On November 1, 2022, 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.

Instructions for Problem:

1. Enter the November 1 balances in the ledger accounts.
2. Journalize the November transactions.
3. 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.
4. Prepare a trial balance at November 30.

   d. Trial balance $25,350

5. Journalize and post adjusting entries.
6. Prepare an adjusted trial balance.

   f. Adj. trial balance $25,900

7. Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30.

   g. Net income $1,500

   Ending retained earnings $5,450

   Total assets $18,950