Question - On November 1, 2017, the following were the account balances of Soho Equipment Repair.
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. 10 Received $1,800 cash from customers in payment of account.12Received $3,700 cash for services performed in November.15Purchased store equipment on account $3,600.17 Purchased supplies on account $1,300.20Paid creditors $2,500 of accounts payable due. 22 Paid November rent $480.25Paid salaries $1,000.27Performed services on account worth $900 and billed customers.29Received $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 T-accounts.)
(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$3,840Tot. adj. trial balance$24,680(g) Net income$970