On November 1, 2017, Skysong, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $7.740 Accumulated Depreciation Equipment $860 1.926 Accounts Receivable 2.924 Accounts Payable Supplies 740 Unearned Service Revenue 3.440 Equipment 21.500 Salaries and Wages Payable 1,462 $31.906 Common Stock 17200 Retained Earnings 6,020 $31.906 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 Paid $3,053 for salaries due employees, of which $1,591 is for November and $1.462 is for October Received $1,634 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $6,880, terms 2/10, 1/30, Sold merchandise on account for $4.730. terms 2/10, 1/30. The cost of the merchandise sold was $3,440. Received credit from Dimas Discount Supply for merchandise returned $258. Received collections in full, less discounts, from customers billed on sales of $4,730 on November 12 Paid Dimas Discount Supply in full, less discount Received $1,978 cash for services performed in November, Purchased equipment on account $4,300, Purchased supplies on account $1.462. 19 20 22 25 27 28 Paid creditors $2.580 of accounts payable due. Paid November rent $323, 29 29 Paid November rent $323. 29 Paid salaries $1,118. 29 Performed services on account and billed customers 5602 for those services. Received $581 from customers for services to be performed in the future. 29 Part 1 D - 3 4 % 5 6 & 7 8 ( 9 0 R T T Y U o P F G H J K. SKYSONG, INC. Balance Sheet November 30, 2017 Assets $ 73FAQIT - Liabilities and Stockholders' Equity TAGIT Liabilities and Stockholders' Equity $ e Textbook and Media