On November 1, 2020, the account balances of Hibban Equipment Repair were as follows.
Cash 2400-Debit ($)
Accounts receivable 4250 -Debit ($)
Supplies 1800-Debit ($)
Equipment 12000-Debit ($)
Accumulated depreciation Equipment 2000-Credit ($)
Accounts Payable 2600-Credit ($)
Unearned Service Revenue 1200-Credit ($)
Salaries and Wages Payable 700 -Credit ($)
Owner’s capital 13950 -Credit ($)
20450 20450

LS 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 $3,620 cash from customers on account.

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

15 Purchased equipment on account $2,000.

17 Purchased supplies on account $700.

20 Paid creditors on account $2,700.

22 Paid November rent $400.

27 Performed services on account and billed customers for these services $2,200. 29 Received $600 from customers for future service.

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 $1,220 were performed. Instructions

a. Enter the November 1 balances in the ledger accounts.

b. Journalize the November transactions.

c. Post to the ledger accounts.

d. Prepare a trial balance at November 30.

e. Journalize and post adjusting entries.

f. Enter the adjusting entries on a worksheet and compete the worksheet.

g. Prepare an income statement and an owner’s equity statement for November and a balance sheet at November 30.

h. Prepare necessary closing entries at November 30.