Accounting Cycle Review Problem 0-14A On November 1, 2017, the following were the account balances of Soho Equipment Repair. Debit Cash Accounts Receivable Supplies Equipment $ 3,250 3,080 1,580 10,460 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Credit $ 500 2,760 400 790 10,460 3,460 $18,370 $18,370 During November, the following summary transactions were completed. Nov. 8 10 12 15 17 Paid $1,220 for salaries due employees, of which $430 is for November and $790 is for October salaries payable. Received $1,900 cash from customers in payment of account. Received $3,800 cash for services performed in November. Purchased store equipment on account $3,530. Purchased supplies on account $1,410. Paid creditors $2,560 of accounts payable due. Paid November rent $500. Paid salaries $1,080. Performed services on account worth $960 and billed customers. Received $830 from customers for services to be performed in the future. 20 22 25 27 29 Enter the November 1 balances in the ledger accounts. Casn 11/1 Bal. 3250 11/8 1220 Accounts Receivable 11/10 1840 11/20 2550 Supplies 11/12 3800 11/22 480 Equipment 11/29 1040 830 11/25 Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable Common Stock Retained Earnings Journalize the following adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter when the amount is entered. Do not indent manually.) 1. Supplies on hand are valued at $1,290. 2. Accrued salaries payable are $490. 3. Depreciation for the month is $250. 4. Services were performed to satisfy $530 of unearned service revenue. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. Post the above adjusting entries. (Post entries in the order of journal entries passed in the previous question.) Prepare an adjusted trial balance. SOHO EQUIPMENT REPAIR Trial Balances Debit Credit $ $ Prepare a retained earnings statement for November 30. SOHO EQUIPMENT REPAIR Retained Earnings Statement $ $ Prepare a classified balance sheet at November 30. (List current assets in order of liquidity.) SOHO EQUIPMENT REPAIR Balance Sheet Assets $ : $ Liabilities and Stockholders' Equity $ $ $ Click if you would like to Show Work for this question: Open Show Work Prepare an income statement for November 30. SOHO EQUIPMENT REPAIR Income Statement $ $ $ Prepare a retained earnings statement for November 30. SOHO EQUIPMENT REPAIR Retained Earnings Statement