90.2K

Verified Solution

Link Copied!

On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method. Nov. 8 Paid $2,485 for salaries due employees, of which $1,295 is for November and $1,190 is for October. 10 Received $1,330 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $5,600, terms 2/10,n/30. 12 Sold merchandise on account for $3,850, terms 2/10,n/30. The cost of the merchandise sold was $2,800. 15 Received credit from Dimas Discount Supply for merchandise returned $200. 19 Received collections in full, less discounts, from customers billed on sales of $3,850 on November 12 . 20 Paid Dimas Discount Supply in full, less discount. 22 Received $1,610 cash for services performed in November. 25 Purchased equipment on account $3,500. 27 Purchased supplies on account $1,190. 28 Paid creditors $2,100 of accounts payable due. 29 Paid November rent $262. 29 Paid salaries $910. 29 Performed services on account and billed customers $490 for those services. 29 Received $473 from customers for services to be performed in the future. Prepare a classified balance sheet at November 30. (List Current Assets in order of liquidity.) $ Liabilities and Stockholders' Equity $ $

Answer & Explanation Solved by verified expert

See Answer