History Current Attempt in Progress On November 1, 2017, Skysong, Inc. had the following account balances. The company uses the perpetual inventory method, Debit Credit Cash $7,740 $860 Accumulated Depreciation-Equipment Accounts Payable Accounts Receivable 1.926 2,924 Supplies 740 3,440 Equipment 21.500 1,462 Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $31.906 17.200 6,020 531,906 8 Paid $3,053 for salaries due employees, of which $1,591 is for November and $1,462 is for October. 10 Received $1,634 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $6,880, terms 2/10,n/30. 11 12 Sold merchandise on account for $4.730, terms 2/10,n/30. The cost of the merchandise sold was $3.440. 15 Received credit from Dimas Discount Supply for merchandise returned $258. 19 Received collections in full, less discounts, from customers billed on sales of $4.730 on November 12 20 Paid Dimas Discount Supply in full, less discount. 22 Received $1,978 cash for services performed in November. Purchased equipment on account $4,300. 25 27 Purchased supplies on account $1.462. 28 Paid creditors $2,580 of accounts payable due. 66F Cle 29 Paid November rent $323. Paid salaries $1,118. Performed services on account and billed customers $602 for those services. Received $581 from customers for services to be performed in the future. UL 0.52/ 13 SKYSONG, INC. Income Statement For the Year Ended November 30, 2017 Sales Cost of Goods Sold 4730 Less Total Expenses Salaries and Wages Expense Net Income /(Loss) Add