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On November 1, 2017, Kingbird, Inc. had the following account balances. The company uses the perpetual inventory method Debit Credit Cash Accounts Receivable Supplies Equipment $960 3,264 3,840 1,632 19,200 6,720 $35,616 $8,640 Accumulated Depreciation-Equipment 2,150 Accounts Payable 826 24,000 35,616 Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings During November, the following summary transactions were completed. Paid $3,408 for salaries due employees, of which $1,776 is for November and $1,632 is for October Received $1,824 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $7,680, terms 2/10, n/30. Sold merchandise on account for $5,280, terms 2/10, n/30. The cost of the merchandise sold was $ 3,840 Received credit from Dimas Discount Supply for merchandise returned $288. Received collections in full, less discounts, from customers billed on sales of $ 5,280 on November 12. Paid Dimas Discount Supply in full, less discount. Received $2,208 cash for services performed in November Purchased equipment on account $ 4,800 Purchased supplies on account $1,632. Paid creditors $ 2,880 of accounts payable due. Paid November rent $ 360. Paid salaries $1,248 Performed services on account and billed customers $672 for those services. Received $ 648 from customers for services to be performed in the future. Nov. 8 10 11 12 15 19 20 22 25 27 28 29 29 29 29

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