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On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method. During November, the following summary transactions were
On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method. During November, the following summary transactions were completed. Nov. 8 Paid $2,485 for salaries due employees, of which $1,295 is for November and $1,190 is for October. During November, the following summary transactions were completed. Nov. 8 Paid $2,485 for salaries due employees, of which $1,295 is for November and $1,190 is for October. 10 Received $1,330 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $5,600, terms 2/10, n/30. 12 Sold merchandise on account for $3,850, terms 2/10,n/30. The cost of the merchandise sold was $2,800. 15 Received credit from Dimas Discount Supply for merchandise returned $200. 19 Received collections in full, less discounts, from customers billed on sales of $3,850 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $1,610 cash for services performed in November. 25 Purchased equipment on account $3,500. 27 Purchased supplies on account $1,190. 28 Paid creditors $2,100 of accounts payable due. 29 Paid November rent $262. 29 Paid salaries $910. 29 Performed services on account and billed customers $490 for those services. 29 Paid salaries $910. 29 Performed services on account and billed customers $490 for those services. 29 Received $473 from customers for services to be performed in the future. a) Enter the November 1 balances in ledger T-accounts. 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 0 for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) ACCunit Ilties and explanation vevit creuit (To record credit sale) (To record cost of merchandise sold) (To record November rent paid) (To record salaries paid) (To record services performed) (To record November rent paid) (To record salaries paid) (To record services performed) (To record receipt for services to be performed)
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