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 Assets Liabilities Stockholder Acc. Uneam Accts. Depr: Accts. Serv. Sal/Wages + Com Cash + Rec + Supplies - Equip Equip Pay Rev. Pay. Stock 11/1 Bal 3,540 + 3.120 + 1.870+ 10,750 500 3,050+ 400+ 830+ 10.750 - 10 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. 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. 17 Purchased supplies on account $1,360. Pald creditors $2,600 of accounts payable due Pald November rent $450 Pald salaries $1,080 Performed services on account worth $970 and billed customers. 29 Received $750 from customers for services to be performed in the future, 20 22 25 27 Adjustment data: 1. 2. 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. 3. 4 (a-d) 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 Cash Accts Rec. Supplies Equip. 11/1 Bal 3,540 3,120 1,870 Nov. 8 10 12 15 17 20 22 25 27 29 Unadj. Bal Adj (A1) IN