Question

Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $26,100 6,496 2,494 72,500 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $2,900 9,860 11,600 4,930 58,000 20,300 $107,590 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 22 25 27 28 29 29 29 29 Paid $10,295 for salaries due employees, of which $5,365 is for November and $4,930 is for October. Received $5,510 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $23,200, terms 2/10, n/30. Sold merchandise on account for $15,950, terms 2/10, n/30. The cost of the merchandise sold was $11,600. Received credit from Dimas Discount Supply for merchandise returned $870. Received collections in full, less discounts, from customers billed on sales of $15,950 on November 12. Paid Dimas Discount Supply in full, less discount. Received $6,670 cash for services performed in November. Purchased equipment on account $14,500. Purchased supplies on account $4,930. Paid creditors $8,700 of accounts payable due. Paid November rent $1,087. Paid salaries $3,770. Performed services on account and billed customers $2,030 for those services. Received $1,958 from customers for services to be performed in the future.

Answer 1

Accounts receivable $ 6,496.00 nov 1 bb nov 1 bb Supplies $ 2,494.00 Equipment $ 72,500.00 nov 1 bb Accumulated depreciation Equipment nov 1 bb $ 2,900.00 Accounts payable nov 1 bb $ 9,860.00 unearned service revenue nov 1 bb $11,600.00 Salaries and wages payable nov 1 bb $ 4,930.00 Common stock nov 1 bb $58,000.00 Retained earnings nov 1 bb $20,300.00