Journalize the closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 30 (To close revenue accounts and other accounts with credit balances.) Nov. 30 (To close expense accounts and other accounts with debit balances.) Nov. 30 (To close income summary.) Comprehensive Accounting Cycle Review 5-02 (Part Level Submission) On November 1, 2022, Larkspur had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $16,200 Accumulated Depreciation Equipment 4,032 Accounts Payable 1,548 Unearned Service Revenue 45,000 Salaries and Wages Payable $66,780 Common Stock Retained Earnings Credit $1,800 6,120 7,200 3,060 36,000 12,600 $66,780 During November, the following summary transactions were completed. Nov. 8 Paid $6,390 for salaries due employees, of which $3,330 is for November and $3,060 is for October. 10 Received $3,420 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $14,400, terms 2/10, n/30. 12 Sold merchandise on account for $9,900, terms 2/10, n/30. The cost of the merchandise sold was $7,200. 15 Received credit from Dimas Discount Supply for merchandise returned $540. 19 Received collections in full, less discounts, from customers billed on sales of $9,900 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $4,140 cash for services performed in November. 25 Purchased equipment on account $9,000. 27 Purchased supplies on account $3,060. 28 Paid creditors $5,400 of accounts payable due. 29 Paid November rent $675. 29 Paid salaries $2,340. 29 Performed services on account and billed customers $1,260 for those services. 29 Received $1,215 from customers for services to be performed in the future. Adjustment data: 1. 2. Supplies on hand are valued at $2,880. Accrued salaries payable are $900. Depreciation for the month is $450. $1,170 of services related to the unearned service revenue has not been performed by month-end. 3. 4. Post the closing entries. (Post 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 o for the amount.) Cash 11/1 Bal. 16,200 11/8 6,390 11/10 3,420 11/20 13,583 11/19 9,702 11/28 5,400 11/22 4,140|11/29 675 11/29 1,215 11/29 2,340 11/30 Bal. 6,2891 Accounts Receivable 11/1 Bal. 4,032 11/10 3,420 11/12 9,900 11/19 9,900 11/29 1,260 11/30 Bal. 1,872 Inventory 11/11 14,400 11/12 7,200 11/15 540 11/20 277 11/30 Bal. 6,383 Supplies 11/1 Bal. 1,548 Adj. 1,728 11/27 3,060 11/30 Bal. 2,880 Equipment 11/1 Bal. 45,000 11/25 9,000 11/30 Bal. 54,000 Accumulated Depreciation-Equipment 11/1 Bal. 1,800 Adj. 450 11/30 Bal. 2,250 Accounts Payable 11/15 540 11/1 Bal. 6,120 11/20 13,860 11/11 14,400 11/28 5,400 11/25 9,000 11/27 3,060 11/30 Bal. 12,780 Unearned Service Revenue Adj. 7,245 11/1 Bal. 7,200 11/29 1,215 11/30 Bal. 1,170 Salaries and Wages Payable 11/8 3,060 11/1 Bal. 3,060 Adj. 900 11/30 Bal. 900 Common Stock 11/1 Bal. 36,000 11/30 Bal. 36,000 Retained Earnings 11/1 Bal. 12,600 . + Service Revenue + 11/22 4,140 11/29 1,260 Adj. 7,245 Depreciation Expense Adj. 450 Supplies Expense 1,728 Adj. Salaries and Wages Expense 3,3301 11/8 11/29 2,340 Adj. 9001 . Rent Expense 11/29 675 + . Sales Revenue + 11/12 9,900 Cost of Goods Sold 7,200 11/12 + Sales Discounts 1981 11/19 Income Summary
