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Please help me with the final statements: Use the following information to demonstrate your understanding of the accounting cycle. Consider all of the steps in
Please help me with the final statements:
Use the following information to demonstrate your understanding of the accounting cycle. Consider all of the steps in the cycle and provide all entries/forms/reports/statements in the cycle. On November 1, 2022, IKonk, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash Accumulated Depreciation- 9,000 Equipment 1,000 Accounts 2,240 Receivable Supplies 860 Accounts Payable 3,400 Equipment 25,000 Unearned Service Revenue 4,000 $37.100 Salaries and Wages Payable 1,700 Common Stock 20,000 Retained Earnings 7,000 $37.100 During November, the following summary transactions were completed. Nov. Paid $3,550 for salaries due employees, of which $1,850 is for November and 8 $1,700 is for October. Received $1,900 cash from customers in payment of account. Purchased merchandise on account from Dimas Discount Supply for $8,000, terms 2010, n/30. - 12 Sold merchandise on aceount-for $5,500, terms 2/10, n/30. The cost of the merchandise sold was $4,000. Received credit from Dimas Discount Supply for merchandise returned $300. ng Received collections in full, less discounts, from customers billed on sales of $5,500 on November 12. 20/ Paid Dimas Discount Supply in full, less discount. Received $2,300 cash for services performed in November. - 251 Purchased equipment on account $5,000. _27/ Purchased supplies on account $1,700. 2280 Paid creditors $3,000 of accounts payable due. 29 Paid November rent $375. - 29/ Paid salaries $1,300. | 29 . Performed services on account and billed customers $700 for those services. V290 Received $675 from customers for services to be performed in the future. M5v 22/ Adjustment data: . . Supplies on hand are valued at $1,600. . 2. Accrued salaries payable are $500. V . 3. Depreciation for the month is $250.V 4. $650 of services related to the unearned service revenue has not been performed by month-end. v
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