Flounder 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 Flounder began the month with $3,750 in Retained Earnings. This balance represents the results of its first two months of business. Stockholders Assets Acc. Accts. Depr. - Accts. Cash Rec. + Supplies - Equip. Equip. Pay. 11/1 Bal. 3,540 + 3,120 + 1,870 + 10,750 . 500 - 3,050 + Liabilities Unearn. Serv. Rev. 400 + + + Sal./Wages + Com. R Pay. Stock + E 830 + 10,750 + 12 15 During November, the following summary transactions were completed. Nov. 8 Paid $1.220 for salaries due employees, of which $390 is for November and $830 is for October salaries payable. 10 Received $1,860 cash from customers in payment of account. Received $3,810 cash for services performed in November Purchased store equipment on account $3,900. Purchased supplies on account $1,360. Paid creditors $2,600 of accounts payable due. 22 Paid November rent $450. Paid salaries $1,080. Performed services on account worth $970 and billed customers, Received $750 from customers for services to be performed in the future. 17 20 25 27 29 Nov. 8 10 12 15 17 Paid $1,220 for salaries due employees, of which $390 is for November and $830 is for October salaries payable. Received $1,860 cash from customers in payment of account Received $3,810 cash for services performed in November. Purchased store equipment on account $3,900. Purchased supplies on account $1,360. Paid creditors $2,600 of accounts payable due. Paid November rent $450. Paid salaries $1,080. Performed services on account worth $970 and billed customers. Received $750 from customers for services to be performed in the future. 20 22 25 27 29 Adjustment data: 1. 2. 3. 4. Supplies on hand are valued at $1,250. Accrued salaries payable are $490. Depreciation for the month is $300. Services were performed to satisfy $500 of unearned service revenue. Prepare an income statement for November 30. Flounder Equipment Repair $ 4