Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On November 1 , 2 0 2 5 , Kingbird Inc had the following account balances. The company uses the perpetual inventory method. During November,

On November 1,2025, Kingbird Inc had the following account balances. The company uses the perpetual inventory method.
During November, the following summary transactions were completed.
Nov. 8 Paid $6,035 for salaries due employees, of which $3,145 is for November and $2,890 is
for October.
10 Received $3,230 cash from customers in payment of account
11 Purchased merchandise on account from Dimas Discount Supply for $13,600, terms 210,n30.
12 Sold merchandise on account for $9,350, terms 210,n30. The cost of the merchandise sold was $6,800.
15 Received credit from Dimas Discount Supply for merchandise returned $500.
19 Received collections in full, less discounts, from customers billed on sales of $9,350 on November 12.
20 Paid Dimas Discount Supply in full, less discount.
22 Received $3,910 cash for services performed in November.
25 Purchased equipment on account $8,500.
27 Purchased supplies on account $2,890.
28 Paid creditors $5,100 of accounts payable due.
29 Paid November rent $637.
29 Paid salaries $2,210.
29 Performed services on account and billed customers $1,190 for those services.
29 Received $1,148 from customers for services to be performed in the future.
Question: Journalize the November transactions
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting Creating Value In A Dynamic Business Environment

Authors: Ronald Hilton, David Platt

13th Edition

1264100698, 9781264100699

More Books

Students also viewed these Accounting questions

Question

Why are - and R-charts usually used hand in hand?

Answered: 1 week ago

Question

Did you check photos for quality and rights clearance?

Answered: 1 week ago

Question

Did you check the facts, their accuracy, and sources?

Answered: 1 week ago