On November 1, 2014, the account balances of Schilling Equipment Repair were as follows.

Cash

Debit

Credit

101

$ 2,400

154 Accumulated Depreciation—Equipment $ 2,000

112

Accounts Receivable

4,250

201 Accounts Payable

2,600

126

Supplies

1,800

209 Unearned Service Revenue

1,200

153

Equipment

12,000

212 Salaries and Wages Payable

700

301 Owner's Capital

13,950

$20,450

$20,450

During November, the following summary transactions were completed.

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 November 30.