P3 5A On November 1, 2020, the account balances of Schilling Equipment Repair were as follows 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 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 Journalize and post adjusting entries Prepare an adjusted trial balance Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30 No Debit Credit 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment $ 2,400 4,250 1,800 12,000 No 154 Accumulated Depreciation Equipment 201 Accounts Payable 209 Unearned Service Revenue 212 Salaries and Wages Payable 311 Common Stock 320 Retained Earnings $ 2,000 2,600 1,200 700 10,000 3,950 $20,450 $20,450

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P3.5A: On November 1, 2020, the account balances of Schilling Equipment Repair were as follows. During November, the following summary transactions were completed. Nov. 8

P3.5A: On November 1, 2020, the account balances of Schilling Equipment Repair were as follows.
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:

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.
Journalize and post adjusting entries.
Prepare an adjusted trial balance.
Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30.

No. Debit Credit 101 Cash 112 Accounts Receivable 126 Supplies 153 Equipment $ 2,400 4,250 1,800 12,000 No. 154 Accumulated Depreciation Equipment 201 Accounts Payable 209 Unearned Service Revenue 212 Salaries and Wages Payable 311 Common Stock 320 Retained Earnings $ 2,000 2,600 1,200 700 10,000 3,950 $20,450 $20,450