Blue Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022 a tabular summary includes the following information. Note that Blue began the month with $3.780 in Retained Earnings. This balance represents the results of its first two months of business Stockholders' Equity Cash 11/1 Bal 3,520 - Nov. 8 10 12 15 17 20 . 25 Accts Rec. 3.662. During November, the following summary transactions were completed. Assets Supplies 1,402 Equip- 12.600. Acc. Depr Equip Accts Pay 630 2.898. Liabilities Unearn Serv. Rev. 504 Sal/Wages Pay 772 Paid $1.528 for salaries due employees, of which $756 is for November and $772 is for October salaries payable Received $2.268 cash from customers in payment of account. Received $4.662 cash for services performed in November. Purchased store equipment on account $4.536 Purchased supplies on account $1.638 Paid creditors $3.150 of accounts payable due Paid November rent 5614 Paid salaries $1.260 Com Stock 12.600. Retained Earnings 1780

Blue Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022 a tabular summary includes the following information. Note that Blue began the month with $3.780 in Retained Earnings. This balance represents the results of its first two months of business Stockholders' Equity Cash 11/1 Bal 3,520 - Nov. 8 10 12 15 17 20 . 25 Accts Rec. 3.662. During November, the following summary transactions were completed. Assets Supplies 1,402 Equip- 12.600. Acc. Depr Equip Accts Pay 630 2.898. Liabilities Unearn Serv. Rev. 504 Sal/Wages Pay 772 Paid $1.528 for salaries due employees, of which $756 is for November and $772 is for October salaries payable Received $2.268 cash from customers in payment of account. Received $4.662 cash for services performed in November. Purchased store equipment on account $4.536 Purchased supplies on account $1.638 Paid creditors $3.150 of accounts payable due Paid November rent 5614 Paid salaries $1.260 Com Stock 12.600. Retained Earnings 1780

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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