Culver Equipment Repair began operating in September 2017. It prepares financial statements at the end of each month. On November 1, 2017, a tabular summary includes the following information. Note that Culver began the month with $3,430 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.

3,220

+

3,150

+

1,550

+

10,430

-

500

=

2,730

+

400

+

860

+

10,430

+

3,430

During November, the following summary transactions were completed.

Nov. 8		Paid $1,220 for salaries due employees, of which $360 is for November and $860 is for October salaries payable.
10		Received $1,820 cash from customers in payment of account.
12		Received $3,770 cash for services performed in November.
15		Purchased store equipment on account $3,610.
17		Purchased supplies on account $1,320.
20		Paid creditors $2,530 of accounts payable due.
22		Paid November rent $460.
25		Paid salaries $1,050.
27		Performed services on account worth $960 and billed customers.
29		Received $760 from customers for services to be performed in the future.

Adjustment data:

1.		Supplies on hand are valued at $1,120.
2.		Accrued salaries payable are $500.
3.		Depreciation for the month is $270.
4.		Services were performed to satisfy $500 of unearned service revenue.

1. PREPARE BALANCE SHEET WITH ADJUSTMENTS

2. PREPARE RETAINED EARNINGS STATEMENT

3. PREPARE INCOME STATEMENT

4. PREPARE BALANCE SHEET