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Post to the legder accounts. Comprehensive Accounting Cycle Review 5-2 (Part Level Submission) On November 1, 2017, Kingbird, Inc. had the following account balances. The
Post to the legder accounts.
Comprehensive Accounting Cycle Review 5-2 (Part Level Submission) On November 1, 2017, Kingbird, Inc. had the following account balances. The company uses the perpetual inventory method Debit Credit $8,640 Accumulated Depreciation-Equipment $960 3,264 3,840 1,632 19,200 6,720 $35,616 as Accounts Receivable Supplies Equipment 2,150 Accounts Payable 826 Unearned Service Revenue 24,000 Salaries and Wages Payable $35,616 Common Stock Retained Earnings During November, the following summary transactions were completed 8 10 11 12 15 19 20 22 25 27 28 29 29 29 29 Paid $3,408 for salaries due employees, of which $1,776 is for November and $1,632 is for October. Received $1,824 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $7,680, terms 2/10, n/30 Sold merchandise on account for $5,280, terms 2/10, n/30. The cost of the merchandise sold was $3,840 Received credit from Dimas Discount Supply for merchandise returned $288 Received collections in full, less discounts, from customers billed on sales of $5,280 on November 12 Paid Dimas Discount Supply in full, less discount. Received $2,208 cash for services performed in November Purchased equipment on account $4,800 Purchased supplies on account $1,632 Paid creditors $2,880 of accounts payable due Paid November rent $360 Paid salaries $1,248 Performed services on account and billed customers $672 for those services Received $648 from customers for services to be performed in the future NovStep by Step Solution
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