On November 1, 2001, the following were the account balances of Naboo Equipment Repair:

During November the following summary transactions were completed:
Nov. 8 _ Paid $1,100 for salaries due employees, of which $600 is for November and $500 is for October.
10 Received $1,200 cash from-customers on account.
12 Received $1,400 cash for services performed in November.
15 Purchased store equipment on account $3,000.
17 Purchased supplies on account $1,500.
20 Paid creditors on account $2,500.
22 Paid November rent $300.
25 Paid salaries $1,000.
27 Performed services on account and billed customers for services provided $900.
29 Received $550 from customers for future service.
Adjustment data:
1. Supplies on hand are valued at $1,600.
2. Accrued salaries payable are $500.
3. Depreciation for the month is $120.
4. Unearned service revenue of $300 is earned.
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 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 balance sheet at November 30.

Transcribed Image Text:

Cash Accounts Receivable Supplies Store Equipment Debits Credits $ 2,790 Accumulated Depreciation $ 500 2,510 Accounts Payable 2,100 1,000 Unearned Service Revenue 400. 10,000 Salaries Payable 500 Common Stock 10,000 Retained Earnings 2,800 $16,300 $16,300