P4-7A On November 1, 2017, the following were the account balances of Soho Equipment Repair. (I know this is a very long and inticate problem so please take your time in helping me solve this. I do not need the answer until September 22nd), Thank you so much.

DEBT CREDIT

Cash $2790 Accumulated Depreciation $500

Accounts Receivable $2910 Accounts Payable $2,300

Supplies $1,120 Unearned Service Revenue $400

Equipment $10,000 Salaries and Wages Payable $620

Total $16,820 Common Stock $10,000

Retained Earnings $3,000

Total $16,820

During November, the following summary transactions were completed.

Nov. 8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable.

Nov 10 Received $1,800 cash from customers in payment of account.

Nov 12 Received $3,700 cash for services performed in November.

Nov 15 Purchased store equipment on account $3,600.

Nov 17 Purchased supplies on account $1,300.

Nov 20 Paid creditors $2,500 of accounts payable due.

Nov 22 Paid November rent $480.

Nov 25 Paid salaries $1,000.

Nov 27 Performed services on account worth $900 and billed customers.

Nov 29 Received $750 from customers for services to be performed in the future.

Adjustment data:

1. Supplies on hand are valued at $1,100.

2. Accrued salaries payable are $480.

3. Depreciation for the month is $250.

4. Services were performed to satisfy $500 of unearned service revenue.

Instructions

(a) Enter the November 1 balances in the ledger accounts. (Use Taccounts.)

(b) Journalize the November transactions.

(c) Post to the ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense.

(d) Prepare a trial balance at November 30.

(e) Journalize and post adjusting entries.

(f) Prepare an adjusted trial balance.

(g) Prepare an income statement and a retained earnings statement for November and a classified balance sheet at November 30.

(f) Cash $3,840

Tot. adj. trial balance $24,680

(g) Net income $970