PLZ READ. This was a multi-step problem. I have posted the prior done work to help you out. All you have to do is to journalize and post the closing entries. please see the last two pictures. you will find all the material in attached pictures below. lmk if you have any questions.
On November 1, 2025, Skysong Inc: had the following account balances. The compary uses the perpetual inventory method. During November, the following summary transactions were completed. Nov. 8 Paid 58,165 for salaries due employees, of which $4.255 is for November and $3,910 is for October. 10 Received 54,370 cash from customers in payment of account. 11 Purchased inerchandise on account from Dimas Discount 5 upply for $18,400, terms 2/10,n/30. 12 Sold merehandise on account for $12.650, terms 2/10,n/30. The cost of the merchandise sold was $9,200. 15 Received credit from Dimas Discount Supply for merchandise returned $700. 19 Received collections in full, less discounts, from customers billed on sales of $12,650 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $5,290 cash for services performed in November. 25 Purchased equipment on account $11,500. 27 Purchased supplies on account $3,910. 28 Paid creditors $6,900 of accounts payable due. 29 Paid November rent $862. 29 Paid salaries $2,990. 29 Performed services on account and billed customers $1,610 for those services. 29 Received $1,553 from customers for services to be performed in the future. Adjustment data: 1. Supplies on hand are valued at $3,680 2. Accrued salaries payable are $1,150. 3. Depreciation for the month is $575. 4. $1,495 of services related to the unearned service revenue has not been performed by month-end. 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 0 for the amounts. List all debit entries before credit entries.) 2. Nov, 30 3. 30 Achimibted Degrechation tiquipenent 4. Nov. Unearned service Riverive Servich Revernist Prepare an adjusted trial balance at November 30 . Retained Earnings. Service Revenue Dearectation Enpouse Sr poges kepence 5alarien and Wager fopense Rent Eupene Sales Reventie Cost of Goodk Sold Totals Prepare a multiple-step income statement for November. Prepare a muitiple-step income statement for November. Salariet and Whyes Experse: Ronit Expeitese: Total Operating Expenses Net lncome / (Loss) Prepare a retained earnings statement for November. Prepare a classified balance sheet at November 30. (List Current Assets in order of Hquidity.) Prepare a classified balance sheet at Novernber 30 . (List Current Assets in order of liaquidity.) Totat Property, Plant, and Equipmont : Total Assets 7 5 Liabilities and Stockholders' Equity Current tiabilities $ (Stockholders' Equity Colmmanstock gecalked Eacherigis Totwitockhalders'Equity Todal Liabilitien and Stochioldors Equity: Property Plant and teuipenent Acisets 5 Liabilities and Stockholders' Equity int Liabiiities Liabities and Stockholders' Equity * Journalize the closingentries. (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. List all debit entries before credit entries.] 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 0 for the amount on the normal balance side. Assume income Summary has a normal credit balance.)
