On November 1, 2025, the following were the account balances of Sunland Equipment Repair. Debit Credit Cash $3,260 Accumulated Depreciation-Equipment $540 Accounts Receivable 3,150 Accounts Payable 2,730 Supplies 1,550 Unearned Service Revenue 400 Equipment 10,430 Salaries and Wages Payable 860 Common Stock 10,430 Retained Earnings 3,430 $18,390 $18,390 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $360 is for November and $860 is for October salaries payable. 10 Received $1,820 cash from customers in payment of account. 12 Received $3,770 cash for services performed in November. 15 Purchased store equipment on account $3,610. 17 Purchased supplies on account $1,320. 20 Paid creditors $2.530 of accounts payable due. 22 Paid November rent $460. 25 Paid salaries $1,050. 27 Performed services on account worth $960 and billed customers. 29 Received $760 from customers for services to be performed in the future. Journalize the November transactions. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually Record journal entries in the order presented in the problem.) Date Account Titles and Explanation > > > > Debit Credit
On November 1, 2025, the following were the account balances of Sunland Equipment Repair. Debit Credit Cash $3,260 Accumulated Depreciation-Equipment $540 Accounts Receivable 3,150 Accounts Payable 2,730 Supplies 1,550 Unearned Service Revenue 400 Equipment 10,430 Salaries and Wages Payable 860 Common Stock 10,430 Retained Earnings 3,430 $18,390 $18,390 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $360 is for November and $860 is for October salaries payable. 10 Received $1,820 cash from customers in payment of account. 12 Received $3,770 cash for services performed in November. 15 Purchased store equipment on account $3,610. 17 Purchased supplies on account $1,320. 20 Paid creditors $2.530 of accounts payable due. 22 Paid November rent $460. 25 Paid salaries $1,050. 27 Performed services on account worth $960 and billed customers. 29 Received $760 from customers for services to be performed in the future. Journalize the November transactions. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually Record journal entries in the order presented in the problem.) Date Account Titles and Explanation > > > > Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Depreciation Methods
The word "depreciation" is defined as an accounting method wherein the cost of tangible assets is spread over its useful life and it usually denotes how much of the assets value has been used up. The depreciation is usually considered as an operating expense. The main reason behind depreciation includes wear and tear of the assets, obsolescence etc.
Depreciation Accounting
In terms of accounting, with the passage of time the value of a fixed asset (like machinery, plants, furniture etc.) goes down over a specific period of time is known as depreciation. Now, the question comes in your mind, why the value of the fixed asset reduces over time.
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
Transcribed Image Text:On November 1, 2025, the following were the account balances of Sunland Equipment Repair.
Debit
Credit
Cash
$3,260 Accumulated Depreciation-Equipment
$540
Accounts Receivable
3,150
Accounts Payable
2,730
Supplies
1,550
Unearned Service Revenue
400
Equipment
10,430
Salaries and Wages Payable
860
Common Stock
10,430
Retained Earnings
3,430
$18,390
$18,390
During November, the following summary transactions were completed.
Nov. 8 Paid $1.220 for salaries due employees, of which $360 is for November and $860 is for October salaries payable.
10
Received $1,820 cash from customers in payment of account.
12
Received $3,770 cash for services performed in November.
15
Purchased store equipment on account $3,610.
17 Purchased supplies on account $1,320.
20
Paid creditors $2.530 of accounts payable due.
22 Paid November rent $460.
25
Paid salaries $1,050.
27 Performed services on account worth $960 and billed customers.
29
Received $760 from customers for services to be performed in the future.
Journalize the November transactions. (Ust all debit entries before credit entries. If no entry is required, select "No Entry" for the account
titles and enter for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.
Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
eTextbook and Media
List of Accounts
Save for Later
Attempts: 0 of 2 used Submit Answer
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