On October 31, 2015, the Alou Equipment Repair Corp. s post-closing trial balance was as follows. The company adjusts its accounts monthly. During November, the following transactions were completed: Nov. 9 Paid $2,200 to employees for salaries due, of which $1,000 is for October salaries payable and $1,200 for November. 12 Issued common shares for $5,000. 13 Received $12,400 cash from customers in payment of accounts. 19 Received $11,400 cash for services performed in November. 20 Purchased supplies on account, $600. 21 Paid creditors $4,600 of accounts payable due. 23 Paid November rent, $600. 23 Paid salaries, $2,400. 27 Performed services on account, $3,800. 28 Paid a cash dividend, $500. 30 Received $1,100 from customers for services to be provided in the future. Adjustment data for the month: 1. Supplies on hand are $1,000. 2. Accrued salaries payable are $1,000. 3. The equipment has an estimated useful life of five years. 4. Unearned revenue of $800 was earned during the month. 5. Income tax payable is estimated to be $1,100. Instructions (a) Prepare T accounts, and enter the opening balances at November 1. (b) Prepare and post the November transaction entries. (c) Prepare a trial balance at November 30. (d) Prepare and post the adjusting journal entries for the month. (e) Prepare an adjusted trial balance at November 30. (f) Prepare (1) an income statement, (2) a statement of changes in equity, and (3) a statement of f
