On november 1, 2010, the account balances of morelli equipment repair

On November 1, 2010, the account balances of Morelli Equipment Repair were as follows.



    AND SO ON………








During November the following summary transactions were completed. 


Nov. 8   Paid $1,700 for salaries due employees, of which $700 is for October salaries.

10       Received $3,420 cash from customers on account.

12   Received $3,100 cash for services performed in November.

15   Purchased store equipment on account $2,000.

17   Purchased supplies on account $700.

20   Paid creditors on account $2,700.

22   Paid November rent $400.

25   Paid salaries $1,700.

27   Performed services on account and billed customers for services provided $900.

29   Received $600 from customers for future service.


Adjustment data consist of:

1.  Supplies on hand $1,200.

2.  Accrued salaries payable $400.

3.  Depreciation for the month is $200.

4.  Unearned service revenue of $1,250 is earned.





(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 Expense and No. 729 Rent Expense.

(d)  Prepare a trial balance at November 30.

(e)  Journalize and post adjusting entries.

(f)   Prepare an adjusted trial balance.

(g)  Prepare an income statement and an owner’s equity statement for November and a balance sheet at November30.

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