I need assistance journalizing the closing entries. Please provide how to arrived at the answers. Thank you.
On November 1, 2022, Teal Mountain had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $13,500 3,360 1,290 37,500 $55,650 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $1,500 5,100 6,000 2,550 30,000 10,500 $55,650 During November, the following summary transactions were completed. Nov. 8 Paid $5,325 for salaries due employees, of which $2,775 is for November and $2,550 is for October. 10 Received $2,850 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $12,000, terms 2/10, n/30. 12 Sold merchandise on account for $8,250, terms 2/10, n/30. The cost of the merchandise sold was $6,000. 15 Received credit from Dimas Discount Supply for merchandise returned $450. 19 Received collections in full, less discounts, from customers billed on sales of $8,250 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $3,450 cash for services performed in November 25 Purchased equipment on account $7,500. 27 Purchased supplies on account $2,550. 28 Paid creditors $4,500 of accounts payable due. 29 Paid November rent $562. 29 Paid salaries $1,950. 29 Performed services on account and billed customers $1,050 for those services. 29 Received $1,013 from customers for services to be performed in the future. TEAL MOUNTAIN Balance Sheet November 30, 2022 Assets Current Assets I Cash 5,242 Accounts Receivable 1,560 5,319 Inventory Supplies Supplies | 2,400 Total Current Assets 14521 Property, Plant and Equipment Equipment 45,000 I Less Accumulated Depreciation Equipment 1,875 Total Property, plant and Equipment 43125 2 Total Assets 57646 Liabilities and Stockholders' Equity Current Liabilities | Accounts Payable 10650 Unearned Service Revenue 975 Salaries and Wages Payable T Total Current Liabilities 12375 Stockholders' Equity 1 Common Stock non Stock 30000 Retained Earnings 15271 T Total Stockholders' Equity 45271 Total Liabilities and Stockholders' Equity 57646 Past the casing entries. (Past entries in the order of journal entries presented above. For accounts that have a zero balance select "11/30 Bal." from the list and enter for the amount.) 11.319 4,500 11/1 Bal. 11/10 11/19 11/22 11/29 11/30 Bal 2.050 101 Bal. 11/12 11/29 11/30 Bal. 11/11 6,000 450 11/30 Bal 11/1 Bal. 11/27 11/30 Bal. Cash 13,500 11/8 2,850 11/20 8,085 11/28 3,450|11/29 1,01311/29 5,2421 Accounts Receivable 3,36011/10 8,250[11/19 1,050 1,560 Inventory 12,000 11/12 11/15 11/20 5,319 Supplies 1,290 Adj. 2,550 2,400 Equipment 37,500 7.500 45,000 Accumulated Depreciation-Equipment 11/1 Bal. Ady. 11/30 Bali Accounts Payable 450 11/1 Bal. 11,550 11/11 4.500 11/25 11/27 11/30 Bal Unearned Service Revenue 6,03811/1 Bel. 11/29 11/30 Bal. 11/1 bal. 11/25 11/30 Bal. 1,500 375 1,875 11/15 11/20 11/28 5.100 12.000 7,500 2,550 10.650 6,000 1,013 975 Salaries and Wages Payable 2.550l111 Bal 2.550 750 Ad 750 11/30 Bal. Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 30,000 30,000 10,500 Service Revenue 11/22 3,450 11/29 1,050 Adj. 6,038 Depreciation Expense Supplies Expense 1.440 Salaries and Wages Expense 11/8 11/29 1,950 Ads Sales Revenue 11/12 8,250 Cost of Goods Sold 6,000 11/12 Sales Discounts 11/19 165 Income Summary
