On November 1,2017, 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 SI,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 S900 and billed customers.
29 Received $750 from customers for services to be performed in the future.
Adjustment data:
1. Supplies on hand arc valued at $ 1,100.
2. Accrued salaries payable arc $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:

Debit Credit Cash Accounts Receivable 2,910 Accounts Payable Supplies Equipment 2,790 Accumulated Depreciation-Equipment 500 2,300 400 620 10,000 3,000 $16,820 1,120 Unearmed Service Revenue 10,000 Salaries and Wages Payable Common Stock Retained Earmings S16,820