60.1K

Verified Solution

Link Copied!

Please help!! Thank you -

On November 1, 2022, Sage Hill had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $8,100 2,016 774 22,500 $33,390 Accumulated Depreciation Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $900 3,060 3,600 1,530 18,000 6,300 $33,390 During November, the following summary transactions were completed. Nov. 8 10 11 12 20 22 25 27 28 29 29 29 29 Paid $3,195 for salaries due employees, of which $1,665 is for November and $1,530 is for October. Received $1,710 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $7,200, terms 2/10, n/30. Sold merchandise on account for $4,950, terms 2/10, n/30. The cost of the merchandise sold was $3,600. Received credit from Dimas Discount Supply for merchandise returned $270. Received collections in full, less discounts, from customers billed on sales of $4,950 on November 12. Paid Dimas Discount Supply in full, less discount. Received $2,070 cash for services performed in November. Purchased equipment on account $4,500. Purchased supplies on account $1,530. Paid creditors $2,700 of accounts payable due. Paid November rent $337. Paid salaries $1,170. Performed services on account and billed customers $630 for those services. Received $608 from customers for services to be performed in the future. Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 8,100 11/1 Bal. Accounts Receivable 2,016 11/1 Bal. Inventory Supplies 11/1 Bal. 774 Equipment 22,500 11/1 Bal. Accumulated Depreciation Equipment 11/1 Bal. 900 Accounts Payable 11/1 Bal. 3,060 Accumulated Depreciation Equipment 11/1 Bal. 900 Accounts Payable 11/1 Bal. 3,060 Unearned Service Revenue 11/1 Bal. 3,600 Salaries and Wages Payable 1,530 11/1 Bal. Common Stock 11/1 Bal. 18,000 Retained Earnings 11/1 Bal. Service Revenue 6,300 Salaries and Wages Expense Rent Expense Sales Revenue Cost of Goods Sold Sales Discounts

Answer & Explanation Solved by verified expert

See Answer