On November 1, 2017, Kingbird, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $6,660 $740 2,516 Accounts Receivable 1,658 636 2,960 Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings 18,500 1,258 $27,454 14,800 5,180 $27,454 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 Paid $2,627 for salaries due employees, of which $1,369 is for November and $1,258 is for October. Received $1,406 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $5,920, terms 2/10, n/30. Sold merchandise on account for $4,070, terms 2/10, n/30. The cost of the merchandise sold was $2,960. Received credit from Dimas Discount Supply for merchandise returned $222. Received collections in full, less discounts, from customers billed on sales of $4,070 on November 12. Paid Dimas Discount Supply in full, less discount. Received $1,702 cash for services performed in November. Purchased equipment on account $3,700. Purchased supplies on account $1,258. Paid creditors $2,220 of accounts payable due. Paid November rent $278. Paid salaries $962. Performed services on account and billed customers $518 for those services. Received $500 from customers for services to be performed in the future. 25 27 28 29 29 29 29 Adjustment data: 1. 2. Supplies on hand are valued at $1,184. Accrued salaries payable are $370. Depreciation for the month is $185. $481 of services related to the unearned service revenue has not been performed by month-end. 3. 4. Journalize the adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Debit Credit Date Account Titles and Explanation Nov. 30 1. 2. Nov. 30 2. Nov. 30 3. Nov. 30 4. Nov. 30 Post the above adjusting entries. (Post entries in the order of journal entries presented above.) Cash 11/1 Bal. 6,660 11/8 2,627 11/10 1,406 11/20 5,584 Post the above adjusting entries. (Post entries in the order of journal entries presented above.) Cash 11/1 Bal. 11/8 6,660 1,406 3,989 2,627 5,584 11/10 11/20 11/19 11/28 2,220 11/22 1,702 11/29 278 11/29 500 11/29 962 11/30 Bal. 2,586 Accounts Receivable 11/1 Bal. 1,658 11/10 1,406 4,070 11/12 4,070 11/19 11/29 518 11/30 Bal. 770 Inventory 11/11 Inventory 5,920 11/12 11/15 2,960 222 11/20 114 11/30 Bal. 2,624 Supplies 11/1 Bal. 636 11/27 1,258 Equipment 18,500 11/1 Bal. 11/25 3,700 11/30 Bal. 22,200 Accumulated Depreciation Equipment 11/1 Bal. 740 Accounts Payable 222 11/1 Bal. 11/15 2,516 11/20 5.698 11/11 5,920 11/28 2,220 11/25 3,700 1,258 11/27 11/30 Bal. 5,254 Unearned Service Revenue 11/1 Bal. 2,960 Unearned Service Revenue 11/1 Bal. 2,960 11/29 500 Salaries and Wages Payable 1,258 11/1 Bal. 11/8 1,258 Common Stock 11/1 Bal. 14,800 11/30 Bal. 14,800 Retained Earnings 11/1 Bal. 5,180 Service Revenue 11/22 1,702 11/29 518 Depreciation Expense Supplies Expense Salaries and Wages Expense 11/8 1,369 11/29 962 Rent Expense 11/29 278 Sales Revenue 11/12 4,070 Cost of Goods Sold 11/12 2,960 Sales Discounts 11/19 81
