ACR5.2 On November 1, 2022, Ikonk, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $ 9,000 Accumulated Depreciation Accounts Receivable 2.240 Equipment $ 1.000 Supplies Accounts Payable 3.400 Equipment 25.000 Unearned Service Revenue 4.000 $37.100 Salaries and Wages Payable 1,700 Common Stock 20,000 Retained Earnings 7,000 $37.100 During November, the following summary transactions were completed. Nov. 8 Paid $3,550 for salaries due employees, of which $1,850 is for November and $1,700 is for October 10 Received $1,900 cash from customers in payment of account 11 Purchased merchandise on account from Dimas Discount Supply for $8,000, terms 2/10, n/30, 12 Sold merchandise on account for $5.500, terms 2/10, n/30. The cost of the mer chandise sold was $4.000 15 Received credit from Dimas Discount Supply for merchandise returned $300 19 Received collections in full, less discounts, from customers billed on sales of $5.500 on November 12 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,300 cash for services performed in November 25 Purchased equipment on account 55,000 27 Purchased supplies on account $1.700. 28 Paid creditors $3,000 of accounts payable due. 29 Paid November rent $375. 29 Paid salaries $1,100. 29 Performed services on account and billed customers $700 for those services. 29 Received $675 from customers for services to be performed in the future. Adjustment data: 1. Supplies on hand are valued at $1,600. 2. Accrued salaries payable are $500. 3. Depreciation for the month is $250. 4. $650 of services related to the unearned service revenue has not been performed by month-end. Instructions a. Enter the November 1 balances in ledger T-accounts. b. Journalize the November transactions c. Post to the ledger accounts. You will need to add some accounts. Expand Your Critical Thinking 5-51 d. Journalize and post adjusting entries. e. Prepare an adjusted trial balance at November 30. f. Prepare a multiple-step income statement and a retained earnings statement for November and a classified balance sheet at November 30. g. Journalize and post closing entries. e. Tot. adj. trial bal. Tot. assets $49,025 $38,430