On November 1 2017 the account balances of Schilling Equipme

On November 1. 2017, the account balances of Schilling Equipment Repair were as follows No. Debits No Credits s 2,440 /154 Accumulated Depreciation-Equipment 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment $1,930 2,620 1,210 734 9,616 3,950 $20,060 4,240 201 Accounts Payable 1,800 11.580 209 212 311 Common Stock 320 Retained Earnings Unearned Service Revenue Salaries and Wages Payable $20,060 During November, the following summary transactions were completed. Nov. 8 Paid $1,730 for salaries due employees, of which $734 is for October salaries. 10 Received $3,370 cash from customers on account. 12 Received $3,050 cash for services performed in November 15 Purchased equipment on account $1,970. 17 Purchased supplies on account $720 20 Paid creditors on account $2,700. 22 Paid November rent $450. 25 Paid salaries $1,730. 27 Performed services on account and billed customers $1,900 for these services. 29 Received $600 from customers for future service.

Solution

Journal Entries

Date (2017)

Accounts Title

Amount

Amount

8-Nov

Salaries and wages expense

$             996.00

Salaries and wages Payable

$             734.00

          Cash

$    1,730.00

(salary for current month and october month paid)

10-Nov

Cash

$         3,370.00

       Accounts Receivables

$    3,370.00

(Amount received against Debit Balance)

11-Nov

Cash

$         3,050.00

        Service Revenue

$    3,050.00

(service revenue received for services performed)

15-Nov

Equipment

$         1,970.00

       Accounts Payable

$    1,970.00

(equipment purchased on credit)

17-Nov

Supplies Account

$             720.00

          Accounts Payable

$        720.00

(Supplies purchased on Credit)

20-Nov

Accounts Payable

$         2,700.00

        cash

$    2,700.00

(cash paid to outstanding creditors)

22-Nov

Rent

$             450.00

     cash

$        450.00

(rent for november paid)

25-Nov

Salaries and wages expense

$         1,730.00

     cash

$    1,730.00

(salary paid)

27-Nov

Accounts Receivable

$         1,900.00

       Service Revenue

$    1,900.00

(Billed customer for services performed)

29-Nov

cash

$             600.00

       Unearned Service Revenue

$        600.00

(cash received as advance)

$       18,220.00

$ 18,220.00

Balances

As at 31st November 2017

Account Title

Amount

Account Title

Amount

Cash

$                                      2,850.00

Accumulated Depreciation-Equipment

$    1,930.00

Accounts Receivables

$                                      2,770.00

Accounts Payable

$    2,610.00

Supplies

$                                      2,520.00

Unearned Service Revenue

$    1,810.00

Equipment

$                                    13,550.00

common stock

$    9,616.00

Rent Expenses

$                                          450.00

Retained earnings

$    3,950.00

Salaries and wages Expenses

$                                      2,726.00

Service revenue

$    4,950.00

$                                    24,866.00

$ 24,866.00

Journal Entries
Date (2017)	Accounts Title	Amount	Amount
8-Nov	Salaries and wages expense	$             996.00
	Salaries and wages Payable	$             734.00
	Cash		$    1,730.00
	(salary for current month and october month paid)
10-Nov	Cash	$         3,370.00
	Accounts Receivables		$    3,370.00
	(Amount received against Debit Balance)
11-Nov	Cash	$         3,050.00
	Service Revenue		$    3,050.00
	(service revenue received for services performed)
15-Nov	Equipment	$         1,970.00
	Accounts Payable		$    1,970.00
	(equipment purchased on credit)
17-Nov	Supplies Account	$             720.00
	Accounts Payable		$        720.00
	(Supplies purchased on Credit)
20-Nov	Accounts Payable	$         2,700.00
	cash		$    2,700.00
	(cash paid to outstanding creditors)
22-Nov	Rent	$             450.00
	cash		$        450.00
	(rent for november paid)
25-Nov	Salaries and wages expense	$         1,730.00
	cash		$    1,730.00
	(salary paid)
27-Nov	Accounts Receivable	$         1,900.00
	Service Revenue		$    1,900.00
	(Billed customer for services performed)
29-Nov	cash	$             600.00
	Unearned Service Revenue	$        600.00
	(cash received as advance)
		$       18,220.00	$ 18,220.00