Question

I need assistance journalizing the closing entries. Please provide how to arrived at the answers. Thank you.
On November 1, 2022, Teal Mountain had the following account balances. The company uses the perpetual inventory method. Cash Accounts Receivable Supplies Equipment Debit $13,500 3,360 1,290 37,500 $55,650 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $1,500 5,100 6,000 2,550 30,000 10,500 $55,650 During November, the following summary transactions were completed. Nov. 8 Paid $5,325 for salaries due employees, of which $2,775 is for November and $2,550 is for October. 10 Received $2,850 cash from customers in payment of account. 11 Purchased merchandise on account from Dimas Discount Supply for $12,000, terms 2/10, n/30. 12 Sold merchandise on account for $8,250, terms 2/10, n/30. The cost of the merchandise sold was $6,000. 15 Received credit from Dimas Discount Supply for merchandise returned $450. 19 Received collections in full, less discounts, from customers billed on sales of $8,250 on November 12. 20 Paid Dimas Discount Supply in full, less discount. 22 Received $3,450 cash for services performed in November 25 Purchased equipment on account $7,500. 27 Purchased supplies on account $2,550. 28 Paid creditors $4,500 of accounts payable due. 29 Paid November rent $562. 29 Paid salaries $1,950. 29 Performed services on account and billed customers $1,050 for those services. 29 Received $1,013 from customers for services to be performed in the future.

Answer 1

Closing entries
Date	Account	Debit	Credit	Calculation
30-Nov	Service Revenue	$     10,538
	Sales Revenue	$        8,250
	Income Summary		$     18,788
30-Nov	Income Summary	$     14,017
	Sales Discounts		$           165
	Cost of Goods Sold		$        6,000
	Salaries and Wages expense		$        5,475
	Rent expense		$           562
	Depreciation expense		$           375
	Supplies expense		$        1,440
30-Nov	Income Summary	$        4,771		=18,788-14,017
	Retained Earnings		$        4,771

Teal Mountain Inc T Accounts Date Supplies 1,290 27-Nov 2,550 Adj Date Date Date Credit Credit Credit Debit Debit Credit Debit Debit Date Date Date Date Cash Accounts Receivable Inventory $ 10-Nov 2,850 Op bal Op bal $13,500 8-Nov $ 5,325 Op bal Op bal 3,360 - 12-Nov 6,000 20-Nov $11,319 12-Nov $ 8,250 19-Nov 8,250 11-Nov $12,000 $1,440 10-Nov 2,850 28-Nov 4,500 29-Nov $ 29-Nov 1,050 15-Nov $ 450 20-Nov $ 19-Nov 8,085 22-Nov 3,450 562 231 29-Nov 1,950 29-Nov 1,013 $ 1,560 $ 2,400 $ 5,319 $5,242 Bal. Bal. Bal. Bal. Accumulated Depreciation-Equipment Op bal Adj Accounts Payable Equipment $37,500 Unearned Service Revenue Op bal 1,500 Op bal Op bal $ 5,100 $6,000 15-Nov $ 11-Nov $12,000 29-Nov $ 1,013 25-Nov 7,500 375 450 20-Nov $11,550 25-Nov $ 7,500 Adj $6,038 28-Nov 4,500 27-Nov 2,550 Bal. Bal. $45,000 Bal. $1,875 $10,650 Bal. 975 Salaries and Wages Payable 8-Nov 2,550 Op bal Adj Retained Earnings Income Summary Common Stock $14,017 Clsg $ 4,771 Op bal $10,500 Clsg $ 4,771 Clsg $2,550 $30,000 $18,788 Op bal |Clsg 750 Bal. Bal. Bal. Bal. $ $30,000 $15,271 $ 750 Salaries and Wages expense Service Revenue Rent expense 8-Nov $2,775 29-Nov $ 22-Nov 3,450 562 29-Nov $1,950 29-Nov 1,050 $10,538 Adj Clsg $ 6,038 Adj 750 Clsg $ $5,475 $ Clsg 562 Bal. $ $ $ Bal. Bal. Sales Revenue Cost of Goods Sold Sales Discounts 12-Nov 6,000 Clsg 165 Clsg $ 6,000 $ 8,250 12-Nov 8,250 19-Nov $ $ Clsg 165 Bal. $ $ $ Bal. Bal. Depreciation expense Supplies expense $ 1,440 Clsg 375 Clsg 375 Adj $ 1,440 $ $ Adj $ Bal. Bal.