On November 1, 2015, the account balances of Schilling Equipment Repair were as follows. During N… 1 answer below »

 
   

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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.