Malone Transport incurred the following transactions in the months of November and December 2019.

Nov1 Entered into a contract with a client for three months of delivery services

beginning November 1.The client paid $6,000 for all three months today.

Nov5 Received $300 from a client for services billed last month.

Nov6 Performed delivery services and billed a client $5,000.

Nov15 Paid the monthly telephone bill, $650.

Nov18 Paid the monthly utility bill, $260.

Nov23 Paid for the packing supplies purchased last month, $1,600.

Nov30 Paid the assistant's salary, $ 1,900.

Dec4 Received $1,500 from a client on account.

Dec15 Purchased packing supplies on account, $3,200.

Dec22 Received $2,600 cash from a client for delivery services.

Dec31 Paid for the monthly telephone and utility bill, $200 and $340 respectively.

Dec31 A NSF cheque for $100 was returned by the bank.

Dec31 The company determined that the lower of cost and net realizable value for

inventory is $50. Inventory in the perpetual system is currently recorded at $75.