Question

On November 1, 2017, Marin Inc. had the following account balances. The company uses the perpetual inventory method.

		Debit				Credit
Cash		$9,180		Accumulated Depreciation—Equipment		$1,020
Accounts Receivable		2,285		Accounts Payable		3,468
Supplies		877		Unearned Service Revenue		4,080
Equipment		25,500		Salaries and Wages Payable		1,734
		$37,842		Common Stock		20,400
				Retained Earnings		7,140
						$37,842

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 $8,160, terms 2/10, n/30.
	12		Sold merchandise on account for $5,610, terms 2/10, n/30. The cost of the merchandise sold was $4,080.
	15		Received credit from Dimas Discount Supply for merchandise returned $306.
	19		Received collections in full, less discounts, from customers billed on sales of $5,610 on November 12.
	20		Paid Dimas Discount Supply in full, less discount.
	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 of 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.

Part 1

Enter the November 1 balances in ledger T-accounts.

Answer 1

Cash
11/1 Bal.	9180
Accounts Receivable
11/1 Bal.	2285
Supplies
11/1 Bal.	877
Equipment
11/1 Bal.	25500
Accumulated Depreciation—Equipment
		11/1 Bal.	1020
Accounts Payable
		11/1 Bal.	3468
Unearned Service Revenue
		11/1 Bal.	4080
Salaries and Wages Payable
		11/1 Bal.	1734
Common Stock
		11/1 Bal.	20400
Retained Earnings
		11/1 Bal.	7140

NOTE:- For any problem regarding the answer please ask in the comment section.