On November 1, 2025, the following were the account balances of Soho Equipment Repair.

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.

10 Received \(\$ 1,800\) cash from customers in payment of account.

12 Received \(\$ 3,700\) cash for services performed in November.

15 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

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, Salaries and Wages Expense, and Rent Expense.

d. Prepare a trial balance at November 30 .

e. Journalize and post adjusting entries.

f. Prepare an adjusted trial balance.

g. Prepare an income statement and a retained earnings statement for November and a classified balance sheet at November 30.

Transcribed Image Text:

Cash Accounts Receivable Supplies Equipment Debit $ 2,790 2,910 1,120 10,000 $16,820 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $ 500 2,300 400 620 10,000 3,000 $16,820