Sheffield 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. Note that Sheffield began the month with $3,840 in Retained Earnings. This balance represents the results of its first two months of business. Assets Stockhold Accts. Rec Liabilities Unearn. Serv. Rev. + Acc Depr. - Accts. Equip . Pay 500 3,140 + Cash 11/1 Bal. 3,630 + Supplies + Equip 1,960 + 10,840 Sal./Wages + Pay 850 Com Stock 10,840 + + 3,140 + + 400 + + 10 12 15 During November, the following summary transactions were completed. Nov. 8 Paid $1.220 for salaries due employees, of which $370 is for November and $850 is for October salaries payable. Received $1,840 cash from customers in payment of account Received $3,740 cash for services performed in November Purchased store equipment on account $3,600 17 Purchased supplies on account $1.400. 20 Paid creditors $2,550 of accounts payable due. Paid November rent $480 Paid salaries $1,160 Performed services on account worth $930 and billed customers. Received $830 from customers for services to be performed in the future, 22 25 27 29 Adjustment data: 1. 2. 3. 4. Supplies on hand are valued at $1,260. Accrued salaries payable are $500. Depreciation for the month is $280. Services were performed to satisfy $500 of unearned service revenue. Prepare an income statement for November 30. Sheffield Equipment Repair $