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 Supplies 946 4,400 Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Equipment 27,500 1,870 $40,810 22.000 Retained Earnings 7.700 $40,810 Nov. 8 10 11 12 15 19 20 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 2/10,6/30. 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. Paid November rent $413. Paid salaries $1.430 22 25 27 28 29 29 29 Performed services on account and billed customers $770 for those services. 29 Received $743 from customers for services to be performed in the future. 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 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 11/29 743 11/29 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 4,428 11/1 Bal Ad) 4.400 11/29 743 11/30 Bal. 715 Salaries and Wages Payable 11/8 1,870 1,870 11/1 Bal. Adj 550 11/30 Bal. 550 Common Stock 11/1 Bal. 22,000 11/30 Bal. 22,000 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 100 IN LA Salaries and Wages Expense 11/8 2,035 11/29 1,430 Adj 550 Rent Expense 11/29 413 Sales Revenue 11/12 6,050 Cost of Goods Sold 11/12 4,400 Sales Discounts 11/19 121
