Question & Answer: Problems: Set A 14 P3-5A On November 1, 2017, the account balances of Schilling Equipment Repair wer…..

Problems: Set A 14 P3-5A On November 1, 2017, the account balances of Schilling Equipment Repair were Journalize ransactions and as follows follow through accouenting cycle to preparation of No. 101 Cash 112 Accounts Receivable 4,250 201 Accounts Payable 126 Supplies 153 Equipment Debit No. Credit financial statements (LO 2,3,4) s 2,400 154 Accumulated Depreciation-Equipment $ 2,000 2,600 1,200 700 10,000 3,950 $20,450 1,800 209 Unearned Service Revenue 12,000 212 Salaries and Wages Payable GLS 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. 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. Performed services on account and billed customers $1,900 for these services. Received $600 from customers for future service 27 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. (a) Enter the November I 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. () Prepare an adjusted trial balance. g) Prepare an income statement and a etained earnings statement for November and a (d) Trial balance $25,350 () Adj, trial balance $25,900 (g) Net income $1,500 Ening retained earning $5,450 Total assets $18,950 balance sheet at November 30. Granhics Company wasorvanized on Janvary 1,2017, by Krystal Sommer. Prepare adjusting entries