Question
On November 1, 2014, the account banances of Schilling Equipment Repair were as follows. No. Debit No. Credit 101 Cash $ 2,400 154 Accumulated Depreciation-Equipment
On November 1, 2014, the account banances of Schilling Equipment Repair were as follows.
No. Debit No. Credit
101 Cash $ 2,400 154 Accumulated Depreciation-Equipment $ 2,000
112 Accounts Receivable 4,250 201 Accounts Payable 2,600
126 Supplies 1,800 209 Unearned Service Revenue 1,200
153 Equipment 12,000 212 Salaries and Wages Payable 700
301 Owner's Capital 13,000
______ _______
$20,450 $20,450
________ _________
During November, the following summary transactions were completed.
Nov. 8 Paid $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 Purchaed supplies on account $700.
20 Paid creditors on account $2,700.
22 Paid November rent $400.
25 Paid salaries $1,700.
27 Performed services on account and billed customers for services provided $1,900.
29 Recevied $600 from customers for furture service.
Adjustment data consist of:
1. Supplies on hand $1,400.
2. Accrued salaries payable $350.
3. Depreciation for the month is $200.
4. Services related to unearned service revenue of $1,250 were performed.
Instructions
(a) Enter the November 1 balances in the ledger accounts
(b) Jornalize 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 Supples Expense, No. 726 Salaries and Wages Expense, and No.729 Rent Expence.
(d) Prepare a trail balance at November 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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