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On November 1, 2025, Teal Mountain Inc. had the following account balances. The company uses the perpetual inventory method. During November, the following summary transactions
On November 1, 2025, Teal Mountain Inc. had the following account balances. The company uses the perpetual inventory method. During November, the following summary transactions were completed. Nov. 8 Paid $9.230 for salaries due employees, of which $4.810 is for November and $4,420 is for October. 10 Received $4.940 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $20,800, terms 2/10,n/30. 12 Sold merchandise on account for $14,300, terms 2/10,n/30. The cost of the merchandise sold was $10,400. 15 Recelved credit from Dimas Discount Supply for merchandise returned $800. 19. Received collections in full, less discounts, from customers billed on sales of $14,300 on November 12 . 20 Paid Dimas Discount Supply in full, less discount. 22 Received $5,980 cash for services performed in November. 25 Purchased equipment on account $13,000. 27 Purchased supplies on account $4,420. 28 Paid creditors $7,800 of accounts payable due. 29 Paid November rent $975. 29 Paid salaries $3,380. 29 Performed services on account and billed customers $1,820 for those services: 29. Received $1,755 from customers for services to be performed in the future. On November 1, 2025, Teal Mountain Inc. had the following account balances. The company uses the perpetual inventory method. During November, the following summary transactions were completed. Nov. 8 Paid $9.230 for salaries due employees, of which $4.810 is for November and $4,420 is for October. 10 Received $4.940 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $20,800, terms 2/10,n/30. 12 Sold merchandise on account for $14,300, terms 2/10,n/30. The cost of the merchandise sold was $10,400. 15 Recelved credit from Dimas Discount Supply for merchandise returned $800. 19. Received collections in full, less discounts, from customers billed on sales of $14,300 on November 12 . 20 Paid Dimas Discount Supply in full, less discount. 22 Received $5,980 cash for services performed in November. 25 Purchased equipment on account $13,000. 27 Purchased supplies on account $4,420. 28 Paid creditors $7,800 of accounts payable due. 29 Paid November rent $975. 29 Paid salaries $3,380. 29 Performed services on account and billed customers $1,820 for those services: 29. Received $1,755 from customers for services to be performed in the future
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