On November 1, 2015, the account balances of Schilling Equipment Repair were as follows. During November, the following summary transactions were completed. Adjustment data consist of:

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.

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.

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. (Check Figure: Trial Balance $25,350)

E. Journalize and post adjusting entries.

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)

Page 151
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

Cash					No. 101
Date	Explanation	Ref.	Debit	Credit	Balance
Nov. 1	Balance	?			2,400
Accounts Receivable					No. 112
Date	Explanation	Ref.	Debit	Credit	Balance
Nov. 1	Balance	?			4,250
Supplies					No. 126
Date	Explanation	Ref.	Debit	Credit	Balance
Nov. 1	Balance	?			1,800
Equipment					No. 153
Date	Explanation	Ref.	Debit	Credit	Balance
Nov. 1	Balance	?			12,000
Accumulated Depreciation - Equipment					No. 154
Date	Explanation	Ref.	Debit	Credit	Balance
Nov. 1	Balance	?			2,000
Accounts Payable					No. 201
Date	Explanation	Ref.	Debit	Credit	Balance
Nov. 1	Balance	?			2,600
Unearned Service Revenue					No. 209
Date	Explanation	Ref.	Debit	Credit	Balance
Nov. 1	Balance	?			1,200
Salaries and Wages Payable					No. 212
Date	Explanation	Ref.	Debit	Credit	Balance
Nov. 1	Balance	?			700
Common Stock					No. 311
Date	Explanation	Ref.	Debit	Credit	Balance
Nov. 1	Balance	?			10,000
Retained Earnings					No. 320
Date	Explanation	Ref.	Debit	Credit	Balance
Nov. 1	Balance	?			3,950
Service Revenue					No. 407
Date	Explanation	Ref.	Debit	Credit	Balance
Depreciation Expense					No. 615
Date	Explanation	Ref.	Debit	Credit	Balance
Supplies Expense					No. 631
Date	Explanation	Ref.	Debit	Credit	Balance
Salaries and Wages Expense					No. 726
Date	Explanation	Ref.	Debit	Credit	Balance
Rent Expense					No. 729
Date	Explanation	Ref.	Debit	Credit	Balance
(b)	General Journal			J1
Date		Ref	Debit	Credit
Nov. 8
10
12
15
17
20
22
25
27
29
(e)	General Journal			J1
Date	Account Titles	Ref	Debit	Credit
1.
Nov. 30
2.
Nov. 30
3.
Nov. 30
4.
Nov. 30
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
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
Schilling Equipment Repair
Balance Sheet
November 30, 2015
Assets
Liabilities and Stockholders' Equity