Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 $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 $850. 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. Inventory Accounts Payable 11/1 Bal. 9,520 Unearned Service Revenue 11/1 Bal. 11,200 Salaries and Wages Payable 11/1 Bal. 4,760 Common Stock \begin{tabular}{|c|l|l} \hline & & 11/1 Bal. \\ \hline & & 56,000 \\ \hline \end{tabular} Retained Earnings 11/1 Bal. 19,600 Service Revenue Salaries and Wages Expense Rent Expense Sales Revenue Cost of Goods Sold Sales Discounts
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started