During November, the following summary transactions were completed. Nov. 8 Paid $3,195 for salaries due employees, of which $1,665 is for November and $1,530 is for October. 10 Received $1,710 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $7,200, terms 2/10, n/30. 12 Sold merchandise on account for $4,950, terms 2/10, n/30. The cost of the merchandise sold was $3,600. 15 Received credit from Dimas Discount Supply for merchandise returned $270. 19 Received collections in full, less discounts, from customers billed on sales of $4,950 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,070 cash for services performed in November. 25 Purchased equipment on account $4,500. 27 Purchased supplies on account $1,530. 28 Paid creditors $2,700 of accounts payable due. 29 Paid November rent $337. 29 Paid salaries $1,170. 29 Performed services on account and billed customers $630 for those services. 29 Received $608 from customers for services to be performed in the future. (b) Journalize the November transactions.

Answer and Explanation:

The journal entries are shown below:

On Nov 8

Salary payable$1,530

Salary expense$1,665

          To Cash  $3,195

(Being the salary paid is recorded)  

On Nov 10

Cash$1,710

          To Account receivable  $1,710

(being the amount received is recorded)  

On Nov 11

Inventory$7,200

   To Account payable  $7,200

(being the purchase of merchandise on account is recorded)  

On Nov 12

Account receivable$4,950

          To Sales revenue  $4,950

(being the sales is recorded)  

Cost of goods sold$3,600  

        To Inventory  $3,600

(Being the cost of goods sold is recorded)  

On Nov 15

Account payable$270

       To Inventory  $270

(Being the purchase return is recorded)  

On Nov 19

Cash ($4,950 × 98%)$4,851

Sales discount$99

          To Account receivable  $4,950

(Being the collection is recorded)  

On Nov 20

Account payable ($7,200 - $270)$6,930

      To Cash ($6,930 × 98%)  $6,791.40

       To Inventory  $138.60

(being the amount paid is recorded)  

On Nov 22

Cash$2,070

      To Service revenue$2,070

(Being the service revenue is recorded)  

On Nov 25

Equipment$4,500  

      To Account payable $4,500

(Being the purchase of equipment on account is recorded)  

On Nov 27

Supplies$1,530

        to Account payable  $1,530

(Being purchase of supplies on account is recorded)  

On Nov 28

Account payable$2,700

         To Cash$2,700

(Being the amount paid is recorded)  

On Nov 29

Rent expense $337

      To Cash  $337

(Being the rent paid is recorded)  

On Nov 29

Salaries expense$1,170

      To Cash  $1,170

(Being salary paid is recorded)  

On Nov 29

Account receivable$630

     To Service revenue  $630

(Being the service revenue is recorded)  

On Nov 29

Cash$608

      To Unearned revenue  $608

(Being the advance payment is recorded)

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