Question

On November 1, 2017, Kingbird, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $10,800 Accumulated Depreciation—Equipment $1,200 Accounts Receivable 2,688 Accounts Payable 4,080 Supplies 1,032 Unearned Service Revenue 4,800 Equipment 30,000 Salaries and Wages Payable 2,040 $44,520 Common Stock 24,000 Retained Earnings 8,400 $44,520 During November, the following summary transactions were completed. Nov. 8 Paid $4,260 for salaries due employees, of which $2,220 is for November and $2,040 is for October. 10 Received $2,280 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $9,600, terms 2/10, n/30. 12 Sold merchandise on account for $6,600, terms 2/10, n/30. The cost of the merchandise sold was $4,800. 15 Received credit from Dimas Discount Supply for merchandise returned $360. 19 Received collections in full, less discounts, from customers billed on sales of $6,600 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,760 cash for services performed in November. 25 Purchased equipment on account $6,000. 27 Purchased supplies on account $2,040. 28 Paid creditors $3,600 of accounts payable due. 29 Paid November rent $450. 29 Paid salaries $1,560. 29 Performed services on account and billed customers $840 for those services. 29 Received $810 from customers for services to be performed in the future.

Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.)

Answer 1