On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Nov. 8 22 25 27 28 29 29 29 29 During November, the following summary transactions were completed. 10 11 12 15 19 Debit 20 $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 Paid $10,650 for salaries due employees, of which $5,550 is for November and $5,100 is for October. Received $5,700 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $24,000, terms 2/10, n/30. Sold merchandise on account for $16,500, terms 2/10, n/30. The cost of the merchandise sold was $12,000. Received credit from Dimas Discount Supply for merchandise returned $900. Received collections in full, less discounts, from customers billed on sales of $16,500 on November 12. Paid Dimas Discount Supply in full, less discount. Received $6,900 cash for services performed in November. Purchased equipment on account $15,000. Purchased supplies on account $5,100. Paid creditors $9,000 of accounts payable due. Paid November rent $1,125. Paid salaries $3,900. Performed services on account and billed customers $2,100 for those services. Received $2,025 from customers for services to be performed in the future.
On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Nov. 8 22 25 27 28 29 29 29 29 During November, the following summary transactions were completed. 10 11 12 15 19 Debit 20 $27,000 6,720 2,580 75,000 $111,300 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $3,000 10,200 12,000 5,100 60,000 21,000 $111,300 Paid $10,650 for salaries due employees, of which $5,550 is for November and $5,100 is for October. Received $5,700 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $24,000, terms 2/10, n/30. Sold merchandise on account for $16,500, terms 2/10, n/30. The cost of the merchandise sold was $12,000. Received credit from Dimas Discount Supply for merchandise returned $900. Received collections in full, less discounts, from customers billed on sales of $16,500 on November 12. Paid Dimas Discount Supply in full, less discount. Received $6,900 cash for services performed in November. Purchased equipment on account $15,000. Purchased supplies on account $5,100. Paid creditors $9,000 of accounts payable due. Paid November rent $1,125. Paid salaries $3,900. Performed services on account and billed customers $2,100 for those services. Received $2,025 from customers for services to be performed in the future.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Transcribed Image Text:chter the November 1 balances in ledger T-accounts.
Cash
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation Equipment
Accounts Payable
Unearned Service Revenue
Salaries and Wages Payable
Common Stock
Retained Earnings
Transcribed Image Text:On November 1, 2025, Marin Inc. had the following account balances. The company uses the perpetual inventory method.
Cash
Accounts Receivable
Supplies
Equipment
22
25
27
28
29
29
10
29
11
12
During November, the following summary transactions were completed.
15
Debit
19
$27,000
20
6,720
2,580
75,000
$111,300
Accumulated Depreciation-Equipment
Accounts Payable
Unearned Service Revenue
Salaries and Wages Payable
Common Stock
Nov. 8 Paid $10,650 for salaries due employees, of which $5,550 is for November and $5,100 is for October.
Received $5,700 cash from customers in payment of account.
Purchased merchandise on account from Dimas Discount Supply for $24,000, terms 2/10, n/30.
Sold merchandise on account for $16,500, terms 2/10, n/30. The cost of the merchandise sold was $12,000.
Received credit from Dimas Discount Supply for merchandise returned $900.
Received collections in full, less discounts, from customers billed on sales of $16,500 on November 12.
Paid Dimas Discount Supply in full, less discount.
Received $6,900 cash for services performed in November.
Purchased equipment on account $15,000.
Purchased supplies on account $5,100.
Retained Earnings
Credit
$3,000
10,200
"P
12,000
5,100
60,000
21,000
$111,300
29 Paid November rent $1,125.
Paid salaries $3,900.
Performed services on account and billed customers $2,100 for those services.
Received $2,025 from customers for services to be performed in the future.
Paid creditors $9,000 of accounts payable due.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education