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P3.5A (LO 2, 3, 4) On November 1, 2020, the account balances of Schilling Equipment Repair were as follows No. 101 Cash 112 Accounts Receivable

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P3.5A (LO 2, 3, 4) On November 1, 2020, the account balances of Schilling Equipment Repair were as follows No. 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment Debit $ 2,400 4,250 1,800 12,000 No. 154 Accumulated Depreciation-Equipment 201 Accounts Payable 209 Uneared Service Revenue 212 Salaries and Wages Payable 311 Common Stock 320 Retained Earnings Credit $ 2,000 2,600 1.200 700 10.000 3,950 $20,450 $20,450 During November, the following summary transactions were completed. Nov. 8 10 12 15 17 20 22 25 27 29 Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3.420 cash from customers on account Received $3,100 cash for services performed in November Purchased equipment on account $2,000. Purchased supplies on account $700. Paid creditors on account $2,700. Paid November rent $400. Paid salaries $1,700. Performed services on account and billed customers $1,900 for these services. 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 uncarned service revenue of $1,250 were performed. Instructions a. Enter the November 1 balances in the ledger accounts. b. Journalize the November transactions. c. Post to the ledger accounts. Use Jl 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. e. Journalive and post adjusting entries 1. Prepare an adjusted trial balance g. Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30

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