Ser to stay in Protected View Enable Editing Module 4, Chapter 4 Handoute Accrual Accounting Concepts P4-7 Soho Equipment Repair began operating in September 2022. It prepares financial statements at the end of each month. On November 1, 2022, a tabular summary includes the following information. Note that Soho began the month with $3,000 in Retained Earnings. This balance represents the results of its first two months of business. During November, the following summary transactions were completed. Nov. 8. Paid $1.220 for salaries due employees, of which $600 is for November and 5620 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- Adjustment data 1. Supplies on hand are valued at $1,100.- 2. Accrued salaries payable are $480.- 3. Depreciation for the month is $250.- 4. Services were performed to satisfy $500 of uneared service revenue. 1 Instructions: 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 e) Prepare an income statement and a retained earnings statement for November and a classified balance sheet at November 30 Module 4, Chapter 4 Handout Accrual Accounting Concepts Assets Serv. Accts. Sup- Cash + Rec. + plies + Equip 11/1 Bal. 2,790 + 2,910 + 1,120 + 10,000 Transact. Ace. Depr.- Equip. 500 Liabilities + Stockholders' Equity Unearn. Sal.) Accts. Wag Com. Pay. + Rev. + Pay. + Stock + Retained Earnings 2,300 + 400 + 620 + 10,000+ 3,000 Rev. - Exp. Div. Par 5 of 6 afet to stay in Protected View Enable Editing Module 4, Chapter 4 Handoute Accrual Accounting Concepts Revenues Expenses Total Expenses Net Income Retained Earnings Nov 19 Add- Retained Earings Nov 30 I Current Assets tttt Total current assets Property, plant and equipment Total Assets Current Liabilities: Total current liabilities Stockholders' Equity tittttttt Total stockholders equity Total liabilities and stockholders equity