Question: On November 1 , 2 0 2 5 , Kingbird Inc had the following account balances. The company uses the perpetual inventory method. During November,

On November 1,2025, Kingbird Inc had the following account balances. The company uses the perpetual inventory method.
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 210,n30.
12 Sold merchandise on account for $9,350, terms 210,n30. The cost of the merchandise sold was $6,800.
15 Received credit from Dimas Discount Supply for merchandise returned $500.
19 Received collections in full, less discounts, from customers billed on sales of $9,350 on November 12.
20 Paid Dimas Discount Supply in full, less discount.
22 Received $3,910 cash for services performed in November.
25 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.
(a)
Enter the November 1 balances in ledger T-accounts.
 On November 1,2025, Kingbird Inc had the following account balances. The

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!