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Credit $ 2,000 112 2,600 153 212 1,200 700 10,000 3,950 $20,450 P3-5 (LO 2, 3, 4), AP on November 1, 2022, the account balances of Schilling Equipment Repair were as follows. No. Debit No. 101 Cash $ 2,400 154 Accumulated Depreciation-Equipment Accounts Receivable 4,250 201 Accounts Payable 126 Supplies 1,800 209 Unearned Service Revenue Equipment 12,000 Salaries and Wages Payable 311 Common Stock 320 Retained Earnings $20,450 During November, the following summary transactions were completed. Nov. 8 Paid $1,700 for salaries due employees, of which $700 is for October salaries. Received $3,420 cash from customers on account. Received $3,100 cash for services performed in November. Purchased equipment on account $2,000. Purchased supplies on account $700. Paid creditors on account $2,700. Paid November rent $400. Paid salaries $1,700 Performed services on account and billed customers $1,900 for these services. 29 Received $600 from customers for future service. Adjustment data consist of: 1. Supplies on hand $1,400. 2. Accrued salaries payable $350. 10 12 15 17 20 22 25 27 o 22 Paid November rent $400. 25 Paid salaries $1.700 27 Performed services on account and billed customers $1,900 for these services. 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 a balances in the ledger accounts. b. Journalize the November transactions. c. Post to the ledger accounts. Use Ja 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. d. Trial balance $25.350 e. Journalize and post adjusting entries. f. Prepare an adjusted trial balance. 1. Adj. trial balance $25.900 B. Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30. Net income $1,500 Ending retained earnings $5.450 Total assets $18.950

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