November 1, 2017.a tabular summary includes the following information. Note that she red began the month with 3,0410 Retained Earnings. This balance represents the results of its first two months of business Assets Stockholdi + Liabilities Unearn Serv. Rev. 400 + Accts Rec. 3,140 Cash 11/1 Bal 3,630 + Acc. Depr Equip 500 + Supplies + Equip 1.960 + 10,840 Accts. Pay 3.140 Sal/Wages + Pay 850 Com Stock 10,840 + 10 12 During November, the following summary transactions were completed, Nov.B Paid $1,220 for salaries due employees, of which $370 is for November and $850 is for October salaries payable. Received $1,840 cash from customers in payment of account. Received $3,740 cash for services performed in November. 15 Purchased store equipment on account $3.600. Purchased supplies on account $1.400, 20 Paid creditors $2.550 of accounts payable due. 22 Pald November rent $480 25 Paid salaries $1,160 27 Performed services on account worth $930 and billed customers Received $830 from customers for services to be performed in the future. 17 29 bular summary includes the following information. Note that Sheffield began the month with $3,840 in balance represents the results of its first two months of business. ssets Stockholders' Equity Liabilities Unearn. Serv. Rev. Acc. Depr. Equip 500 plies + Equip 1.960 + 10,840 + Accts. Pay. 3,140 + Sal./Wages + Com. Retained Pay. Stock + Earnings 850 + 10,840 + 3,840 400 + following summary transactions were completed. 20 for salaries due employees, of which $370 is for November and $850 is for October salaries payable. 51.840 cash from customers in payment of account. $3,740 cash for services performed in November. store equipment on account $3,600. supplies on account $1.400. tors $2,550 of accounts payable due. mber rent $480. les $1.160. -d services on account worth $930 and billed customers, $830 from customers for services to be performed in the future, Prepare an income statement for November 30. Sheffield Equipment Repair For the Month Ended November 30, 2017 Revenues Service Revenue 5170 Expenses Salaries and Wages Expense 2030 Rent Expense 480 Supplies Expense 2100 1 Depreciation Expense 280 i Total Expenses 4890 Net Income /(Loss) $ 280 Prepare a retained earnings statement for November 30. Sheffield Equipment Repair Retained Earnings Statement For the Month Ended November 30, 2017 $ Retained Earnings. November 1 3840 280 i Add : Net Income /(Loss) A 4120 Retained Earnings, November 30 Sheffield Equipment Repair Balance Sheet Assets $ $ Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity > $ Adjustment data: 1. 2 Supplies on hand are valued at $1,260. Accrued salaries payable are $500. Depreciation for the month is $280. Services were performed to satisfy $500 of unearned service revenue. 3. 4
