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

Answer 1

	Cash
nov 1 bb	26,100
	Accounts receivable
nov 1 bb	6,496
	Supplies
nov 1 bb	2,494
	Equipment
nov 1 bb	72,500
Accumulated depreciation-Equipment
		nov 1 bb	2,900
Accounts payable
		nov 1 bb	9,860
unearned service revenue
		nov 1 bb	11,600
Salaries and wages payable
		nov 1 bb	4,930
Common stock
		nov 1 bb	58,000
Retained earnings
		nov 1 bb	20,300