On November 1, 2025, Kingbird Inc. had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Nov. 8 10 11 12 15 19 20 During November, the following summary transactions were completed. 22 25 27 28 29 29 29 Debit 29 $25,200 Accumulated Depreciation-Equipment 6,272 Accounts Payable 2,408 70,000 $103,880 Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $2,800 9,520 11,200 4,760 56,000 19,600 $103,880 Paid $9,940 for salaries due employees, of which $5,180 is for November and $4,760 is for October. Received $5,320 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $22,400, terms 2/10, n/30. Sold merchandise on account for $15,400, terms 2/10, n/30. The cost of the merchandise sold was $11,200. Received credit from Dimas Discount Supply for merchandise returned $850. Received collections in full, less discounts, from customers billed on sales of $15,400 on November 12. Paid Dimas Discount Supply in full, less discount. Received $6,440 cash for services performed in November. Purchased equipment on account $14,000. Purchased supplies on account $4,760. Paid creditors $8,400 of accounts payable due. Paid November rent $1,050. Paid salaries $3,640. Performed services on account and billed customers $1,960 for those services. Received $1,890 from customers for services to be performed in the future.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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Adjustment data:

1. Supplies on hand are valued at $4,480.

2. Accrued salaries payable are $1,400.

3. Depreciation for the month is $700.

4. $1,820 of services related to the unearned service revenue has not been performed by month-end.

On November 1, 2025, Kingbird Inc. had the following account balances. The company uses the perpetual inventory method.
Cash
Accounts Receivable
Supplies
Equipment
10
11
12
15
19
20
22
25
27
During November, the following summary transactions were completed.
28
29
29
Debit
29
$25,200
29
6,272
2,408
70,000
$103,880
Accumulated Depreciation-Equipment
Accounts Payable
Nov. 8 Paid $9,940 for salaries due employees, of which $5,180 is for November and $4,760 is for October.
Received $5,320 cash from customers in payment of account.
Purchased merchandise on account from Dimas Discount Supply for $22,400, terms 2/10, n/30.
Sold merchandise on account for $15,400, terms 2/10, n/30. The cost of the merchandise sold was $11,200.
Received credit from Dimas Discount Supply for merchandise returned $850.
Received collections in full, less discounts, from customers billed on sales of $15,400 on November 12.
Paid Dimas Discount Supply in full, less discount.
Received $6,440 cash for services performed in November.
Purchased equipment on account $14,000.
Purchased supplies on account $4,760.
Paid creditors $8,400 of accounts payable due.
Paid November rent $1,050.
Paid salaries $3,640.
Unearned Service Revenue
Salaries and Wages Payable
Common Stock
Retained Earnings
Credit
$2,800
9,520
11,200
4,760
56,000
19,600
$103,880
Performed services on account and billed customers $1,960 for those services.
Received $1,890 from customers for services to be performed in the future.

Totals
KINGBIRD
Adjusted Trial Balance
$
$
Debit
$
Credit

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