On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual...
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On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method. Credit Cash Accounts Receivable Supplies Equipment 12 15 19 20 22 25 27 During November, the following summary transactions were completed. Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for November and $3,230 is for October. 10 Received $3,610 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $15,200, terms 2/10, n/30. Sold merchandise on account for $10,450, terms 2/10, n/30. The cost of the merchandise sold was $7,600. 28 29 29 29 Debit $17,100 4,256 1,634 29 47,500 $70,490 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $1,900 6,460 7,600 3,230 38,000 13,300 $70,490 Paid Dimas Discount Supply in full, less discount. Received $4,370 cash for services performed in November. Purchased equipment on account $9,500. Purchased supplies on account $3.230. Paid creditors $5,700 of accounts payable due. Received credit from Dimas Discount Supply for merchandise returned $550. Received collections in full, less discounts, from customers billed on sales of $10,450 on November 12. Paid November rent $712. Paid salaries $2,470. Performed services on account and billed customers $1,330 for those services. Received $1.283 from customers for services to be performed in the future. Required Enter balances in T-Accounts On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method. Credit Cash Accounts Receivable Supplies Equipment 12 15 19 20 22 25 27 During November, the following summary transactions were completed. Nov. 8 Paid $6,745 for salaries due employees, of which $3,515 is for November and $3,230 is for October. 10 Received $3,610 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $15,200, terms 2/10, n/30. Sold merchandise on account for $10,450, terms 2/10, n/30. The cost of the merchandise sold was $7,600. 28 29 29 29 Debit $17,100 4,256 1,634 29 47,500 $70,490 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $1,900 6,460 7,600 3,230 38,000 13,300 $70,490 Paid Dimas Discount Supply in full, less discount. Received $4,370 cash for services performed in November. Purchased equipment on account $9,500. Purchased supplies on account $3.230. Paid creditors $5,700 of accounts payable due. Received credit from Dimas Discount Supply for merchandise returned $550. Received collections in full, less discounts, from customers billed on sales of $10,450 on November 12. Paid November rent $712. Paid salaries $2,470. Performed services on account and billed customers $1,330 for those services. Received $1.283 from customers for services to be performed in the future. Required Enter balances in T-Accounts
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TAccounts with the balances entered Cash Debit 17100 Credit 6745 salaries payment 3610 cash received ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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