htpsvtcaballtrans N DL Brightspace log New Tab M Inbox 145 s

htps/vtcaballtrans N DL Brightspace log New Tab M Inbox (145) -salman D2L Brightspace Log Problem 3-SA (Part Level Submission) On November 1, 2017, the account balances of Schilling Equipment Repair were as follows. Debits No Credits Accumulated Depreciation- Equipment $2,120 101 Cash 112 Accounts 126 Supplies s 2,430 154 2,640 1,150 722 10,628 3,950 $21,210 4,290 201 Accounts Payable Receivable Unearned Service Revenue Salaries and Wages Payable 209 212 311 Common Stock 320 Retained Earnings 1,770 12,720 153 Equipment $21,210 During November, the following summary transactions were completed. Nov. 8 Paid $1,720 for salaries due employees, of which $722 is for October salaries. 10 Received $3,380 cash from customers on account. 12 Received $3,150 cash for services performed in November. 15 Purchased equipment on account $2,030. 17 Purchased supplies on account $660. 20 Paid creditors on account $2,700. 22 Paid November rent $440. 25 Paid salaries $1,720. 27 Performed services on account and billed customers $1,910 for these services 29 Received $620 from customers for future service. Your answer is correct. Enter the November 1 balances in the ledger accounts. Cash Date Explanation Ref Debit Bala Nov. 1 Balance Date Explanation Debit Credit Bala Nov. 1 Balance Date Explanation Ref Debit Credit

Solution

SCHILLING EQUIPMENT REPAIR General journal for the month of November 2017 Date Account Title Debit Credit Nov.8 Salaries and wages payable 722 Salaries and Wages Expense 998 cash 1720 (Salaries and wages paid) Nov.10 cash 3380 accounts Receivable 3380 (Cash collected from customers on account) Nov.12 cash 3150 Service Revenue 3150 (Cash received for services performed) Nov.15 Equipment 2030 Accounts Payable 2030 (Purchase of equipment on account) Nov.17 Supplies 660 Accounts Payable 660 (Purchase of supplies on account) Nov.20 Accounts Payable 2700 cash 2700 (Payment made to creditors on account) Nov.22 Rent Expense 440 cash 440 (Payment of rent for november) Nov.25 Salaries and Wages Expense 1720 cash 1720 (Payment of salaries ) Nov.27 accounts Receivable 1910 Service Revenue 1910 (Service performed on account) Nov.29 cash 620 Unearned Service revenue 620 (Cash received for future service) SCHILLING EQUIPMENT REPAIR Adjusting journal entries for the month of November 2017 Event Account Title Debit Credit Adj.1 Supplies Expense 1020 Supplies 1020 (Supplies used for the month) Adj.2 Salaries and wages expense 361 Salaries and wages payable 361 (Accrued and unpaid salaries for the month) Adj.3 Depreciation expense 212 Acumulated Depreciation - Equipment 212 (Depreciation expense for the month) Adj.4 Unearned Service Revenue 1300 Service Revenue 1300 (Service revenue earned from unearned revenue) Cash Accounts Receivable Date Explanation Debit Credit Balance Date Explanation Debit Credit Balance Nov.1 Balance 2430 Nov.1 Balance 4290 Nov.8 1720 710 Nov.10 3380 910 Nov.10 3380 4090 Nov.27 1910 2820 Nov.12 3150 7240 Nov.20 2700 4540 Nov.22 440 4100 Equipment Nov.25 1720 2380 Date Explanation Debit Credit Balance Nov.29 620 3000 Nov.1 Balance 12720 Nov.15 2030 14750 Supplies Accounts Payable Date Explanation Debit Credit Balance Date Explanation Debit Credit Balance Nov.1 Balance 1770 Nov.1 Balance 2640 Nov.17 660 2430 Nov.15 2030 4670 Nov.30 Adj.1 1020 1410 Nov.17 660 5330 Nov.20 2700 2630 Accumulated Depreciation - Equipment Salaries and wages payable Date Explanation Debit Credit Balance Date Explanation Debit Credit Balance Nov.1 Balance 2120 Nov.1 Balance 722 Nov.30 Adj.3 212 2332 Nov.8 722 0 Nov.30 adj.2 361 361 Unearned Service Revenue Common stock Date Explanation Debit Credit Balance Date Explanation Debit Credit Balance Nov.1 Balance 1150 Nov.1 Balance 10628 Nov.29 620 1770 10628 Nov.30 Adj.4 1300 470 Retained Earnings Service Revenue Date Explanation Debit Credit Balance Date Explanation Debit Credit Balance Nov.1 Balance 3950 Nov.12 3150 3150 3950 Nov.27 1910 5060 Nov.30 Adj.4 1300 6360 Salaries and Wages Expense Rent Expense Date Explanation Debit Credit Balance Date Explanation Debit Credit Balance Nov.8 998 998 Nov.22 440 440 Nov.25 1720 2718 440 Nov.30 Adj.2 361 3079 Supplies Expense Depreciation expense Date Explanation Debit Credit Balance Date Explanation Debit Credit Balance Nov.30 Adj.1 1020 1020 Nov.30 Adj.3 212 212 1020 212 SCHILLING EQUIPMENT REPAIR Trial balance November 30, 2017 Account Debit Credit Cash 3000 Accounts Receivable 2820 Supplies 1410 Equipment 14750 Accumulated Depreciation - Equipment 2332 Accounts Payable 2630 Salaries and Wages Payable 361 Unearned Service Revenue 470 Comon Stock 10628 Retained Earnings 3950 Service Revenue 6360 Salaries and Wages Expense 3079 Rent Expense 440 Supplies expense 1020 Depreciation Expense 212 Total 26731 26731