On November 1, 2022, Kingbird, Inc. had the following account balances. The company uses the perpetual...
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On November 1, 2022, 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 EJ 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. On November 1, 2022, 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 EJ 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.
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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