Question & Answer: P3-5A Problems: Set A On November 1, 2017, the account balances of Schilling Equipment Repair were follows. Jownalize foo…..

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P3-5A Problems: Set A On November 1, 2017, the account balances of Schilling Equipment Repair were follows. Jownalize foow throagh accosnring cyele to prepararion of trensacrions and Debit No. 101 Cash 112 Accounts Receivable 4,250 201 Accounts Payable 126 Supplies 153 Equipment $ 2,400 154 Accumulated Depreciation-Equipment $ 2,000 1,800 209 Unearned Service Revenue 12,000 212 Salaries and Wages Payable 2,600 GLS 311 Common Stock 10,000 $20,450 0,000 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 $1,900 for these services Received $600 from customers for future service. 29 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 epreciation Ex pense, No. 631 Supplies Expense, No. 726 Salaries and Wages Expense, and No. 729 Re (d) Prepare a trial balance at November 30. e) Journalize and post adjusting entries. e) Prepare an incotmet and a retained earnings statement for Nonember and ainmained eming additional accounts: No. 407 Service Revenue, No. 615 D (d) Trial balance $25,350 (0 Adj trial balance $25,900 (g) Net income $1,50 5,450 Total assets 518,950 balance sheet at November 30

Expert Answer

(A),(C)& (E) Cash

Date	Particular	Amount	Date	Particular	Amount
1 Nov	To Balance b/d	2400	Nov 8	By salaries and wages payable	700
10	To Accounts receivable	3420	Nov 8	By Salaries and wages expenses	1000
12	To Service revenue	3100	20	By Accounts payable	2700
29	To unearned service revenue	600	22	Rent expense	400
			25	By Salaries and wages expenses	1700
			30	By Balance c/d	*3020*

Accounts receivable

Date	Particular	Amount	Date	Particular	Amount
1Nov	To Balance b/d	4250	10	By cash	3420
27	To service revenue	1900	30	By Balance c/d	*2730*

Supplies

Date	Particular	Amount	Date	Particular	Amount
1Nov	To Balance b/d	1800	30	By Balance c/d	*1400*
17	To Accounts payable	700	30	By supplies expense	1100

Equipment

Date	Particular	Amount	Date	Particular	Amount
1Nov	To Balance b/d	12000		By Balance c/d	14000
15	To Accounts payable	2000

Accumulated depreciation-Equipment

Date	Particular	Amount	Date	Particular	Amount
30	To Balamce c/d	*2200*	1 Nov	By Balance b/d	2000
			30	By Depreciation expense	200

Depreciation expense

Date	Particular	Amount	Date	Particular	Amount
30	To Accumulated depreciation-Equipment	200	30	By Income summary	*200*

Accounts payable

Date	Particular	Amount	Date	Particular	Amount
20	To cash	2700	1	By Balance c/d	2600
30	To Balance c/d	*2600*	15	By equipment	2000
			17	By supplies	700

Unearned service revenue

Date	Particular	Amount	Date	Particular	Amount
30	To service revenue	1250	1	by balance b/d	1200
30	To Balance c/d	550	29	By cash	600

salaries and wages payable

Date	Particular	Amount	Date	Particular	Amount
8	To cash	700	1	By balance b/d	700
30	To Balance c/d	350	30	By salaries and wages expense	350

salaries and wages expense

Date	Particular	Amount	Date	Particular	Amount
8	To cash	1000	30	By income summary	3050
25	To cash	1700
30	To salaries and wages Payable	350

Common stock

Date	Particular	Amount	Date	Particular	Amount
30	To balance c/d	*10000*	1	By Balance b/d	10000

Rent expense

Date	Particular	Amount	Date	Particular	Amount
22	To cash	400	30	By Income summary	400

Supplies expense

Date	Particular	Amount	Date	Particular	Amount
Nov 30	To supplies	1100	Nov 30	By income summary	*1100*

Service revenue

Date	Particular	Amount	Date	Particular	Amount
30	To Income summary	*6250*	12	By cash	3100
			27	By Accounts receivable	1900
			30	Unearned service revenue	1250

Income summary

Date	Particular	Amount	Date	Particular	Amount
	To Depreciation expense	200		By service revenue	6250
	To salaries and wages expense	3050
	To rent expense	400
	To supplies expense	1100
	To Retained earnings	*1500*

(B).

Date	Accounts title	Dr.	Cr.
Nov 8	salaries and wages payable	700
	Salaries and wages expenses	1000
	To cash		1700

Nov 10	Cash	3420
	To Accounts receivable		3420

Nov 12	Cash	3100
	To Service revenue		3100

Nov 15	Equipment	2000
	To Accounts payable		2000

Nov 17	supplies	700
	To Accounts payable		700

Nov 20	Accounts payable	2700
	To cash		2700

Nov 22	Rent expense	400
	To cash		400

Nov 25	Salaries and wages expenses	1700
	To cash		1700

Nov 27	Accounts receivable	1900
	To service revenue		1900

Nov 29	Cash	600
	To unearned service revenue		600

(E)	*Adjustment entries :*
a. Nov 30	Supplies expense [1800 + 700 -1400]	1100
	To supplies		1100

b. Nov 30	Salaries and wages expenses	350
	To Salaries and wages payable		350

c. Nov 30	Depreciation expense	200
	To Accumulated depreciation- equipment		200

d. Nov 30	Unearned service revenue	1250
	To Service revenue		1250

(D). Trial Balance

At Nov 30

	Dr.	Cr.
Cash	3020
Accounts receivable	2730
Supplies	1400
Equipment	14000
Accumulated depreciation-equipment		2000
Accounts payable		2600
Unearned service revenue		1800
salaries and wages payable		0
Common stock		10000
Retained earnings		3950
Service revenue		5000
Depreciation expense	0
Salaries and wages expense	2700
Rent expense	400
Supplies expense	1100



Total	25350	25350

(F) Adjusted Trial Balance

At Nov 30

	Dr.	Cr.
Cash	3020
Accounts receivable	2730
Supplies	1400
Equipment	14000
Accumulated depreciation-equipment		2200
Accounts payable		2600
Unearned service revenue		550
salaries and wages payable		350
Common stock		10000
service revenue		6250
Retained revenue		3950
Depreciation expense	200
salaries and wages	3050
Rent expense	400
Supplies expense	1100
	25900	25900

(G) Income statement

Service revenue 6250

less: expenses

Depreciation expense 200

salaries and wages expense 3050

rent expense 400

supplies expense 1100 4750

Net income = $1500

Retained earning statement

Beginning Retained earning = 3950

Add: Net income = 1500

Ending retained earning = $5450

Balance sheet

Assets

cash 3020

Accounts receivable 2730

Supplies 1400

Equipment 14000

less: Accumulated depreciation 2200 11800

Total Assets $18950

Liabilities

Accounts payable 2600

Unearned service revenue 550

salaries and wages payable 350

Total liabilities 3500

Owner’s equity

Common stock 10000

Retained earnings 5450

Total liabilities and owner’s equity $18950

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