On November 1, 2015, the account balances of Schilling Equipment Repair were as follows.

No.		Debit	No.		Credit
101	Cash	$2,400	154	Accumulated DepreciationEquipment	$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
			311	Common Stock	10,000
			320	Retained Earnings	3,950
		$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	Purchased 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 $1,900 for these services.
29	Received $600 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. Services related to unearned service revenue of $1,250 were performed.

D. Prepare a trial balance at November 30. (Check Figure: Trial Balance $25,350)

F. Prepare an adjusted trial balance. (Check Figure: Adj Trial Balance $25,900)

G. Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30. (Check Figures: Net Income $1,500 Total Assets $18,950)

(d) & (f)

Page 151

Schilling Equipment Repair

Trial Balances

November 30, 2015

Before Adjustment

After Adjustment

Dr.

Cr.

Dr.

Cr.

Cash

Accounts Receivable

Supplies

Equipment

Accum. Depr. - Equipment

Accounts Payable

Unearned Service Revenue

Salaries and Wages Payable

Common Stock

Retained Earnings

Service Revenue

Depreciation Expense

Supplies Expense

Salaries and Wages Expense

Rent Expense

Totals

(g)	Page 151
Schilling Equipment Repair
Income Statement
For the Month Ended November 30, 2015
Schilling Equipment Repair
Retained Earnings Statement
For the Month Ended November 30, 2015

(g) (Continued)
Schilling Equipment Repair
Balance Sheet
November 30, 2015
Assets
Liabilities and Stockholders' Equity