On November 1, 2015, the following were the account balances of ABC Repair Corp.: Debits Credits...

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On November 1, 2015, the following were the account balances of ABC Repair Corp.: Debits Credits $ 2,790 Accumulated depreciation Accounts payable 2,510 1,000 Unearned Service revenue 10,000 Cash Accounts receivable Supplies Store equipment $16,300 During November, the following summary transactions were completed: Nov. 8 10 12 15 Salaries payable Common shares Retained earnings Received $1,400 cash for services performed in November. Purchased store equipment on account, $3,000. Purchased supplies on account, $1,500. 17 20 Paid creditors on account, $2,500. Paid $1,100 for salaries due employees, of which $600 is for November. Received $1,200 cash from customers on account. 22 25 Paid salaries, $1,000. 27 29 Paid November rent, $300. $ 500 2,100 400 500 10,000 2,800 $16,300 Adjustment data: a) Supplies on hand are valued at $1,600. b) Accrued salaries payable are $500. c) Depreciation for the month is $120. d) Unearned service revenue of $300 is earned. Performed services on account and billed customers for services rendered, $700. Received $550 from customers for future services. 30 Paid property taxes for the month, $250. Required 1. Prepare an income statement and classified balance sheet for the month of November. Ignore income taxes. On November 1, 2015, the following were the account balances of ABC Repair Corp.: Debits Credits $ 2,790 Accumulated depreciation Accounts payable 2,510 1,000 Unearned Service revenue 10,000 Cash Accounts receivable Supplies Store equipment $16,300 During November, the following summary transactions were completed: Nov. 8 10 12 15 Salaries payable Common shares Retained earnings Received $1,400 cash for services performed in November. Purchased store equipment on account, $3,000. Purchased supplies on account, $1,500. 17 20 Paid creditors on account, $2,500. Paid $1,100 for salaries due employees, of which $600 is for November. Received $1,200 cash from customers on account. 22 25 Paid salaries, $1,000. 27 29 Paid November rent, $300. $ 500 2,100 400 500 10,000 2,800 $16,300 Adjustment data: a) Supplies on hand are valued at $1,600. b) Accrued salaries payable are $500. c) Depreciation for the month is $120. d) Unearned service revenue of $300 is earned. Performed services on account and billed customers for services rendered, $700. Received $550 from customers for future services. 30 Paid property taxes for the month, $250. Required 1. Prepare an income statement and classified balance sheet for the month of November. Ignore income taxes.

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Answers are as follows 01 Income Statement ABC Repairs Corp Income Statement For the month of Novemb... View the full answer