On November 1, 2022, the account balances of Schilling Equipment Repair were as follows. No. Debit...

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On November 1, 2022, the account balances of Schilling Equipment Repair were as follows. No. Debit No. Credit Cash Accumulated Depreciation- Equipment $ 2,400 $ 2,000 101 154 112 Accounts 4,250 Accounts Payable 2,600 201 Receivable Supplies Equipment 126 1,800 209 Unearned Service Revenue 1,200 153 12,000 212 Salaries and Wages Payable 700 311 Common Stock 10,000 320 Retained Earnings 3.950 $20,450 $20,450 During November, the following summary transactions were completed. Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,420 cash from customers on account. Nov. 8 10 Received $3,10o cash for services performed in November. Purchased equipment on account $2,000. Purchased supplies on account $700. 12 15 17 AA 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 $1,900 for these services. 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 $1,250 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. d. Trial balance $25,350 e. Journalize and post adjusting entries. f. Prepare an adjusted trial balance. f. Adj. trial balance $25,900 g. Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30. g. Net income $1,500 On November 1, 2022, the account balances of Schilling Equipment Repair were as follows. No. Debit No. Credit Cash Accumulated Depreciation- Equipment $ 2,400 $ 2,000 101 154 112 Accounts 4,250 Accounts Payable 2,600 201 Receivable Supplies Equipment 126 1,800 209 Unearned Service Revenue 1,200 153 12,000 212 Salaries and Wages Payable 700 311 Common Stock 10,000 320 Retained Earnings 3.950 $20,450 $20,450 During November, the following summary transactions were completed. Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,420 cash from customers on account. Nov. 8 10 Received $3,10o cash for services performed in November. Purchased equipment on account $2,000. Purchased supplies on account $700. 12 15 17 AA 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 $1,900 for these services. 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 $1,250 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. d. Trial balance $25,350 e. Journalize and post adjusting entries. f. Prepare an adjusted trial balance. f. Adj. trial balance $25,900 g. Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30. g. Net income $1,500

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Journal entries Date Account titles Debit Credit Nov 8 Salaries an... View the full answer