On November 1, 2020, the account balances of Beck Equipment Repair were as follows. During November, the

Question:

On November 1, 2020, the account balances of Beck Equipment Repair were as follows. Debit No. Credit No. Accumulated Depreciation-Equipment Accounts Payable Cash £ 2,000 2,600 £ 2,400 101 154 Accounts R

During November, the following summary transactions were completed.
Nov. 8 Paid £1,700 for salaries due employees, of which £700 is for October salaries.
10 Received £3,620 cash from customers on account.
12 Received £3,100 cash for services performed in November.
15 Purchased equipment on account £2,000.
17 Purchased supplies on account £700.
20 Paid creditors on account £2,700.
22 Paid November rent £400.
25 Paid salaries £1,700.
27 Performed services on account and billed customers for these services £2,200.
29 Received £600 from customers for future service.
Adjustment data consist of:
1. Supplies on hand £1,400.
2. Accrued salaries payable £350.
3. Depreciation for the month is £200.
4. Services related to unearned service revenue of £1,220 were performed.

Instructions
a. Enter the November 1 balances in the ledger accounts.
b. Journalize the November transactions.
c. Post to the ledger accounts. Use J1 for the posting reference. Use the following additional accounts:
No. 407 Service Revenue, No. 615 Depreciation Expense, No. 631 Supplies Expense, No. 726 Salaries and Wages Expense, and No. 729 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 an owner’s equity statement for November and a statement of financial position at November 30.