Question

Comprehensive Accounting Cycle Review 5-2 (Part Level Submission) CALCULATOR FULL SCREEN PRINTER V On November 1, 2017, Teal Mountain Inc. had the following account balances. The company uses the perpetual inventory method Debit Cash Accounts Receivable 2,061 Accounts Payable Supplies Equipment Credit 8,280 Accumulated Depreciation-Equipment $920 3,128 3,680 1,564 18,400 6,440 $34,132 791 23,000 $34,132 Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings During November, the following summary transactions were completed. 8 10 11 12 15 Paid $3,266 for salaries due employees, of which $1,702 is for November and $1,564 is for October. Received $1,748 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $7,360, terms 2/10, n/30. Sold merchandise on account for $5,060, terms 2/10, n/30. The cost of the merchandise sold was $3,680. Received credit from Dimas Discount Supply for merchandise returned $276. Received collections in full, less discounts, from customers billed on sales of $5,060 on November 12 Nov. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,116 cash for services performed in November 25 Purchased equipment on account $4,600

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