Flint 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 Flint began the month with $3,540 in Retained Earnings. This balance represents the results of its first two months of business. Assets Stockhol + Accts. Rec. 3.430 + Liabilities Unearn Serv. Rev. + 472 + Cash 11/1 Bal. 3,296 + Acc. Depr. - Equip 590 Supplies + 1.314 + + Accts. Pay 2,714 Equip 11,800 - Sal./Wages + Pay 724 Com. Stock 11,800 + - During November, the following summary transactions were completed. Nov. 8 10 12 15 17 Paid $1,432 for salaries due employees, of which $ 708 is for November and $724 is for October salaries payable. Received $2,124 cash from customers in payment of account. Received $4,366 cash for services performed in November Purchased store equipment on account $4,248. Purchased supplies on account $1,534, Paid creditors $2,950 of accounts payable due. Paid November rent $574. Paid salaries $1,180. 20 22 25 During November, the following summary transactions were completed. Paid $1,432 for salaries due employees, of which $708 is for November and $724 is for October salaries payable. Received $2,124 cash from customers in payment of account. Received $4,366 cash for services performed in November. Purchased store equipment on account $4,248. Purchased supplies on account $1,534. Paid creditors $2,950 of accounts payable due. Paid November rent $574 Paid salaries $1,180 Performed services on account worth $1,062 and billed customers. Received $885 from customers for services to be performed in the future. Nov. 8 10 12 15 17 20 22 25 27 29 Adjustment data: 1. 2. 3. Supplies on hand are valued at $1,298. Accrued salaries payable are $574. Depreciation for the month is $295. Services were performed to satisfy $590 of unearned service revenue. 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 for 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. (6) 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. 3.296 3,430 1,314 I Nov. 8 10 12 15 17 Assets Cash Accts. Rec. + + Supplies + Equip 11/1 Bal. 3,296 3.430 1.314 Nov. 8 10 12 15 17 20 22 25 27 29 = Liabilities Acc. Depr. Equip + Equip. Accts. Pay. Unearn. Serv. Rev. + 11,800 -590 2,714 472 I + Stockholders' Equity Sal./Wages Pay. Com. Stock Retained Earnings 724 11,800 3,540 Rev. Exp. I Retained Earnings 3,540 Rev. Exp. Div.