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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
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 Journalize the November transactions. (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. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Nov. 8 (To record credit sale) (To record cost of merchandise sold) Nov. 19 (To record November rent paid) (To record salaries paid) (To record services performed) (To record receipt for services performed)
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