Question

Accounting Cycle Review Problem 0-14A On November 1, 2017, the following were the account balances of Soho Equipment Repair. Cash Accounts Receivable Supplies Equipment Debit $ 3,250 3,080 1,580 10,460 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 Paid $1,220 for salaries due employees, of which $430 is for November and $790 is for October salaries payable. 10 Received $1,900 cash from customers in payment of account. 12 Received $3,800 cash for services performed in November. 15 Purchased store equipment on account $3,530. 17 Purchased supplies on account $1,410. 20 Paid creditors $2,560 of accounts payable due. 22 Paid November rent $500. 25 Paid salaries $1,080. 27 Performed services on account worth $960 and billed customers. 29 Received $830 from customers for services to be performed in the future. Your answer is correct. Policy © 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc.

Answer 1

Solution-

Most of the answers posted by student are correct. Error is only in Trial Balance, where balances are not mentioned for two accounts and totals are missing. The same has been corrected and shown below (Corrected part has been highlighted in Green):

Credit SCHO EQUIPMENT REPAIR Trial Balances November 30,2017 Debit Cash 4420 Accounts Receivable 2140 Supplies 1290 Equipment 13990 Accumaulated Depreciation Unearned Service Revenue Accounts Payable Salaries and Wages Payable Salaries and Wages Expenses 2000 Common Stock Retained Earnings Service Revenue Supplies Expense 1700 Rent Expense 500 Depreciation Expense 250 750 700 5140 490 10460 3460 5290 $ 26,290$ 26,290