Question

Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Marin had the following account balances. The company uses the perpetual inventory method. Debit Credit $17,100 Accumulated Depreciation-Equipment $1,900 Cash 4,256 Accounts Payable 6,460 Accounts Receivable 7,600 1,634 Unearned Service Revenue Supplies 47,500 Salaries and Wages Payable 3,230 Equipment $70,490 Common Stock 38,000 Retained Earnings 13,300 $70,490 During November, the following summary transactions were completed Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for November and $3,230 is for October. 10 Received $3,610 cash from customers in payment of account 11 Purchased merchandise on account from Dimas Discount Supply for $15,200, terms 2/10, n/30 12 Sold merchandise on account for $10,450, terms 2/10, n/30. The cost of the merchandise sold was $7,600. 15 Received credit from Dimas Discount Supply for merchandise returned $570. 19 Received collections in full, less discounts, from customers billed on sales of $10,450 on November 12. Paid Dimas Discount Supply in full, less discount. 20 22 Received $4,370 cash for services performed in November. 25 Purchased equipment on account $9,500. 27 Purchased supplies on account $3,230 28 Paid creditors $5,700 of accounts payable due. 29 Paid November rent $712 Paid salaries $2,470. 29 29 Performed services on account and billed customers $1,330 for those services. 29 Received $1,283 from customers for services to be performed in the future.

Answer 1

Journal Entries Credit Date Particulars 8-Nov Salaries expense Salaries & Wages payable To Cash Debit $ 3,515 $ 3,230 6,745 $ 3,610 10-Nov Cash To Accounts Receivable 3,610 $15,200 11-Nov Inventory account To Accounts payable 15,200 $ 10,450 12-Nov Accounts receivable To Sales 10,450 $ 7,600 Cost of Goods sold To Inventory 7,600 $ 570 15-Nov Accounts payable To Inventory account

19-Nov Cash Discount on sales To Accounts receivable $10,241 $ 209 10,450 $ 15,200 20-Nov Accounts payable To Cash To Discount on purchases 14,896 304 $ 4,370 22-Nov Cash To Services 4,370 $ 9,500 25-Nov Equipment To Accounts Payable 9,500 $ 3,230 27-Nov Supplies To Accounts payable 3,230 $ 5,700 28-Nov Accounts Payable To Cash 5,700 $ 712 29-Nov Rent expense To Cash 712

$ 2,470 29-Nov Salaries expense To Cash 2,470 $ 1,330 29-Nov Accounts Receivable To Services 1,330 $ 1,283 29-Nov Cash To Unearned service revenue 1,283 T Accounts Particulars To Opening Balance To Accounts Receivable To Accounts receivable To Services To Unearned service revenue Cash Account Amount Particulars $ 17,100 By Salaries expense $ 3,610 By Salaries & Wages payable $10,241 By Accounts payable $ 4,370 By Accounts Payable $ 1,283 By Rent expense By Salaries expense By Closing Balance $36,604 Amount $ 3,515 $ 3,230 $ 14,896 $ 5,700 $ 712 $ 2,470 $ 6,081 $ 36,604 $ -

Particulars To Opening Balance To Sales To Services Accounts Receivable Account Amount Particulars $ 4,256 By Cash $ 10,450 By Cash $ 1,330 By Closing Balance $ 16,036 Amount $ 3,610 $ 10,241 $ 2,185 $ 16,036 $ - Particulars To Opening Balance To Accounts payable Supplies account Amount Particulars $ 1,634 By Closing Balance $ 3,230 $ 4,864 Amount $ 4,864 $ 4,864 $ . Particulars To Opening Balance To Accounts Payable Equipment Account Amount Particulars $ 47,500 By Closing Balance $ 9,500 $57,000 Amount $ 57,000 $ 57,000

Particulars To Inventory account To Cash To Discount on purchases To Cash To Closing Balance Accounts Payable Amount Particulars $ 570 By Opening Balance $14,896 By Inventory account $ 304 By Equipment $ 5,700 By Supplies $ 12,920 $ 34,390 Amount $ 6,460 $ 15,200 $ 9,500 $ 3,230 $ 34,390 $ Particulars To Closing Balance Unearned Service Revenue Amount Particulars $ 8,883 By Opening Balance By Cash $ 8,883 Amount $ 7,600 $ 1,283 $ 8,883 $ Particulars To Cash Salaries & Wages Payable Amount Particulars $ 3,230 By Opening Balance Amount $ 3,230 $ 3,230 $ 3,230

Particulars To Opening Balance To Accounts payable Inventory Account Amount Particulars $ . By Accounts payable $ 15,200 By Cost of Goods sold By Closing Balance $ 15,200 Amount $ 570 $ 7,600 $ 7,030 $ 15,200 $ -