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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

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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 25 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. 27 Purch 28 29 29 29 29 Adjustment data: 1. 2. 3. 4. 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. Prepare a retained earnings statement for November. SKYSONG Retained Earnings Statement

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