Question 1 On November 1, 2017, Larkspur, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $8,820 Accumu ated Equipment $980 Accounts Receivable 2,195 Accounts Payable 3,332 3,920 Supplies 843 Unearned Service Revenue Equipment 24,500 Salaries and Wages Payable 1,666 $36,358 Common Stock 19,600 Retained Earnings 6,860 $36,358 During November, the following summary transactions were completed. Nov. 8 Paid $3,479 for salaries due employees, of which $1,813 is for November and $1,666 is for October. 10 Received $1,862 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $7,840, terms 2/10, n/30. 12 Sold merchandise on account for $5,390, terms 2/10, n/30. The cost of the merchandise sold was $3,920. 15 Received credit from Dimas Discount Supply for merchandise returned $294. 19 Received collections in full, less discounts, from customers billed on sales of $5,390 on November 12 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,254 cash for services performed in November. 25 Purchased equipment on account $4,900. 27 Purchased supplies on account $1,666. 28 Paid creditors $2,940 of accounts payable due. 29 Paid November rent $368 29 Paid salaries $1,274. 29 Performed services on account and billed customers $686 for those services. 29 Received $662 from customers for services to be performed in the future