On November 1, 2018, the following were the account balances of Mountain Equipment Repair Limited. Mountain's year-end is October 31 and it records adjusting entries monthly. MOUNTAIN EQUIPMENT REPAIR LIMITED Post-Closing Trial Balance November 1, 2018 Debit Credit Cash $2,560 Accounts receivable 2,900 Supplies 1,140 Equipment 10,000 Accumulated depreciation - Equipment $6,000 Accounts payable 2,070 Salaries payable 640 Unearned revenue 390 Common shares 1,000 Retained earnings 6,500 $16,600 $16,600 During November the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $580 is for November and $640 is for October salaries payable. 10 Received $1,510 cash from customers in payment of account. 12 Received $2,930 cash for services performed in November. 15 Purchased equipment on account $3,600. 17 Purchased supplies on account $1,100. 20 Paid creditors $2,620 on account. 22 Paid November rent $450. 25 Paid salaries $960. 27 Performed services on account and billed customers for services provided $860. 29 Received $530 from customers for services to be provided in the future. Adjustment data: 2. 3. 4. 5. Supplies on hand are valued at $1,060. Accrued salaries payable are $480. Depreciation for the month is $250. Unearned revenue of $270 is earned. Incurred income taxes for the month amounting to $50, to be paid next month. Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 8 Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 2,560 11/1 Bal. Accounts Receivable 11/1 Bal. 2,900 Supplies 1,140 11/1 Bal. Equipment 10,000 11/1 Bal. 6,000 Accumulated Depreciation - Equipment 11/1 Bal. Accounts Payable 11/1 Bal. 2,070 Unearned Revenue 11/1 Bal. 390 Salaries Payable 11/1 Bal. 640 1,000 Common Shares 11/1 Bal. Retained Earnings 11/1 Bal. Service Revenue 6,500 Salaries Expense Rent Expense Prepare a trial balance at November 30. (List Current assets in order of liquidity.) MOUNTAIN EQUIPMENT REPAIR LIMITED Trial Balance November 30, 2018 Debit Credit Journalize and post adjusting entries. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Nov. 30 Nov. 30 Nov. 30 Nov. 30 Nov. 30 Post adjusting journal entries. (Post entries in the order of journal entries presented in the previous part.) 11/1 Bal. 11/10 11/12 11/29 Cash 2,560 1,51011/8 2,930/11/20 530/11/22 11/25 1,220 2,620 450 960 11/1 Bal. 11/27 Accounts Receivable 2,900 86011/10 1,510 11/1 Bal. Supplies 1,140 1,100 11/17 11/1 Bal. 11/15 Equipment 10,000 3,600 Accumulated Depreciation - Equipment 11/1 Bal. 6,000 Accounts Payable 11/1 Bal. 2,620/11/15 2,070 3,600 11/20 11/17 1,100 Unearned Revenue 11/1 Bal. 11/29 390 530 Salaries Payable 11/1 Bal. 640 640 11/8 Income Tax Payable Common Shares 11/1 Bal. 1,000 Retained Earnings 11/1 Bal. 6,500 Service Revenue 11/12 11/27 2,930 860 Depreciation Expense Supplies Expense 11/8 11/25 Salaries Expense 580 960 Rent Expense 450 11/22 Income Tax Expense Incon Prepare an adjusted trial balance. (List Current assets in order of liquidity.) MOUNTAIN EQUIPMENT REPAIR LIMITED Trial Balance November 30, 2018 Debit Credit Prepare an income statement for November 30, 2018. MOUNTAIN EQUIPMENT REPAIR LIMITED Income Statement Month Ended November 30, 2018 Prepare a statement of changes in equity for November 30, 2018. MOUNTAIN EQUIPMENT REPAIR LIMITED Statement of Changes in Equity Month Ended November 30, 2018 Common Shares Retained Earnings Total Equity Prepare a classified statement of financial position at November 30, 2018. (List Current assets in order of liquidity.) MOUNTAIN EQUIPMENT REPAIR LIMITED Statement of Financial Position November 30, 2018 Assets Liabilities and Shareholders' Equity On November 1, 2018, the following were the account balances of Mountain Equipment Repair Limited. Mountain's year-end is October 31 and it records adjusting entries monthly. MOUNTAIN EQUIPMENT REPAIR LIMITED Post-Closing Trial Balance November 1, 2018 Debit Credit Cash $2,560 Accounts receivable 2,900 Supplies 1,140 Equipment 10,000 Accumulated depreciation - Equipment $6,000 Accounts payable 2,070 Salaries payable 640 Unearned revenue 390 Common shares 1,000 Retained earnings 6,500 $16,600 $16,600 During November the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $580 is for November and $640 is for October salaries payable. 10 Received $1,510 cash from customers in payment of account. 12 Received $2,930 cash for services performed in November. 15 Purchased equipment on account $3,600. 17 Purchased supplies on account $1,100. 20 Paid creditors $2,620 on account. 22 Paid November rent $450. 25 Paid salaries $960. 27 Performed services on account and billed customers for services provided $860. 29 Received $530 from customers for services to be provided in the future. Adjustment data: 2. 3. 4. 5. Supplies on hand are valued at $1,060. Accrued salaries payable are $480. Depreciation for the month is $250. Unearned revenue of $270 is earned. Incurred income taxes for the month amounting to $50, to be paid next month. Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 8 Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.) Cash 2,560 11/1 Bal. Accounts Receivable 11/1 Bal. 2,900 Supplies 1,140 11/1 Bal. Equipment 10,000 11/1 Bal. 6,000 Accumulated Depreciation - Equipment 11/1 Bal. Accounts Payable 11/1 Bal. 2,070 Unearned Revenue 11/1 Bal. 390 Salaries Payable 11/1 Bal. 640 1,000 Common Shares 11/1 Bal. Retained Earnings 11/1 Bal. Service Revenue 6,500 Salaries Expense Rent Expense Prepare a trial balance at November 30. (List Current assets in order of liquidity.) MOUNTAIN EQUIPMENT REPAIR LIMITED Trial Balance November 30, 2018 Debit Credit Journalize and post adjusting entries. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Debit Credit Date Account Titles and Explanation Nov. 30 Nov. 30 Nov. 30 Nov. 30 Nov. 30 Post adjusting journal entries. (Post entries in the order of journal entries presented in the previous part.) 11/1 Bal. 11/10 11/12 11/29 Cash 2,560 1,51011/8 2,930/11/20 530/11/22 11/25 1,220 2,620 450 960 11/1 Bal. 11/27 Accounts Receivable 2,900 86011/10 1,510 11/1 Bal. Supplies 1,140 1,100 11/17 11/1 Bal. 11/15 Equipment 10,000 3,600 Accumulated Depreciation - Equipment 11/1 Bal. 6,000 Accounts Payable 11/1 Bal. 2,620/11/15 2,070 3,600 11/20 11/17 1,100 Unearned Revenue 11/1 Bal. 11/29 390 530 Salaries Payable 11/1 Bal. 640 640 11/8 Income Tax Payable Common Shares 11/1 Bal. 1,000 Retained Earnings 11/1 Bal. 6,500 Service Revenue 11/12 11/27 2,930 860 Depreciation Expense Supplies Expense 11/8 11/25 Salaries Expense 580 960 Rent Expense 450 11/22 Income Tax Expense Incon Prepare an adjusted trial balance. (List Current assets in order of liquidity.) MOUNTAIN EQUIPMENT REPAIR LIMITED Trial Balance November 30, 2018 Debit Credit Prepare an income statement for November 30, 2018. MOUNTAIN EQUIPMENT REPAIR LIMITED Income Statement Month Ended November 30, 2018 Prepare a statement of changes in equity for November 30, 2018. MOUNTAIN EQUIPMENT REPAIR LIMITED Statement of Changes in Equity Month Ended November 30, 2018 Common Shares Retained Earnings Total Equity Prepare a classified statement of financial position at November 30, 2018. (List Current assets in order of liquidity.) MOUNTAIN EQUIPMENT REPAIR LIMITED Statement of Financial Position November 30, 2018 Assets Liabilities and Shareholders' Equity