On November 1, 2025, Larkspur Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $5,400 Accumulated Depreciation-Equipment $600 Accounts Receivable 1,344 Accounts Payable 2,040 Supplies 516 Unearned Service Revenue 2,400 Equipment 15,000 Salaries and Wages Payable 1,020 $22,260 Common Stock 12,000 Retained Earnings 4,200 $22,260 During November, the following summary transactions were completed. Nov. 8 Paid $2,130 for salaries due employees, of which $1,110 is for November and $1,020 is for October. 10 Received $1,140 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $4,800, terms 2/10, n/30. 12 Sold merchandise on account for $3,300, terms 2/10, n/30. The cost of the merchandise sold was $2,400. = SU
On November 1, 2025, Larkspur Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $5,400 Accumulated Depreciation-Equipment $600 Accounts Receivable 1,344 Accounts Payable 2,040 Supplies 516 Unearned Service Revenue 2,400 Equipment 15,000 Salaries and Wages Payable 1,020 $22,260 Common Stock 12,000 Retained Earnings 4,200 $22,260 During November, the following summary transactions were completed. Nov. 8 Paid $2,130 for salaries due employees, of which $1,110 is for November and $1,020 is for October. 10 Received $1,140 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $4,800, terms 2/10, n/30. 12 Sold merchandise on account for $3,300, terms 2/10, n/30. The cost of the merchandise sold was $2,400. = SU
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On November 1, 2025, Larkspur Inc. had the following account balances. The company uses the perpetual inventory method.
Debit
Credit
Cash
$5,400
Accumulated Depreciation-Equipment
$600
Accounts Receivable
1,344
Accounts Payable
2,040
Supplies
516
Unearned Service Revenue
2,400
Equipment
15,000
Salaries and Wages Payable
1,020
$22,260
Common Stock
12,000
Retained Earnings
4,200
$22,260
During November, the following summary transactions were completed.
Nov. 8 Paid $2,130 for salaries due employees, of which $1,110 is for November and $1,020 is for October.
10
Received $1,140 cash from customers in payment of account.
11
Purchased merchandise on account from Dimas Discount Supply for $4,800, terms 2/10, n/30.
12
Sold merchandise on account for $3,300, terms 2/10, n/30. The cost of the merchandise sold was $2,400.
= SU
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