No. 101 Debit Cash $ 2,400 Question 2 (10 pts) On November 1, 2024, the account...

Transcribed Image Text:

No. 101 Debit Cash $ 2,400 Question 2 (10 pts) On November 1, 2024, the account balances of Schilling Equipment Repair were as follows. Accumulated Depreciation-Equipment A Clipboard Font Alignment Number Format as Table Cell Styles v Cells Editing No. 154 Credit $2,000 D6 X fx Interest Payable D E F G H J K 112 Accounts Receivable 4,250 201 Accounts Payable 2,600 1 126 Supplies 1,800 209 Unearned Service Revenue 1,200 153 Equipment 12,000 212 Salaries and Wages Payable 2 Supplies Expense 700 311 Common Stock 10,000 3 320 Retained Earnings 3,950 4 $20,450 $20,450 Supplies 5 Interest Expense $2,200 $2,200 $900 Nov. 8 Nov. 10 During November, the following summary transactions were completed. Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,420 cash from customers on account. 6 Interest Payable $900 7 Nov. 12 Received $3,100 cash for services performed in November. 8 Insurance Expense $1,125 Nov. 15 Purchased equipment on account $2,000. 9 Prepaid Insurance $1,125 Nov. 17 Purchased supplies on account $700. 10 Nov. 20 Paid creditors on account $2,700. Nov. 22 Paid November rent $400. 11 Unearned Service Revenue $1,300 Nov. 25 Paid salaries $1,700. 12 Service Revenue $1,300 Nov. 27 Nov. 29 Performed services on account and billed customers $1,900 for these services. Received $600 from customers for future service. 13 Adjustment data consist of: 1. Supplies on hand $1,400. 2. Accrued salaries payable of $350. The amount will be paid on December 2. 3. Depreciation for the month is $200. 4. Services related to unearned service revenue of $1,250 were performed. Using T-accounts, a) Enter the November 1 balances for the accounts. b) Record the November transactions. c) Record the adjusting entries. d) For accounts with multiple entries, calculate the ending balance. 14 Service Expense $2,000 15 Service Revenue $2,000 16 17 Depreciation Expense $1,125 18 21 23 24 8222222 Accumulated Deprecation-Services $1,125 19 20 20 Q1 Q2 + Ready Average: 900 Count: 2 Sum: 900 119% No. 101 Debit Cash $ 2,400 Question 2 (10 pts) On November 1, 2024, the account balances of Schilling Equipment Repair were as follows. Accumulated Depreciation-Equipment A Clipboard Font Alignment Number Format as Table Cell Styles v Cells Editing No. 154 Credit $2,000 D6 X fx Interest Payable D E F G H J K 112 Accounts Receivable 4,250 201 Accounts Payable 2,600 1 126 Supplies 1,800 209 Unearned Service Revenue 1,200 153 Equipment 12,000 212 Salaries and Wages Payable 2 Supplies Expense 700 311 Common Stock 10,000 3 320 Retained Earnings 3,950 4 $20,450 $20,450 Supplies 5 Interest Expense $2,200 $2,200 $900 Nov. 8 Nov. 10 During November, the following summary transactions were completed. Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,420 cash from customers on account. 6 Interest Payable $900 7 Nov. 12 Received $3,100 cash for services performed in November. 8 Insurance Expense $1,125 Nov. 15 Purchased equipment on account $2,000. 9 Prepaid Insurance $1,125 Nov. 17 Purchased supplies on account $700. 10 Nov. 20 Paid creditors on account $2,700. Nov. 22 Paid November rent $400. 11 Unearned Service Revenue $1,300 Nov. 25 Paid salaries $1,700. 12 Service Revenue $1,300 Nov. 27 Nov. 29 Performed services on account and billed customers $1,900 for these services. Received $600 from customers for future service. 13 Adjustment data consist of: 1. Supplies on hand $1,400. 2. Accrued salaries payable of $350. The amount will be paid on December 2. 3. Depreciation for the month is $200. 4. Services related to unearned service revenue of $1,250 were performed. Using T-accounts, a) Enter the November 1 balances for the accounts. b) Record the November transactions. c) Record the adjusting entries. d) For accounts with multiple entries, calculate the ending balance. 14 Service Expense $2,000 15 Service Revenue $2,000 16 17 Depreciation Expense $1,125 18 21 23 24 8222222 Accumulated Deprecation-Services $1,125 19 20 20 Q1 Q2 + Ready Average: 900 Count: 2 Sum: 900 119%

Answer rating: 100% (QA)

Improved Response a Entering November 1 Balances in TAccounts Interest Payable D6 2000 Cash 101 2400 ... View the full answer