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im not sure what i did wrong can you please explain? On November 1,2022 , Windsor, Inc. had the following account balances. The company uses
im not sure what i did wrong can you please explain?
On November 1,2022 , Windsor, Inc. had the following account balances. The company uses the perpetual inventory method. During November, the following summary transactions were completed. Nov. 8 Paid $4,189 for salaries due employees, of which $2,183 is for November and $2,006 is for October. 10 Received $2,242 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $9,400, terms 2/10,n/30. 12 Sold merchandise on account for $6,500, terms 2/10,n/30. The cost of the merchandise sold was $4,720. 15 Received credit from Dimas Discount Supply for merchandise returned $400. 19 Received collections in full, less discounts, from customers billed on sales of $6,500 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received \$2,714 cash for services performed in November. 25 Purchased equipment on account $5,900. 27 Purchased supplies on account $2,006. 28 Paid creditors $3,540 of accounts payable due. 29 Paid November rent \$443. 29 Paid salaries $1,534. 29 Performed services on account and billed customers $826 for those services. 29 Received $797 from customers for services to be performed in the future. Adjustment data: 1. Supplies on hand are valued at $1,888. 2. Accrued salaries payable are $590. 3. Depreciation for the month is $295. 4. $767 of services related to the unearned service revenue has not been performed by month-end. Prepare a multiple-step income statement for November. WINDSOR, INC. Income Statement For the Month Ended November 30, 2022 Retained Earnings, November 1^ Net Sales Cost of Goods Sold Gross Profit Salaries and Wages Expense Net Income / (Loss) Operating Expenses $ $8290 Inventory 4100 Equipment 35400 Unearned Service Revenue 767 Service Revenue 8290 Net Income / (Loss)Step by Step Solution
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