Reference no: EM131201263

On November 1, 2014, the following were the account balances of Rijo Equipment Repair.

Debit Credit Cash $ 2,790 Accumulated Depreciation-Equipment $ ?500 Accounts Receivable 2,910 Accounts Payable 2,300 Supplies 1,120 Unearned Service Revenue 400 Equipment 10,000 Salaries and Wages Payable 620 Common Stock 10,000 Retained Earnings 3,000 $16,820 $16,820

During November, the following summary transactions were completed.

•Nov. 8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable.
•10 Received $1,800 cash from customers in payment of account.
•12 Received $3,700 cash for services performed in November.
•15 Purchased store equipment on account $3,600.
•17 Purchased supplies on account $1,300.
•20 Paid creditors $2,500 of accounts payable due.
•22 Paid November rent $480.
•25 Paid salaries $1,000.
•27 Performed services on account worth $900 and billed customers.
•29 Received $750 from customers for services to be provided in the future.

Adjustment data:

1. Supplies on hand are valued at $1,100.

2. Accrued salaries payable are $480.

3. Depreciation for the month is $250.

4. Services were performed to satisfy $500 of unearned service revenue.

Instructions
1. Enter the November 1 balances in the ledger accounts. (Use T-accounts.)

2. Journalize the November transactions.

3. Post to the ledger accounts. Use Service Revenue, Depreciation Expense, Supplies Expense, Salaries and Wages Expense, and Rent Expense.

4. Prepare a trial balance at November 30.

5. Journalize and post adjusting entries.

6. Prepare an adjusted trial balance.