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This corporation sales office products and performs accounting services. S & B uses the Perpetual Inventory system and had the following balances: S & B Office Supplies and Services Trial Balance November 1, 2017 Title Debit Credit Cash 9,000 Accounts Receivable 2,240 Supplies 860 Equipment 25,000 Accumulated Depreciation 1,000 Accounts Payable 3,400 Unearned Service Revenue 4,000 Salaries and Wages Payable 1,700 Common Stock 20,000 Retained Earnings 7,000 Totals $37,100 $37,100 During the month of November, the following summary transactions were completed. Nov. 8 Paid $3,350 for salaries due employees, of which 1,850 is for November and $1,700 is for October. 10 Received $1,900 cash from customers in payment of account. 11 Purchased merchandise on account from dds Discount Supply $8,000, terms 2/10, n/30. 12 Sold merchandise on account for $5,500, terms 2/10, n/30. The cost of the merchandise sold was $4,000. 15 Received credit from dds Discount Supply for merchandise returned $300. 19 Received collections in full, less discounts, from customers billed on sales of $5,500 on November 12. 20 Paid dds Discount Supply in full, less discount. 22 Received $2,300 Cash for services performed in November. 25 Purchased equipment on account $5,000. 27 Purchased supplies on account $1,700. 28 Paid creditors $3,000 of accounts payable due. 29 Paid November rent $375. 29 Paid Salaries $1,300. 29 Performed services on account and billed customers $700. 29 Received $675 from customers for services to be performed in the future. Adjustment Data: Supplies on hand are valued at $1,600. Accrued salaries are $500. Depreciation for the month is $250. $650 of services related to the unearned service revenue has not been earned by month end. Instructions: Enter the November 1, balances in ledger accounts. Journalize the November transactions. Post to the ledger accounts. HINT: You will need to add some accounts to the beginning ones available. Journalize and Post the Adjusting Entries. Prepare an adjusted trial balance at November 30, 2017. Journalize the Closing Entries.

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