Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur 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 19 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, 1/30. The cost of the merchandise sold was $2,400. 15 Received credit from Dimas Discount Supply for merchandise returned $180. Received collections in full, less discounts, from customers billed on sales of $3,300 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $1,380 cash for services performed in November. 25 Purchased equipment on account $3,000. 27 Purchased supplies on account $1,020. Paid creditors $1,800 of accounts payable due. Paid November rent $225. Paid salaries $780. Performed services on account and billed customers $420 for those services. Received $405 from customers for services to be performed in the future. 28 29 29 29 29 Your answer is partially correct. Try again. Adjustment data: 1. 2. Supplies on hand are valued at $960. Accrued salaries payable are $300. Depreciation for the month is $150. $390 of services related to the unearned service revenue has not been performed by month-end. 3. 4. Adjusted Trial Balance November 30, 2022 Credit Debit 2,096 Cash Accounts Receivable 624 Inventory 2,128 Supplies 960 Equipment 18,000 Accumulated Depreciation-Equipment 750 Accounts Payable 4,260 Unearned Service Revenue 390 300 Salaries and Wages Payable Common Stock 12,000 4,200 4,215 150 Retained Earnings Service Revenue Depreciation Expense Supplies Expense Salaries and Wages Expense Rent Expense Sales Revenue 576 2,190 225 3,300 Cost of Goods Sold 2,400 Sales Discounts 66 Totals 29,415 29,415 LARKSPUR Income Statement For the Month Ended November 30, 2022 Sales Sales Revenue Less Sales Discounts Net Sales $ Service Revenue Total Revenues Less v. Cost of Goods Sold Gross Profit Expenses Depreciation Expense Supplies Expense Salaries and Wages Expense Rent Expense Total Expenses Net Income / (Loss)