| On November 1, 2022, Kingbird had the following account balances. The company uses the perpetual inventory method. | | | Debit | | | | Credit | | Cash | | $25,200 | | Accumulated DepreciationEquipment | | $2,800 | | Accounts Receivable | | 6,272 | | Accounts Payable | | 9,520 | | Supplies | | 2,408 | | Unearned Service Revenue | | 11,200 | | Equipment | | 70,000 | | Salaries and Wages Payable | | 4,760 | | | | $103,880 | | Common Stock | | 56,000 | | | | | | Retained Earnings | | 19,600 | | | | | | | | $103,880 | During November, the following summary transactions were completed. | Nov. | 8 | | Paid $9,940 for salaries due employees, of which $5,180 is for November and $4,760 is for October. | | | 10 | | Received $5,320 cash from customers in payment of account. | | | 11 | | Purchased merchandise on account from Dimas Discount Supply for $22,400, terms 2/10, n/30. | | | 12 | | Sold merchandise on account for $15,400, terms 2/10, n/30. The cost of the merchandise sold was $11,200. | | | 15 | | Received credit from Dimas Discount Supply for merchandise returned $840. | | | 19 | | Received collections in full, less discounts, from customers billed on sales of $15,400 on November 12. | | | 20 | | Paid Dimas Discount Supply in full, less discount. | | | 22 | | Received $6,440 cash for services performed in November. | | | 25 | | Purchased equipment on account $14,000. | | | 27 | | Purchased supplies on account $4,760. | | | 28 | | Paid creditors $8,400 of accounts payable due. | | | 29 | | Paid November rent $1,050. | | | 29 | | Paid salaries $3,640. | | | 29 | | Performed services on account and billed customers $1,960 for those services. | | | 29 | | Received $1,890 from customers for services to be performed in the future. | | | | Enter the November 1 balances in ledger T-accounts. | Cash | | choose the beginning date of the accounting period | enter a debit balance | choose the beginning date of the accounting period | enter a credit balance | | Accounts Receivable | | choose the beginning date of the accounting period | enter a debit balance | choose the beginning date of the accounting period | enter a credit balance | | Supplies | | choose the beginning date of the accounting period | enter a debit balance | choose the beginning date of the accounting period | enter a credit balance | | Equipment | | choose the beginning date of the accounting period | enter a debit balance | choose the beginning date of the accounting period | enter a credit balance | | Accumulated DepreciationEquipment | | choose the beginning date of the accounting period | enter a debit balance | choose the beginning date of the accounting period | enter a credit balance | | Accounts Payable | | choose the beginning date of the accounting period | enter a debit balance | choose the beginning date of the accounting period | enter a credit balance | | Unearned Service Revenue | | choose the beginning date of the accounting period | enter a debit balance | choose the beginning date of the accounting period | enter a credit balance | | Salaries and Wages Payable | | choose the beginning date of the accounting period | enter a debit balance | choose the beginning date of the accounting period | enter a credit balance | | Common Stock | | choose the beginning date of the accounting period | enter a debit balance | choose the beginning date of the accounting period | enter a credit balance | | Retained Earnings | | choose the beginning date of the accounting period | enter a debit balance | choose the beginning date of the accounting period | enter a credit balance | | | | | |
