for salaries due employees, of which $4,440 is for November and $4,080 is for October. Received $4,560 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $19,200, terms 2/10, n/30. Sold merchandise on account for $13,200, terms 2/10, n/30. The cost of the merchandise sold was $9,600. Supply for merchandise returned $700.

During November, the following summary transactions were completed. Now: 8 Paid $8,520 for salaries due employees, of which $4,440 is for November and $4,080 is for October. 10 Received $4,560 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $19,200, terms 2/10,n/30. 12. Sold merchandise on account for $13.200, terms 2/10, n/30. The cost of the merchandise sold was $9,600. 15. Recelved credit from Dimas Discount Supply for merchandise returned $700. 19. Received collections in fult, less discounts, from customers bilibd on sales of $13.200 on November 12 20 Paid Dimas Discount Supply in full tess discount. 22. Recelved $5,520 cash for services perforing in Novemben 25 Purchased equipment on account $12.000. 27. Purchased suppliesonaccount 54.080 28. Pild creditors $7200 of accoints parable due. 29 Paid Wowember rent $900. 29 Paldsalarles 53.120 29 Perfocined servikes on account and billed customers $1,680 for those services 29. Received $1,620 tram customers for services to be performed in the future. Post to the ledger accounts. (Post entries in the order of joumal entries presented in the previous part.) Accumulated Depreciation-Equipment 11/1 Bal. 2,400 Accounts Payable \begin{tabular}{|c|c|c|c|c|c|} \hline 11/15 & v & 700 & 11/1 Bal. & & 8,160 \\ \hline 11/20 & v & 18500 & 11/11 & v & 19200 \\ \hline 11/28 & & 7200 & 11/25 & v & 12000 \\ \hline & & & 11/27 & & 4080 \\ \hline & & & 11/30Bal & v & 17040 \\ \hline \end{tabular} Unearned Service Revenue 11/1 Bal. 9,600 Salaries and Wages Payable 11/1Bal.4,080 Common Stock 11/1 Bal. 48,000 Retained Earnings 11/1 Ba! 16,800 Service Revenue Salaries and Wages Expense Rent Expense Sales Revenue Cost of Goods Sold Sales Discounts

Answer & Explanation Solved by verified expert

See Answer