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Blue Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022, a tabular summary

Blue Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022, a tabular summary includes the following information. Note that Blue began the month with $ 2,460 in Retained Earnings. This balance represents the results of its first two months of business.

Assets

=

Liabilities

+

Stockholders Equity

Cash

+

Accts. Rec.

+

Supplies

+

Equip.

-

Acc. Depr.- Equip.

=

Accts. Pay.

+

Unearn. Serv. Rev.

+

Sal./Wages Pay.

+

Com. Stock

+

Retained Earnings

11/1 Bal.

2,288 + 2,386 + 918 + 8,200 - 410 = 1,886 + 328 + 508 + 8,200 + 2,460

During November, the following summary transactions were completed.

Nov. 8 Paid $ 1,000 for salaries due employees, of which $ 492 is for November and $ 508 is for October salaries payable.
10 Received $ 1,476 cash from customers in payment of account.
12 Received $ 3,034 cash for services performed in November.
15 Purchased store equipment on account $ 2,952.
17 Purchased supplies on account $ 1,066.
20 Paid creditors $ 2,050 of accounts payable due.
22 Paid November rent $ 394.
25 Paid salaries $ 820.
27 Performed services on account worth $ 738 and billed customers.
29 Received $ 615 from customers for services to be performed in the future.

Adjustment data:

1. Supplies on hand are valued at $ 902.
2. Accrued salaries payable are $ 394.
3. Depreciation for the month is $ 205.
4. Services were performed to satisfy $ 410 of unearned service revenue.

Prepare an income statement for November 30.

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