URCES Study Question 1 On November 1, 2017, Shamrock, Inc. had the following account balances. The company uses the perpetual inventory method. Debit Credit Cash $9,720 Accumulated Depreciation--Equipment $1,080 Accounts Receivable 2,419 Accounts Payable 3,672 Supplies 929 Unearned Service Revenue 4,320 Equipment 27,000 Salaries and Wages Payable 1,836 $40,068 Common Stock 21,600 Retained Earnings 7,560 $40,068 During November, the following summary transactions were completed. Nov. 8 Paid $3,834 for salaries due employees, of which $1,998 is for November and $1,836 is for October 10 Received $2,052 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $8,640, terms 2/10, 1/30 12 Sold merchandise on account for $5,940, terms 2/10, 1/30. The cost of the merchandise sold was $4,320, 15 Received credit from Dimas Discount Supply for merchandise returned $324. 19 Received collections in full, less discounts, from customers billed on sales of $5,940 on November 12 20 Paid Dimas Discount Supply in full, less discount. 22 Received $2,484 cash for services performed in November 25 Purchased equipment on account $5,400. 27 Purchased supplies on account $1,836. 28 Paid creditors $3,240 of accounts payable due. 29 Paid November rent $405. 29 Paid salaries $1,404. 29 Performed services on account and billed customers $756 for those services. 29 Received $729 from customers for services to be performed in the future. Study TA T T : Accounts Receivable 2,4197 11/1 Bal. Inventory Supplies 11/1 Bal. 9294 Equipment TI 11/1 Bal. 27,000 11 Accumulated Depreciation-Equipment 11/1 Bal. Accounts Payable able 11/1 Bal 1/Bal Unearned Service Revenue T 11/1 Bal. 4,320 Salaries and Wages Payable 11/1 Bal. 1,836 Common Stock 11/1 Bal. 21,600 Retained Earnings 11/1 Bal. 7,560 Service Revenue DONDOO DONDO Salaries and Wages Expense Rent Expense O'DO D00DDE 00000000 Sales Revenue Cost of Goods Sold Sales Discounts