Prepare an income statement and retained earnings statement

Assignment Help Accounting Basics

Reference no: EM131931481

Problem

On November 1, 2015, the account balances of Schilling Equipment Repair were as follows.

During November, the following summary transactions were completed.

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.

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. (Check Figure: Trial Balance $25,350)

E. Journalize and post adjusting entries.

F. Prepare an adjusted trial balance. (Check Figure: Adj Trial Balance $25,900)

G. Prepare an income statement and a retained earnings statement for November and a balance sheet at November 30. (Check Figures: Net Income $1,500 Total Assets $18,950)

Reference no: EM131931481

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