(9) Journalize the closing entries. (Credit account titles are automatically indented when the amount is e Date Account Titles and Explanation Debit Credit Nov. 30 (To close revenue accounts and other accounts with credit balances.) Nov. 30 (To close expense accounts and other accounts with debit balances.) Nov. 30 (To close income summary.) antrine nrecented above. For account Retained Earnings 11/1 Bal. 10,500 V Service Revenue 11/22 3,450 V 11/29 1,050 Adj. 6,038 Depreciation Expense 375 Adj. Supplies Expense Adj. 1,440 Salaries and Wages Expense 2,775 11/8 11/29 1,950 Adj. 750 Rent Expense 11/29 562 Sales Revenue 11/12 8,250 Depreciation Expense 375 Adj. Supplies Expense Adj. 1,440 Salaries and Wages Expense 2,775 11/8 11/29 1,950 Adj. 750 Rent Expense 11/29 562 Sales Revenue V 11/12 8,250 Cost of Goods Sold 11/12 6,000 Sales Discounts 11/19 165 Income Summary TEAL MOUNTAIN Adjusted Trial Balance November 30, 2022 Debit Credit Cash 5242 Accounts Receivable 1560 Inventory 5319 Supplies 24001 Equipment 45000 Accumulated Depreciation-Equipment 1875 Accounts Payable 10650 Unearned Service Revenue 975 Salaries and Wages Payable 750 Common Stock 30000 Retained Earnings 10500 Service Revenue 10538 Depreciation Expense 375 Supplies Expense 1440 Salaries and Wages Expense 5475 Rent Expense 562 Sales Revenue 8250 Cost of Goods Sold 6000 Sales Discounts 165 Totals 73538 73538 (f2) Your answer is correct. Prepare a retained earnings statement for November. TEAL MOUNTAIN Retained Earnings Statement For the Month Ended November 30, 2022 10500 Retained Earnings, November 1 v $ Add y Net Income / (Loss) 4771 15271 Retained Earnings November 30 v FA TEAL MOUNTAIN Balance Sheet November 30, 2022 Assets Current Assets Cash 5,242 Accounts Receivable 1,560 Inventory 5,319 Supplies 2,400 Total Current Assets 14,521 Property, plant and Equipment Equipment 45,000 Less Accumulated Depreciation-Equipment 1,875 Total Property, plant and Equipment 43,125 Total Assets 57,646 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 10,650 Uneared Service Revenue 975 Salaries and Wages Payable 750 Total Current Liabilities 12,375 Stockholders' Equity Common Stock 30,000 Retained Earnings 15,271 Total Stockholders' Equity 45,271 57,646 Total Liabilities and Stockholders' Equity