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.

Enter the November 1 balances in the ledger accounts.

Journalize the November transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Post to the ledger accounts. (Post entries in the order of journal entries presented in the previous part.)

Journalize and post adjusting entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Post adjusting journal entries. (Post entries in the order of journal entries presented in the previous part.)

Prepare an adjusted trial balance. (List Current assets in order of liquidity.)

  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

MOUNTAIN EQUIPMENT REPAIR LIMITED Post-Closing Trial Balance November 1, 2018 Debit Credit Cash $2,790 Accounts receivable 2,970 Supplies 1,120 Equipment 9,600 Accumulated depreciation - Equipment $5,760 Accounts payable 2,330 Salaries payable 610 Unearned revenue 400 Common shares 1,000 Retained earnings 6,380 $16,480 $16,480