On November 1, 2014, the account balances of Samone Equipment Repair, Inc.

were as follows.

No. Debits No. Credits 101 Cash $ 2,400 158 Accumulated Depreciation—Equipment $ 2,000 112 Accounts Receivable 4,450 201 Accounts Payable 2,600 126 Supplies 1,800 209 Unearned Service Revenue 1,360 157 Equipment 16,000 212 Salaries and Wages Payable 700 311 Common Stock 10,000 320 Retained Earnings 7,990

$24,650 $24,650 During November, the following summary transactions were completed.

Nov. 8 Paid $1,500 for salaries due employees, of which $700 is for October salaries.

10 Received $3,420 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 $500.

25 Paid salaries $1,500.

27 Performed services on account and billed customers for services provided $1, 900.

29 Received $350 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. Unearned service revenue of $1,380 is recognized for services 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. 400 Service Revenue, No. 631 Supplies Expense, No. 711 Depreciation 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 a retained earnings statement for November and a balance sheet at November 30.