Question 2 On November 1, 2022, the following were the account balances of Sunland Equipment Repair. Debit Credit Cash $3,220 Accumulated Accounts Receivable Supplies $ 500 Depreciation-Equipment 3,150 Accounts Payable 2,730 1,550 Unearned Service 400 Revenue 10,430 Salaries and Wages 860 Payable Common Stock 10,430 Retained Earnings 3,430 $18,350 $18,350 Equipment During November, the following summary transactions were completed. Nov. 8 Paid $1,220 for salaries due employees, of which $360 is for November and $860 is for October salaries payable. 10 Received $1,820 cash from customers in payment of account. 12 Received $3,770 cash for services performed in November. 15 Purchased store equipment on account $3,610. 17 Purchased supplies on account $1,320. 20 Paid creditors $2,530 of accounts payable due. 22 Paid November rent $460. 25 Paid salaries $1,050. 27 Performed services on account worth $960 and billed customers. 29 Received $760 from customers for servi to be performed in the future. Enter the November 1 balances in the ledger accounts. Cash Accounts Receivable + Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Unearned Service Revenue Salaries and Wages Payable + Common Stock + Retained Earnings Journalize the November transactions. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Nov. 8 Post above journal entries to the ledger accounts. (Post entries in the order of journal entries passed in the previous question. If the balance is zero (O), select date from drop down and enter o for the amounts.) Cash 11/1 Bal. 3,220 + + Accounts Receivable 11/1 Bal. 3,150 . Supplies 1,550 11/1 Bal. + . Equipment 10,430 11/1 Bal. + Accumulated Depreciation - Equipment 11/1 Bal. 500 Accounts Payable 11/1 Bal. 2,730 . Unearned Service Revenue 11/1 Bal. 400 . Salaries and Wages Payable 11/1 Bal. 860 Common Stock 11/1 Bal. 10,430 Retained Earnings 11/1 Bal. 3,430 Service Revenue . Salaries and Wages Expense . + + Rent Expense SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a trial balance at November 30. SUNLAND EQUIPMENT REPAIR Trial Balance Debit Credit $ SHOW LIST OF ACCOUNTS Journalize the following adjusting entries. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 1. Supplies on hand are valued at $1,120. 2. Accrued salaries payable are $500. 3. Depreciation for the month is $270. 4. Services were performed to satisfy $500 of unearned service revenue. No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Post the above adjusting entries. (Post entries in the order of journal entries passed in the previous question.) 1,220 2,530 11/1 Bal. 11/10 11/12 11/29 460 1,050 11/30 Bal. Cash 3,220 11/8 1,820 11/20 3,770 11/22 760 11/25 4,310 Accounts Receivable 3,150 11/10 960 2,290 Supplies 1,820 11/1 Bal. 11/27 11/30 Bal. 11/1 Bal. 1,550 11/27 1,320 . Equipment 11/1 Bal. 10,4301 11/15 3,610 11/30 Bal. 14,040 Accumulated Depreciation-Equipment 11/1 Bal. 500 11/20 Accounts Payable 2,530 11/1 Bal. 11/15 11/17 11/30 Bal. Unearned Service Revenue 2,730 3,610 1,320 5,130 11/1 Bal. 400 11/29 760 Salaries and Wages Payable 860 11/1 Bal. 11/8 860 4 10,430 10,430 Common Stock 11/1 Bal. 11/30 Bal. Retained Earnings 11/1 Bal. 11/30 Bal. Service Revenue 3,430 3,430 11/12 3,770 . 11/27 960 Depreciation Expense Supplies Expense Salaries and Wages Expense 3601 11/8 11/25 1,050 11/22 11/30 Bal. Rent Expense 4601 460 Prepare an adjusted trial balance. SUNLAND EQUIPMENT REPAIR Trial Balances Debit Credit $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare an income statement for November 30. SUNLAND EQUIPMENT REPAIR Income Statement $ $ $ Prepare a retained earnings statement for November 30. SUNLAND EQUIPMENT REPAIR Retained Earnings Statement $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Prepare a classified balance sheet at November 30. (List current assets in order of liquidity.) SUNLAND EQUIPMENT REPAIR Balance Sheet Assets $ $ 1 $ Liabilities and Stockholders' Equity $ $ $
