Monty Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022, a tabular summary includes the following information. Note that Monty began the month with $2.940 in Retained Earnings. This balance represents the results of its first two months of business. Assets Liabilities Stockholders Equity Acc. Depr.- Equip Accts. Rec + Unearn Serv. Rev. Accts. Pay. Sal./Wages Pay. Com. Stock Retained + Earnings Cash + Equip + Supplies + + 2,736 + 1,094 2.850 + + 9,800 490 2.254 + 604 + 392 + 9,800 + 2.940 During November, the following summary transactions were completed. Nov. 8 10 12 15 Paid $1,192 for salaries due employees, of which $588 is for November and $604 is for October salaries payable. Received $1,764 cash from customers in payment of account Received $3,626 cash for services performed in November Purchased store equipment on account $3,528, Purchased supplies on account $1.274. Paid creditors $2,450 of accounts payable due. Paid November rent $474 Paid salaries $980 17 20 22 25 27 Performed services on account worth $882 and billed customers. 29 Received $735 from customers for services to be performed in the future, Adjustment data: 1. Supplies on hand are valued at $1,078. 2. Accrued salaries payable are $474. 3. Depreciation for the month is $245. 4. Services were performed to satisfy $490 of unearned service revenue. - HAIR Assets Accts. Rec. Cash + + Supplies + Equit 11/1 Bal. 2.736 2,850 1,094 i Nov. 8 - 1.192 10 1.764 -1.764 12 3.626 15 1274 + Equip. Acc. Depr: Equip. Accts. Pay. Unearn + Serv. Rev. 094 9.800 -490 2.254 Sal./Wages Com. Stock Pay. + Retained Earnings 604 9,800 2.940 Rey. N Exp. Monty Equipment Repair Income Statement For the Year Ended November 30, 2022 I A $