Question

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 Credit $ 500 2,760 400 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 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

Amounts are in $

Balance sheet as at November 30, 2017 Assets Amh Ant P. Current Asset Cash 4,420 Accounts receivable 2, 140 Supplies (15807 1410) 2,990 asso 2. Posparty plant Sequipment Equipment (16,460+3,530) 13,990 less : 'accomslated depreciatar, (rod) 13,490 Total assets 23,040 Total current assets payable 0 12 NOCO trabilities & stockholdes aquity 1. Current liabilities Accounts 5,140 salaries &s coches payable Uneomed senice revenue 1230 Total Conca Total current liabilities 2. stock holders equity Common stock 10, 460 Retained cornings (3,460 +2,750) 6,210 Total stockholders equity CScanned Total liability & stockholders aquity Saturday 8 6,320 16,620 23,040

Cash Alo 2900 opening ) unlemes Senice Accounts recivable Senicas 3,250 Salaries 8.20 creditors 1,900 Rent a 3000 Salaries 9,780 closing 1,220 2,560 500 1,080 4420 91,80 Accounts recavable Cogh opening Income statement 3,080 1,900 closing 2,140 hoko youo 14 00 SON Accoulky payable Cash 2,560 opening Equipment 2,760 3,536 8 Monday closing 5.40 7700 Supplics 10مارا 7700 Income statement services in cash 430 Senios on account Soo 1880 3,000 960 Salorics Rena Scones Profit 2750 (Add to retained 4760 Carnings) C Scanned with CamScanner 4760

The second picture is working notes

Note :

Depreciation on equipment is ignored for the month as we do not have enough information

Unearned Revenue in the given question also remains Unearned at the end of the month. There is no information as to whether that revenue is earned or not, so maintained it as unearned

Salaries payable details at month end is not given, so assumed as zero. Alternatively we can assume the amount to be same as in the opening date.