Question

During November, the following summary transactions were completed. Nov. 8 10 12 15 17 Paid $1,408 for salaries due employees, of which $696 is for November and $712 is for October salaries payable. Received $2,088 cash from customers in payment of account. Received $4,292 cash for services performed in November. Purchased store equipment on account $4,176. Purchased supplies on account $1,508. Paid creditors $2,900 of accounts payable due. Paid November rent $564. Paid salaries $1,160. Performed services on account worth $1,044 and billed customers. Received $870 from customers for services to be performed in the future. 20 22 25 27 29 Adjustment data: 1. 2. Supplies on hand are valued at $1,276. Accrued salaries payable are $564. Depreciation for the month is $290. Services were performed to satisfy $580 of unearned service revenue. 3. 4.

Answer 1

Asset Liabilities + Stockholder's Equity Accumulated Depreciation Accounts Unearned Service Salary / Wages Common Retained Equipment payable + Revenue + Payable + Stock + earnings 580 = 2668 + 464 + 712 + 11600 + 3480 -712 + + -696 + + + + + + + + + + + = + + + + + 4292 + + + + + 4176 + 1508 + -2900 + + + + + + + + + Accounts Equipm Cash + Receivable + Supplies + ent 11/1 Bal 3240 + 3372 + 1292 11600 Nov-08 -1408 + + Nov-10 2088 + -2088 + + Nov-12 4292 + + Nov-15 + + + + 4176 Nov-17 1508 + Nov-20 -2900+ + Nov-22 -564 + + Nov-25 -1160+ + + Nov-27 + 1044 + + Nov-29 870 + + + Nov-30 + + -1524+ Nov-30 + + + Nov-30 + + Nov-30 + + + 4458+ 2328+ 1276+ 15776 + + + + + + + + + -564 -1160 1044 + + + + + + 870 + + + + + + + + = + + 564 + + + 290] = + + + + -1524 -564 -290 580 4598 + + + -580+ 754 + 870] = 5452 + 564 + 11600| +

Culver Equipment Repair Income Statement For the Month Ended November 30, 2022 Revenue Service Revenue $ 5916 Expense Salaries and wages expense 2420 Rent Expense 564 Supplies Expense 1524 Depreciation Expense 290 Total Expense $ 4798 Net Income $ 1118

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