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:

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)

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

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