Accounting Cycle Review Problem 0-14A On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Credit Cash $ 3,420 Accumulated Depreciation-Equipment $ 500 Accounts Receivable 3,100 Accounts Payable 2,930 Supplies 1,750 Unearned Service Revenue 400 Equipment 10,630 Salaries and Wages Payable 810 Common Stock 10,630 Retained Earnings 3,630 $18,900 $18,900 During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $410 is for November and $810 is for October salaries payable. 10 Received $1,910 cash from customers in payment of account. 12 Received $3,790 cash for services performed in November. 15 Purchased store equipment on account $3,970. 17 Purchased supplies on account $1,350. 20 Paid creditors $2,560 of accounts payable due. 22 Paid November rent $540. 25 Paid salaries $1,030. 27 Performed services on account worth $990 and billed customers. Received $780 from customers for services to be performed in the future. Your answer is partially correct. Try again. Post the above adjusting entries. (Post entries in the order of journal entries passed in the previous question.) 11/1 Bal. 11/10 11/12 11/29 11/30 Bal. 1,220 2,560 540 1,030 Cash 3,420 11/8 1,910 11/20 3,790 11/22 780 11/25 4,550 Accounts Receivable 3,100 11/10 990 2,180 Supplies 1,910 11/1 Bal. 11/27 11/30 Bal. 11/1 Bal. 1,750 11/30 1880 11/27 1,350 11/30 Bal. 11/1 Bal. 11/15 11/30 Bal. Equipment 10,630 3,970 14,600 Accumulated Depreciation-Equipment 11/1 Bal. 500 X 11/20 Accounts Payable 2,560 11/1 Bal. 11/15 11/17 11/30 Bal. 2,930 3,970 1,350 5,690 Unearned Service Revenue 400 11/1 Bal. 780 11/29 Salaries and Wages Payable 810 11/1 Bal. 810 11/8 10,630 10,630 Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 11/1 Bal. 11/30 Bal. Service Revenue 3,630 3,630 11/12 3,790 11/27 990 ONE Depreciation Expense Supplies Expense Salaries and Wages Expense 11/8 410 11/25 1,030 Rent Expense 540 11/22 11/30 Bal. 540 SHOW LIST OF ACCOUNTS Prepare an adjusted trial balance. SOHO EQUIPMENT REPAIR Trial Balances November 30, 2017 Debit Credit Cash 4550 > Accounts Receivable 2180 Retained Earnings 3630 Service Revenue Common Stock 10630 Accounts Payable Rent Expense 540 Salaries and Wages Expen Supplies Salaries and Wages Payab Accumulated Depreciation- Equipment Unearned Service Revenue Supplies Expense Depreciation Expense SOHO EQUIPMENT REPAIR Income Statement For the Month Ended November 30, 2017 Revenues > Service Revenue 1 Expenses Rent Expense Salaries and Wages Expen 0000 > Supplies Expense Depreciation Expense Total Expenses Net Income / (Loss) SHOW LIST OF ACCOUNTS Your answer is partially correct. Try again. Prepare a retained earnings statement for November 30. SOHO EQUIPMENT REPAIR Retained Earnings Statement For the Month Ended November 30, 2017 Retained Earnings, November 1 Add Net Income / (Loss) Retained Earnings, November 30
