On November 1, 2022, Skysong had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $20,700 5,152 1,978 57,500 $85,330 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $2,300 7,820 9,200 3,910 46,000 16,100 $85,330 During November, the following summary transactions were completed. Nov. 8 10 11 12 15 19 20 22 Paid $8,165 for salaries due employees, of which $4,255 is for November and $3,910 is for October. Received $4,370 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $18,400, terms 2/10, n/30. Sold merchandise on account for $12,650, terms 2/10, n/30. The cost of the merchandise sold was $9,200. Received credit from Dimas Discount Supply for merchandise returned $690. Received collections in full, less discounts, from customers billed on sales of $12,650 on November 12. Paid Dimas Discount Supply in full, less discount. Received $5,290 cash for services performed in November. Purchased equipment on account $11,500. Purchased supplies on account $3,910. Paid creditors $6,900 of accounts payable due. Paid November rent $862. Paid salaries $2,990. Performed services on account and billed customers $1,610 for those services. Received $1,553 from customers for services to be performed in the future. 25 27 28 29 29 29 29 Adjustment data: 1. 2. Supplies on hand are valued at $3,680. Accrued salaries payable are $1,150. Depreciation for the month is $575. $1,495 of services related to the unearned service revenue has not been performed by month-end. 4. Journalize the adjusting 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 O for the amounts.) Debit Credit No. Date Account Titles and Explanation 1. Nov. 30 2. Nov. 30 3. Nov. 30 4. Nov. 30 Accumulated Depreciation Equipment 11/1 Bal. 2,300 11/15 11/20 11/28 Accounts Payable 690 11/1 Bal. 17,710 11/11 6,900 11/25 11/27 7,820 18,400 11,500 3,910 16,330 11/30 Bal. Unearned Service Revenue 11/1 Bal. 9,200 11/29 1,553 Salaries and Wages Payable 3,910 11/1 Bal. 11/8 3,910 Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 46,000 46,000 11/1 Bal. 16,100 Accumulated Depreciation Equipment 11/1 Bal. 2,300 11/15 11/20 11/28 Accounts Payable 690 11/1 Bal. 17,710 11/11 6,900 11/25 11/27 7,820 18,400 11,500 3,910 16,330 11/30 Bal. Unearned Service Revenue 11/1 Bal. 9,200 11/29 1,553 Salaries and Wages Payable 3,910 11/1 Bal. 11/8 3,910 Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 46,000 46,000 11/1 Bal. 16,100 Service Revenue 11/22 5,290 11/29 11/29 1,610 Depreciation Expense Supplies Expense Salaries and Wages Expense 11/8 4,255 11/29 2,990 Rent Expense 11/29 862 Sales Revenue 11/12 12,650 Cost of Goods Sold 11/12 9,200 Sales Discounts 11/19 253 253
