ledger accounts
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Free InquiryOn November 1, 2017, the following were the account balances of Soho Equipment Repair.
Debit Credit
Cash $ 3,230 Accumulated Depreciation—Equipment $ 500
Accounts Receivable 3,030 Accounts Payable 2,740
Supplies 1,560 Unearned Service Revenue 400
Equipment 10,440 Salaries and Wages Payable 740
Common Stock 10,440
Retained Earnings 3,440
$18,260 $18,260
During November, the following summary transactions were completed.
Nov. 8
Paid $1,220 for salaries due employees, of which $480 is for November and $740 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 $3,850.
17 Purchased supplies on account $1,370.
20 Paid creditors $2,580 of accounts payable due.
22 Paid November rent $520.
25 Paid salaries $1,040.
27 Performed services on account worth $980 and billed customers.
29 Received $820 from customers for services to be performed in the future.
*(a) Enter the November 1 balances in the ledger accounts.
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