On November 1, 2025, Kingbird Inc. had the following account balances. The company uses the perpetual...

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On November 1, 2025, Kingbird Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $4,500 Accumulated Depreciation-Equipment $500 Accounts Receivable 1,120 Accounts Payable 1,700 Supplies 430 Unearned Service Revenue 2,000 Equipment 12,500 Salaries and Wages Payable 850 $18,550 Common Stock 10,000 Retained Earnings 3,500 $18,550 During November, the following summary transactions were completed. Nov. 8 Paid $1,775 for salaries due employees, of which $925 is for November and $850 is for October. 10 Received $950 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $4,000, terms 2/10, n/30. 12 Sold merchandise on account for $2,750, terms 2/10, n/30. The cost of the merchandise sold was $2,000. Received collections in full, less discounts, from customers billed on sales of $2,750 on November 12. 15 Received credit from Dimas Discount Supply for merchandise returned $150. 19 20 20 Paid Dimas Discount Supply in full, less discount. 22 Received $1,150 cash for services performed in November. 22 25 Purchased equipment on account $2,500. 27 27 Purchased supplies on account $850. 28 Paid creditors $1,500 of accounts payable due. 29 222 Paid November rent $187. 29 Paid salaries $650. 29 Performed services on account and billed customers $350 for those services. 29 Received $338 from customers for services to be performed in the future. Enter the November 1 balances in ledger T-accounts. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings On November 1, 2025, Kingbird Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $4,500 Accumulated Depreciation-Equipment $500 Accounts Receivable 1,120 Accounts Payable 1,700 Supplies 430 Unearned Service Revenue 2,000 Equipment 12,500 Salaries and Wages Payable 850 $18,550 Common Stock 10,000 Retained Earnings 3,500 $18,550 During November, the following summary transactions were completed. Nov. 8 Paid $1,775 for salaries due employees, of which $925 is for November and $850 is for October. 10 Received $950 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $4,000, terms 2/10, n/30. 12 Sold merchandise on account for $2,750, terms 2/10, n/30. The cost of the merchandise sold was $2,000. Received collections in full, less discounts, from customers billed on sales of $2,750 on November 12. 15 Received credit from Dimas Discount Supply for merchandise returned $150. 19 20 20 Paid Dimas Discount Supply in full, less discount. 22 Received $1,150 cash for services performed in November. 22 25 Purchased equipment on account $2,500. 27 27 Purchased supplies on account $850. 28 Paid creditors $1,500 of accounts payable due. 29 222 Paid November rent $187. 29 Paid salaries $650. 29 Performed services on account and billed customers $350 for those services. 29 Received $338 from customers for services to be performed in the future. Enter the November 1 balances in ledger T-accounts. Cash Accounts Receivable Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings