Journalize and post adjusting entries

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Reference no: EM131812806

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.

Reference no: EM131812806

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