c. Explain the Income statement and their effect on GLS Cash Accounts Receivable Supplies Equipment Debit $ 2,790 2,910 1,120 10,000 Credit $ 500 2.300 400 630 10.500 3.000 $16.820 od follow P4.7A (LO2,3,4), AP On November 1, 2022, the following were the account balances of Soho Equipment preparation Repair Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings $16,820 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable. Received $1,800 cash from customers in payment of account. Received $3,700 cash for services performed in November. 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 unearned service revenue. Instructions eng a. Enter the November 1 balances in the ledger accounts. (Use T-accounts.) b. Journalize the November transactions. c. Post to the ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Sal- aries and Wages Expense, and Rent Expense. V d. Prepare a trial balance at November 30. $3,840 V e. Journalize and post adjusting entries. $24,680 J f. Prepare an adjusted trial balance. $970 V Prepare an income statement and a retained earnings statement for November and a classified bal ance sheet at November 30