Question

Accounting Cycle Review Problem 0-14A On November 1, 2017, the following were the account balances of Soho Equipment Repair. Cash Accounts Receivable Debit $ 3,250 3,080 1,580 10,460 Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $ 500 2,760 400 790 10,460 3,460 $18,370 $18,370 During November, the following summary transactions were completed. Nov. 8 10 12 15 17 Paid $1,220 for salaries due employees, of which $430 is for November and $790 is for October salaries payable. Received $1,900 cash from customers in payment of account. Received $3,800 cash for services performed in November. Purchased store equipment on account $3,530. Purchased supplies on account $1,410. Paid creditors $2,560 of accounts payable due. Paid November rent $500. Paid salaries $1,080. Performed services on account worth $960 and billed customers. Received $830 from customers for services to be performed in the future. 20 22 25 27 29

Answer 1

Answer :

SOHO EQUIPMENT REPAIR

Balane Sheet

November 30,2017

ASSETS
Current Assets :
Cash	4,420
Account receivable	2,140
Supplies	1,290
Total Current Assets		7,850
Property, Plant and Equipment :
Equipment	13,990
Less : Acc. Dep.	750	13,240
Total Assets		21,090
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities :
Accounts payable	5,140
Salaries and wages payable	490
Unearned Service revenue	700
Total Current Liabilities		6,330
Stockholders' equity :
Common stock	10,460
Retained earnings	4,300
Total Stockholders' equity		14,760
Total liabilities and stockholders' equity		21,090