On November 1, 2015, the account balances of Schilling Equipment Repair were as
ID: 2423396 • Letter: O
Question
On November 1, 2015, the account balances of Schilling Equipment Repair were as follows. Debits No Credits 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment $2,080 2,614 1,176 670 10,440 3,950 $20,930 $ 2,389 154 Accumulated Depreciation-Equipment 4,237 201 Accounts Payable 1,824 209 Unearned Service Revenue 212 311 Common Stock 320 Retained Earnings 12,480 Salaries and Wages Payable $20,930 During November, the following summary transactions were completed Nov. 8 10 12 15 17 20 22 25 27 29 Paid $1,690 for salaries due employees, of which $670 is for October salaries Received $3,416 cash from customers on account. Received $3,133 cash for services performed in November Purchased equipment on account $1,972 Purchased supplies on account $677 Paid creditors on account $2,668 Paid November rent $406 Paid salaries $1,690 Performed services on account and billed customers for services provided $1,857. Received $606 from customers for future serviceExplanation / Answer
Cash
Account receivable
supplies
Equipment
Accumulated depreciaiton - Equipment
Accounts paayble
unearned service revenue
salaries & wages paayble
common stock
Retained earnings
Service Revenue
Salries & wages expense
Rent expense
Trial balance
income statement
Service revenue $6,207
less:Expenses
Salaries and wages $3,045
Rent expense 406
supplies expense 1,133
Depreciation expense 208 (4,792)
Net income $1,415
Opening baalnce of retained earnings $3,950
Add:Net income 1,415
Closing balance $5,365
Date Expalanation Debit Credit balance Nov 1 Balance 2,389 nov 8 1,690 699 nov 10 3,416 4,115 nov 12 3,133 7,248 nov 20 2,688 4,560 nov 22 406 4,154 nov25 1,690 2,464 nov 27 606 3,070