On November 1, 2014, 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 for services provided $1,900.29 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(a) Enter the November 1 balances in the ledger accounts.(b) Journalize the November transactions.(c) 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.(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 an owner’s equity statement for November and a balance sheet at November30.
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On November 1 2014 the account balances of Schilling Equipment