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On November 1, 2012, the account balances of Robinson Equipment Repair were as follows During November, the following summary transactions were completed. Nov 8 Raid
On November 1, 2012, the account balances of Robinson Equipment Repair were as follows During November, the following summary transactions were completed. Nov 8 Raid $1, 700 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 Raid November rent $400 25 Paid salaries $ 1, 700 27 Performed services on account and hilled customers for services provided $1.900 29 Received $600 from customers for future service. Adjustment data consist of: Supplies on hand $1, 400. Accrued salaries payable $350 Depreciation for the month is $200. Unearned service revenue of $1.250 is earned. 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. (e) Journalize and post adjusting entries. (f) Prepare an adjusted trial balance. (g) Prepare an income statement and an owner's equity statement for November and a balance sheet at November 30
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