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Business, 25.02.2020 20:25 ruchiamin2633
On November 1, 2015, the account balances of Schilling Equipment Repair were as follows. During November, the following summary transactions were completed. 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.
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. (Check Figure: Trial Balance $25,350)
E. Journalize and post adjusting entries.
F. Prepare an adjusted trial balance. (Check Figure: Adj Trial Balance $25,900)
G. Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30. (Check Figures: Net Income $1,500 Total Assets $18,950)
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On November 1, 2015, the account balances of Schilling Equipment Repair were as follows. During Nove...
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