Culver 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 Culver began the month with $3,480 in Retained Earnings. This balance represents the results of its first two months of business. Assets + Stockhol Liabilities Unearn. Serv. Rev. Acc. Depr.- Equip. 580 Accts. Rec. Accts. Pay. 2,668 Com. Stock + + Cash + 11/1 Bal. 3,240 + + Supplies + Equip. 1,292 + 11,600 Sal./Wages + Pay. 712 3,372 + + 464 + + 11,600 + During November, the following summary transactions were completed. Nov. 8 10 12 15 17 20 Paid $1,408 for salaries due employees, of which $696 is for November and $712 is for October salaries payable. Received $2,088 cash from customers in payment of account. Received $4,292 cash for services performed in November. Purchased store equipment on account $4,176. Purchased supplies on account $1,508. Paid creditors $2,900 of accounts payable due. Paid November rent $564. Paid salaries $1,160. Performed services on account worth $1,044 and billed customers. Received $870 from customers for services to be performed in the future. 22 25 27 29 Adjustment data: 1. 2. Supplies on hand are valued at $1,276. Accrued salaries payable are $564. Depreciation for the month is $290. Services were performed to satisfy $580 of unearned service revenue. 3. 4. Use the tabular summary below to complete the following. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) (a) Record the November transactions. Include explanations for amounts in the revenue or expense column. (b) Compute the balance in each column after recording the November 29 transaction. (c) Record adjustments. (d) Compute the adjusted balance in each column. Assets Accts. Rec. Cash + + Supplies + Equip. 11/1 Bal. 3,240 3,372 1,292 Nov. 8 - 1408 10 2088 -2088 12 4292 15 17 1508 20 -2900 22 -564 25 - 1160 Unadj. Bal. 4458 2328 2880 Adj. (A1) -1508 (A2) (A3) (A4) Adj. Bal. 4458 2328 4880 Liabilities Acc. Depr- Equip. Accts. Pay. Unearn. Serv. Rev. + Equip. + 11,600 -580 2,668 464 4176 4176 1508 -2900 870 15,776 580 5452 1334 290 -580 15,776 870 5452 754 Sal./Wages Pay. + Stockholders' Equity Com. Stock 11,600 + + + Retained Earnings 712 3,480 Rev. Exp. -712 696 4292 564 1160 1044 0 11600 8816 2420 1508 564 564 290 580 564 11600 9396 + Retained Earnings 3,480 Rev. Exp. Div. 696 Salaries & Wages Expense 4292 Service Revenue 564 Rent Expense 1160 Salaries & Wages Expense 1044 Service Revenue 8816 2420 0 1508 Supplies Expense 564 Salaries & Wages Expense 1508 Supplies Expense 564 Salaries & Wages Expense 290 Depreciation Expense
