|
On November 1, 2022, Kingbird had the following account
balances. The company uses the perpetual inventory method.
|
|
Debit |
|
|
|
Credit |
| Cash |
|
$25,200 |
|
Accumulated
Depreciation—Equipment |
|
$2,800 |
| Accounts Receivable |
|
6,272 |
|
Accounts Payable |
|
9,520 |
| Supplies |
|
2,408 |
|
Unearned Service Revenue |
|
11,200 |
| Equipment |
|
70,000 |
|
Salaries and Wages Payable |
|
4,760 |
|
|
$103,880 |
|
Common Stock |
|
56,000 |
|
|
|
|
Retained Earnings |
|
19,600 |
|
|
|
|
|
|
$103,880 |
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 $840. |
|
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. |
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Enter the November 1 balances in ledger T-accounts.
| Cash |
| choose the beginning date of the accounting period |
enter a debit balance |
choose the beginning date of the accounting period |
enter a credit balance |
| Accounts Receivable |
| choose the beginning date of the accounting period |
enter a debit balance |
choose the beginning date of the accounting period |
enter a credit balance |
| Supplies |
| choose the beginning date of the accounting period |
enter a debit balance |
choose the beginning date of the accounting period |
enter a credit balance |
| Equipment |
| choose the beginning date of the accounting period |
enter a debit balance |
choose the beginning date of the accounting period |
enter a credit balance |
| Accumulated
Depreciation─Equipment |
| choose the beginning date of the accounting period |
enter a debit balance |
choose the beginning date of the accounting period |
enter a credit balance |
| Accounts Payable |
| choose the beginning date of the accounting period |
enter a debit balance |
choose the beginning date of the accounting period |
enter a credit balance |
| Unearned Service Revenue |
| choose the beginning date of the accounting period |
enter a debit balance |
choose the beginning date of the accounting period |
enter a credit balance |
| Salaries and Wages Payable |
| choose the beginning date of the accounting period |
enter a debit balance |
choose the beginning date of the accounting period |
enter a credit balance |
| Common Stock |
| choose the beginning date of the accounting period |
enter a debit balance |
choose the beginning date of the accounting period |
enter a credit balance |
| Retained Earnings |
| choose the beginning date of the accounting period |
enter a debit balance |
choose the beginning date of the accounting period |
enter a credit balance |
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