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PHAROAH EQUIPMENT REPAIR Income Statement #

PHAROAH EQUIPMENT REPAIR Income Statement #

FINANCIAL ACCOUNTING
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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On November 1, 2022, the account balances of Pharoah Equipment Repair were as follows. No. 101 126 112 Accounts Receivable Supplies Equipment 153 Nov. 8 10 12 15 17 20 22 Cash 25 Debit During November, the following summary transactions were completed. 27 29 No. $2,400 154 4,200 201 1,810 209 12,960 $21,370 212 301 Credit Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Owner's Capital Paid $1,740 for salaries due employees, of which $662 is for October salaries. Received $3,430 cash from customers on account. Received $3,110 cash for services performed in November. Purchased equipment on account $1.970. Purchased supplies on account $710. Paid creditors on account $2,680. Paid November rent $360. Paid salaries $1,740. Performed services on account and billed customers $1,910 for these services. Received $640 from customers for future service. $ 2,160 2,650 1,200 662 14,698 $21,370
Transcribed Image Text:On November 1, 2022, the account balances of Pharoah Equipment Repair were as follows. No. 101 126 112 Accounts Receivable Supplies Equipment 153 Nov. 8 10 12 15 17 20 22 Cash 25 Debit During November, the following summary transactions were completed. 27 29 No. $2,400 154 4,200 201 1,810 209 12,960 $21,370 212 301 Credit Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Owner's Capital Paid $1,740 for salaries due employees, of which $662 is for October salaries. Received $3,430 cash from customers on account. Received $3,110 cash for services performed in November. Purchased equipment on account $1.970. Purchased supplies on account $710. Paid creditors on account $2,680. Paid November rent $360. Paid salaries $1,740. Performed services on account and billed customers $1,910 for these services. Received $640 from customers for future service. $ 2,160 2,650 1,200 662 14,698 $21,370
eTextbook and Media List of Accounts # PHAROAH EQUIPMENT REPAIR Income Statement $ Attempts: 0 of 2 used Submit Answer
Transcribed Image Text:eTextbook and Media List of Accounts # PHAROAH EQUIPMENT REPAIR Income Statement $ Attempts: 0 of 2 used Submit Answer
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