Problem 4-7 Soho Equipment Repair began operating in September 2017. It prepares financial statements at the end of each month. On November 1, 2017, a tabular summary includes the following information. Not $3,000 in Retained Earnings. This balance represents the results of its first two months of business. Assets Liabilities + Stockholders' Equity Accts. Acc. Depr.- Accts. Unearn. Sal./Wages Com. Cash + Rec. + Supplies + Equip. - Equip. Pay. + Serv. Rev. + Pay. Stock + Retained Earnings 11/1 Bal. 2,790 + 2,910 + 1,120 + 10,000 - 500 = 2,300 + 400 + 620 + 10,000+ 3,000 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable. 10 Received $1,800 cash from customers in payment of account. 12 Received $3,700 cash for services performed in November. 15 Purchased store equipment on account $3,600. 17 Purchased supplies on account $1,300. 20 Paid creditors $2,500 of accounts payable due. 22 Paid November rent $480. 25 Paid salaries $1,000. 27 Performed services on account worth $900 and billed customers. 29 Received $750 from customers for services to be performed in the future. Use the tabular summary below to complete the following. (If a transaction results in a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front the particular Asset, Liability or Equity item that was reduced.) (a) Record the November transactions. Include explanations for amounts in the revenue or expense column. (b) Compute the balance in each column after recording the November 29 transaction. (c) Record adjustments. (d) Compute the adjusted balance in each column. Assets Liabilities + Stockholders' Equity + + Accts. Rec. 2,910 + Com. Stock + Sal./Wages Pay. Cash 2,790 Acc. Depr.- - Equip. -500 Accts. Pay. 2,300 Supplies 1,120 Unearn. + Serv. Rev. + 400 Equip. - 10,000 + 11/1 Bal. 620 10,000 Retained Earnings 3,000 Exp. Rev. Div. Nov. 8 Unadj. Bal. Adj. (A1) (A2) (A3) (A4) Adj. Bal. LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare an income statement for November 30. Soho Equipment Repair Income Statement Prepare a retained earnings statement for November 30. Soho Equipment Repair Retained Earnings Statement Soho Equipment Repair Balance Sheet Assets Liabilities and Stockholders' Equity