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

SOHO EQUIPMENT REPAIR Trial Balance November 30, 2017 Cash $4,420 Accounts Receivable $2,140 Supplies $2,990 Equipment $13,990 Accumulated Depreciation Accounts Payable Unearned Service Revenue Common Stock Retained Earnings Salaries and Wages Expense $1,510 Service Revenue Rent Expense $500 $25,550 $500 $5,140 $1,230 $10,460 $3,460 $4,760 $25,550

Working Note:

C2 A 1 2 Cash 3 Accounts Receivable 4 Supplies 5 Equipment 6 Accumulated Depreciation 7 Accounts Payable 8 Unearned Service Revenue 9 Common Stock 10 Retained Earnings 11 Salaries and Wages Expense 12 Service Revenue 13 Rent Expense 14 fx --1220+1900+3800-2560-500-1080+830 B E Opening Transactions Closing Balance Balance $3,250 1170 $4,420 $3,080 -940 $2,140 $1,580 1410 $2,990 $10,460 3530 $13,990 $500 $500 $2,760 2380 $5,140 $400 830 $1,230 $10,460 $10,460 $3,460 $3,460 1510 $1,510 4760 $4,760 500 $500

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