S Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Kingbird had the following account balances. The company uses the perpetual inventory method Cash Accounts Receivable Supplies Equipment Debit $15,300 Accumulated Depreciation-Equipment 3,808 Accounts Payable 1,462 Uneared Service Revenue 42,500 Salaries and Wages Payable $63,070 Common Stock Retained Earnings Credit $1,700 5,780 6,800 2,890 34,000 11,900 $63,070 20 During November, the following summary transactions were completed. Nov. 8 Paid $6,035 for salaries due employees, of which $3,145 is for November and $2,890 is for October. 10 Received $3,230 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $13,600, terms 2/10, n/30. 12 Sold merchandise on account for $9,350, terms 2/10, n/30. The cost of the merchandise sold was $6,800. 15 Received credit from Dimas Discount Supply for merchandise returned $510. 19 Received collections in full, less discounts, from customers billed on sales of $9,350 on November 12. Paid Dimas Discount Supply in full, less discount. 22 Received $3,910 cash for services performed in November Purchased equipment on account $8,500. 27 Purchased supplies on account $2,890. 28 Paid creditors $5,100 of accounts payable due. 29 Paid November rent $637. 29 Paid salaries $2,210. 29 Performed services on account and billed customers $1,190 for those services. 29 Received $1,148 from customers for services to be performed in the future. 25 ECES Your answer is correct. ject Enter the November 1 balances in ledger T-accounts. Cash vel 11/1 Bal. 15300 Accounts Receivable dy 11/1 Bal. 3808 Supplies JOTI 11/1 Bal. 1462 Equipment 11/1 Bal. 42500 Accumulated Depreciation Equipment 11/1 Bal. 1700 Accounts Payable 11/1 Bal. 5780 Unearned Service Revenue 11/1 Bal. 6800 Salaries and Wages Payable 11/1 Bal. 2890 Common Stock 11/1 Bal. 34000 Retained Earnings 11/1 Bal. 11900 to search ***** PEL Date Account Titles and Explanation Debit Credit Nov. 8 Salaries and Wages Payable Salaries and Wages Expense Cash Nov. 10 V Cash Accounts Receivable Nov. 11 Inventory Accounts Payable Nov. 12 Accounts Receivable Sales Revenue (To record credit sale) Cost of Goods Sold Inventory (To record cost of merchandise sold) Nov. 15 V Accounts Payable Inventory Nov. 19 Cash Sales Discounts Accounts Receivable S Kims, Financind Accounting, 9e Help 1 System Announcements Nov. 20 Accounts Payable Sales Discounts Cash Nov. 22 Cash Service Revenue Nov. 25 Equipment Accounts Payable Nov. 27 Supplies Accounts Payable Nov. 28 Accounts Payable Cash Nov. 29 Rent Expense Cash (To record November rent paid) Salaries and Wages Expense Cash (To record salaries paid) Accounts Receivable Service Revenue (To record services performed)
