On November 1, 2022, Marin Inc. had the following account balances. The company uses the perpetual inventory method Cash Accounts Receivable Supplies Equipment 12 15 Debit 19 $9.180 Accumulated Depreciation-Equipment 2,285 Accounts Payable 877 Unearned Service Revenue 25,500 Salaries and Wages Payable $37,842 Common Stock Retained Earnings During November, the following summary transactions were completed. Nov. 8 Paid $3,621 for salaries due employees, of which $1,887 is for November and $1,734 is for October. 10 Received $1.938 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $8.200, terms 2/10, n/30. Sold merchandise on account for $5,600, terms 2/10, n/30. The cost of the merchandise sold was $4,080. Adjustment data: Credit $1,020 3,468 4,080 1,734 20,400 Received credit from Dimas Discount Supply for merchandise returned $300. Received collections in full, less discounts, from customers billed on sales of $5,600 on November 12. Paid Dimas Discount Supply in full, less discount. 20 22 Received $2,346 cash for services performed in November. 25 Purchased equipment on account $5.100. 27 Purchased supplies on account $1.734 28 Paid creditors $3,060 bf accounts payable due. 29 Paid November rent $383. 29 Paid salaries $1.326. 29 Performed services on account and billed customers $714 for those services 29 Received $689 from customers for services to be performed in the future. 7,140 $37.842 1 Supplies on hand are valued at $1,632 2 Accrued salaries payable are $510. 3. Depreciation for the month is $255. 4 $663 of services related to the unearned service revenue has not been performed by month-end.
On November 1, 2022, Marin Inc. had the following account balances. The company uses the perpetual inventory method Cash Accounts Receivable Supplies Equipment 12 15 Debit 19 $9.180 Accumulated Depreciation-Equipment 2,285 Accounts Payable 877 Unearned Service Revenue 25,500 Salaries and Wages Payable $37,842 Common Stock Retained Earnings During November, the following summary transactions were completed. Nov. 8 Paid $3,621 for salaries due employees, of which $1,887 is for November and $1,734 is for October. 10 Received $1.938 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $8.200, terms 2/10, n/30. Sold merchandise on account for $5,600, terms 2/10, n/30. The cost of the merchandise sold was $4,080. Adjustment data: Credit $1,020 3,468 4,080 1,734 20,400 Received credit from Dimas Discount Supply for merchandise returned $300. Received collections in full, less discounts, from customers billed on sales of $5,600 on November 12. Paid Dimas Discount Supply in full, less discount. 20 22 Received $2,346 cash for services performed in November. 25 Purchased equipment on account $5.100. 27 Purchased supplies on account $1.734 28 Paid creditors $3,060 bf accounts payable due. 29 Paid November rent $383. 29 Paid salaries $1.326. 29 Performed services on account and billed customers $714 for those services 29 Received $689 from customers for services to be performed in the future. 7,140 $37.842 1 Supplies on hand are valued at $1,632 2 Accrued salaries payable are $510. 3. Depreciation for the month is $255. 4 $663 of services related to the unearned service revenue has not been performed by month-end.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter6: Accounting For Merchandising Businesses
Section: Chapter Questions
Problem 9PA: On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as...
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