On November 1, 2014, the following were the account balances of Rijo Equipment Repair. Cash $72,790 Accumulated DepreciationEquipment $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 $390 is for November and $830 is for October salaries payable.
10 Received $1,860 cash from customers in payment of account.
12 Received $3,810 cash for services performed in November.
15 Purchased store equipment on account $3,900.
17 Purchased supplies on account $1,360.
20 Paid creditors $2,600 of accounts payable due.
22 Paid November rent $450. 25 Paid salaries $1,080.
27 Performed services on account worth $970 and billed customers.
29 Received $750 from customers for services to be performed in the future.

Required:
a. Journalize the November transactions.
b. Prepare a trial balance at November 30.
c. Journalize and post adjusting entries.
d. Prepare an income statement and a retained earnings statement for November and a classified balance sheet at November 30.

a. Journalize the November transactions.

b. Prepare a trial balance at November 30.

c. Journalize and post adjusting entries.

d. Prepare an income statement and a retained earnings statement for November and a classified balance sheet at November 30.

Explanation:

Nov. 8 Paid $1,220 for salaries due employees, of which $390 is for November and $830 is for October salaries payable.  

d Salaries and Wages Payable620  

d Salaries and wage expenses210  

c Cash                                            830

d Salaries and wage expenses390  

c Cash                                           390

10 Received $1,860 cash from customers in payment of account.  

Cash1860  

Accounts Receivable  1860

12 Received $3,810 cash for services performed in November.  

Cash3810  

Income  3810

15 Purchased store equipment on account $3,900.  

Equipment3900  

Accounts Payable  3900

17 Purchased supplies on account $1,360.  

Supplies1360  

Accounts Payable  1360

20 Paid creditors $2,600 of accounts payable due.  

Accounts Payable2600  

Cash                            2600

22 Paid November rent $450. 25 Paid salaries $1,080.  

d Rent expenses450.25  

d Salaries expenses1080  

c                       Cash  1530.25

27 Performed services on account worth $970 and billed customers.  

d Accounts Receivable970  

c Income                            970

29 Received $750 from customers for services to be performed in the future.  

Cash750  

Unearned Service Revenue  750

TRIAL BALANCE

Cash3,860

Accounts Receivable2,020

Supplies2,480

Equipment13,900

Accumulated Depreciation-Equipment-500

                                                                   21,760

Accounts Payable4,960

Unearned Service Revenue1,150

Retained Earnings5,650

Common Stock10,000

                                  21,760

Income Statement  

Income4,780

Rent expenses-450

Salaries and wage expenses-1,680

Retained earnings2,650

steering wheels are always situated on the left side of the car.

always drive on the right side of the road.

white lines separate lanes of traffic traveling the same direction.

hashed or broken lines means you may change lanes when it is safe.

solid white lines mean stay in your lane.

yellow lines separate traffic moving in opposing directions.

hashed or broken yellow lines mean you can carefully pass, paying attention to oncoming traffic.

never cross a solid yellow line (or double yellow line).

when turning left at an intersection, pass in front of any cars that are turning left from the opposing direction (do not try to pass behind them).

use the left lane to pass other cars traveling your direction.

do not pass in the right lane unless absolutely necessary.

if you are driving in the far left hand lane and someone would like to pass you, move over to the right lane when it is safe to do so and allow them to pass.

you must always yield to pedestrians.

come to a complete stop whenever you see pedestrians trying to cross the street.

never pass a school bus if it has flashing red lights. wait until the lights have stopped.

be aware of bicyclists. often they share the road with cars and are supposed to also follow general traffic laws.

be particularly careful about driving in cities with bike lanes -- always check before turning that a bike is not coming.

it is mandatory to pull over or stop at an intersection to allow an emergency vehicle to pass you if you see one traveling with lights flashing and/or a siren running.

do not overuse your car horn. horns are used almost exclusively for emergency situations or for when you feel unsafe.

explanation: