On November 1, 2025, the following were the account balances of Sunland Equipment Repair.CashAccounts ReceivableSuppliesEquipmentNov. 8(a)(b)(c)1012151720During November, the following summary transactions were completed.22252729Debit$3,4203,1001,75011/1 Bal.10,630$18,900Accumulated Depreciation-EquipmentAccounts PayableUnearned Service RevenueSalaries and Wages PayableCommon StockRetained EarningsPaid November rent $540.Paid salaries $1,030.Performed services on account worth $990 and billed customers.Received $780 from customers for services to be performed in the future.CreditCash$5003,4202,930400810Paid $1,220 for salaries due employees, of which $410 is for November and $810 is for October salaries payable.Received $1,910 cash from customers in payment of account.Received $3,790 cash for services performed in November.Purchased store equipment on account $3,970.Purchased supplies on account $1,350.Paid creditors $2,560 of accounts payable due.10,6303,630$18,900Post above journal entries to the ledger accounts. (Post entries in the order of journal entries passed in the previous question. If thebalance is zero (0), select date from drop down and enter O for the amounts on the normal balance side of the account)

A T account serves as a representation of an account, within the context of double entry…

On November 1, 2025, the following were the account balances of Sunland Equipment Repair. Cash Accounts Receivable Supplies Equipment Nov. 8 10 12 15 During November, the following summary transactions were completed. 17 20 22 25 27 Debit 29 $3,420 Accumulated Depreciation-Equipment 3,100 Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 1,750 10,630 $18,900 Credit $500 2,930 Paid creditors $2,560 of accounts payable due. Paid November rent $540. Paid salaries $1,030. Performed services on account worth $990 and billed customers. Received $780 from customers for services to be performed in the future. 400 810 10,630 3,630 $18,900 Paid $1,220 for salaries due employees, of which $410 is for November and $810 is for October salaries payable. Received $1,910 cash from customers in payment of account. Received $3,790 cash for services performed in November. Purchased store equipment on account $3.970. Purchased supplies on account $1,350.

On November 1, 2025, the following were the account balances of Sunland Equipment Repair. Cash Accounts Receivable Supplies Equipment Nov. 8 10 12 15 During November, the following summary transactions were completed. 17 20 22 25 27 Debit 29 $3,420 Accumulated Depreciation-Equipment 3,100 Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 1,750 10,630 $18,900 Credit $500 2,930 Paid creditors $2,560 of accounts payable due. Paid November rent $540. Paid salaries $1,030. Performed services on account worth $990 and billed customers. Received $780 from customers for services to be performed in the future. 400 810 10,630 3,630 $18,900 Paid $1,220 for salaries due employees, of which $410 is for November and $810 is for October salaries payable. Received $1,910 cash from customers in payment of account. Received $3,790 cash for services performed in November. Purchased store equipment on account $3.970. Purchased supplies on account $1,350.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Meman
Please help me
On the basis of the following data related to assets due within one year for simmons Co. prepared partial balance sheet in good from at december 31, show total current asset Cash 96,000 Notes receivable 50,000 Accounts receivable 275,000 Allowance for Doubtfull Account 40,000 Interest Receivable 1,000
The following information is available for Falcon Mercantile for the year ended October 31, 2023: Cash 139,250 Accounts Receivable 15,000 Supplies 2,100 Equipment 27,000 Accumulated Depreciation- 6,300 Equipment Accounts Payable 21,000 Notes Payable 23,050 Owner's Ending Capital 141,400 Short-term Investments 1,000 Intangible Assets 1,500 Long-term Investments 5,900 Prepare a classified balance sheet for the year ended October 31, 2023. Use spaces to demonstrate good form.
[The following information applies to the questions displayed below.] On January 1, Year 1, the general ledger of a company includes the following account balances: Debit Credit Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts $ 25,600 47,200 $ 4,700 Inventory Land 20,500 51,000 17,500 Equipment Accumulated Depreciation Accounts Payable Notes Payable (6%, due April 1, Year 2) Common Stock 2,000 29,000 55,000 40,000 31,100 $161,800 Retained Earnings Totals $161,800 During January Year 1, the following transactions occur: 2 Sold gift cards totaling $9,000. The cards are redeemable for merchandise within one year of the purchase date. 6 Purchase additional inventory on account, $152,000. January January January 15 The comapany sales for the first half the onth total $140,000. All of these sales are on account. The cost of the units sold is $76,300. January 23 Receive $125,900 from customers on accounts receivable. January 25 Pay $95,000 to inventory suppliers on…
es Required information [The following information applies to the questions displayed below.] Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to an employee who will be paid on January 10) Total sales revenue Expenses, including the cost of the merchandise sold (excluding income taxes) Income tax expense at 30% × pretax income; all paid during the current year Common stock (December 31) 2. Prepare a statement of stockholders' equity for the year. Dividends declared and paid during the current year (Note: The beginning balances in Common stock and Retained earnings are zero because it is the first…
Please help me
Wilson Trucking, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order): Accounts Payable $ 214,000 Accounts Receivable 194,000 Buildings 474,000 Capital Stock 674,000 Cash 154,000 314,000 394, 000 514,000 128,000 Equipment Land Notes Payable Retained Earnings ■ On January 5, Year 2, Wilson Trucking collected $169,000 of its accounts receivable, paid $144,000 on its accounts payable, and paid $27,000 on its note payable. In a trial balance prepared for Wilson Trucking on January 1, Year 2, the total of the credit column is: Multiple Choice ● A $1,530,000. B $1,556,000. C $3,060,000. D$1,596,000.
Vulcan Service Company experienced the following transactions for Year 1, its first year of operations: 1. Provided $80,000 of services on account. 2. Collected $48,000 cash from accounts receivable. 3. Paid $32,000 of salaries expense for the year. 4. Adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Current 0 to 30 31 to 60 61 to 90 Over 90 days Amount $23,680 1,600 2,240 1,920 2,560 Percent Likely to Be Uncollectible 0.01 0.05 0.10 0.30 0.50 Allowance Balance Required a. Record the given transactions in general journal form and post to T-accounts. b. Prepare the income statement for Vulcan Service Company for Year 1. c. What is the net realizable value of the accounts receivable at December 31, Year 1?
Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.