On November 1, 2017, Skysong, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $9.900 Accumulated Depreciation-Equipment $1,100 Accounts Receivable 2,464 3,740 Accounts Payable Unearned Service Revenue Supplies 946 4,400 Equipment 27.500 Salaries and Wages Payable 1,870 $40,810 22.000 Common Stock Retained Earnings 7.700 $40,810 During November, the following summary transactions were completed. During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 Paid $3,905 for salaries due employees, of which $2,035 is for November and $1,870 is for October Received $2,090 cash from customers in payment of account Purchased merchandise on account from Dimas Discount Supply for $8,800, terms 2/10,n/30. Sold merchandise on account for $6,050 terms 2/10,n/30. The cost of the merchandise sold was $4,400. Received credit from Dimas Discount Supply for merchandise returned $330. Received collections in full, less discounts, from customers billed on sales of $6,050 on November 12. Paid Dimas Discount Supply in full, less discount Received $2.530 cash for services performed in November. Purchased equipment on account $5,500. Purchased supplies on account $1.870. Paid creditors $3,300 of accounts payable due. 20 22 25 27 28 29 Paid November rent $413. 29 Paid salaries $1,430, 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 for the amounts.) Date Account Titles and Explanation Debit Credit Nov. 30 I (To close revenue accounts and other accounts with credit balances.) Nov. 30 !! 1 (To close revenue accounts and other accounts with credit balances.) Nov. 30 1 (To close expense accounts and other accounts with debit balances.) (To close expense accounts and other accounts with debit balances.) Nov. 30 (To close income summary) 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 for the amount.) Cash 11/1 Bal. 9.900 11/8 3,905 11/10 2,090 11/20 8,301 11/19 5,929 11/28 3,300 11/22 2.530 11/29 413 11/29 74311/29 1.430 11/30 Bal. 3,843 Accounts Receivable 11/1 Bal 2.464 11/10 2,090 11/12 6,050 11/19 6,050 11/29 770 11/30 Bal 1.144 Inventory 11/11 8,800 11/12 4,400 11/15 330 11/20 169 11/30 Bal. 3,901 Supplies 11/1 Bal. 946 Adj 1,056 11/27 1,870 11/30 Bal. 1.760 Equipment 11/1 Bal 27,500 11/25 5,500 11/30 Bal 33.000 Accumulated Depreciation-Equipment 11/1 Bal. 1,100 Adj 275 11/30 Bal. 1,375 Accounts Payable 11/15 330 11/1 Bal. 3,740 11/10 8,470 11/11 8,800 11/19 3.300 11/25 5,500 11/27 1.870 11/30 Bal. 7,810 Unearned Service Revenue Adj 4.428 11/1 Bal. 4,400 11/29 743 Accumulated Depreciation-Equipment 11/1 Bal 1.100 Adj 275 11/30 Bal 1,375 Accounts Payable 11/15 330 11/1 Bal. 3,740 11/10 8.470 11/11 8,800 11/19 3,300 11/25 5,500 11/27 1,870 11/30 Ball 7,810 Unearned Service Revenue Adj 4,428 11/1 Bal 4,400 11/29 743 Retained Earnings 11/1 Bal. 7.700 Service Revenue 11/22 2,530 11/29 770 Adj 4,428 Depreciation Expense Adj 275 Supplies Expense Adj 1,056 Income Summary > Inventory 11/11 8,800 11/12 4,400 11/15 330 11/20 169 11/30 Bal. 3,901 Supplies 11/1 Bal 946 Adj 1,056 11/27 1,870 11/30 Bal. 1,760 Equipment 11/1 Bal 27.500 11/25 5,500 11/30 Bal. 33,000 Salaries and Wages Expense 11/8 2,035 11/29 1.430 Adj 550 Rent Expense 11/29 413 Retained Earnings 11/1 Bal. 7,700 Service Revenue 11/22 2,530 11/29 770 Adj 4.428 Salaries and Wages Expense 11/8 2,035 11/29 1,430 Adj 550 Rent Expense 11/29 413 Sales Revenue 11/12 AAEA Sales Revenue v 11/12 6,050 Cost of Goods Sold 11/12 4,400 Sales Discounts 11/19 121 Sales Revenue 11/12 6,050 V Cost of Goods Sold 11/12 4,400 Sales Discounts 11/19 121
