On November 1, 2015, the account balances of Schilling Equipment Repair were as follows.
During November, the following summary transactions were completed.
| No. |
|
Debit |
No. |
|
Credit |
| 101 |
Cash |
$ 2,400 |
154 |
Accumulated Depreciation-Equipment |
$ 2,000 |
| 112 |
Accounts Receivable |
4,250 |
201 |
Accounts Payable |
2,600 |
| 126 |
Supplies |
1,800 |
209 |
Unearned Service Revenue |
1,200 |
| 153 |
Equipment |
12,000 |
212 |
Salaries and Wages Payable |
700 |
|
|
|
311 |
Common Stock |
10,000 |
|
|
|
320 |
Retained Earnings |
3,950 |
|
|
$20,450 |
|
|
$20,450 |
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.
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.
E. Journalize and post adjusting entries.