The preparation of the requirements for Hibban Equipment Repair are as follows:
a - e: The journal entries and ledgers accounts are in the attached document, due to limit in the number of characters allowed.
f. Hibban Equipment Repair
<h3>Trial Balance Worksheet</h3>
As of November 30
Account Titles Debit Credit Debit Credit Debit Credit
Cash $4,920 $4,920
Accounts Receivable 2,830 2,830
Supplies 2,500 2,500
Equipment 14,000 14,000
Accumulated Depreciation $2,000 $200 $2,200
Accounts Payable 2,600 2,600
Unearned Service Revenue 1,800 $1,220 580
Salaries & Wages Payable 350 350
Owners Capital 13,950 13,950
Service Revenue 5,300 1,220 6,520
Salaries Expense 1,000 350 1,350
Rent Expense 400 400
Depreciation Expense 200 200
Totals $25,650 $25,650 $1,770 $1,770 $26,200 $26,200
g. Hibban Equipment Repair
<h3>Income Statement</h3>
For the year ended November 30
Service Revenue $6,520
Salaries Expense $1,350
Rent Expense 400
Depreciation Expense 200 $1,950
Net income $4,570
Hibban Equipment Repair
<h3>Owners Equity Statement</h3>
At November 30
Beginning Equity $13,950
Net income 4,570
Ending Equity $18,520
Hibban Equipment Repair
<h3>Balance Sheet</h3>
At November 30
Cash $4,920
Accounts Receivable 2,830
Supplies 2,500
Equipment 14,000
Accumulated Depreciation (2,200)
Total assets $22,050
Liabilities:
Accounts Payable $2,600
Unearned Service Revenue 580
Salaries & Wages Payable 350
Total liabilities $3,530
Equity:
Owners Equity $18,520
Total equity $22,050
<h3>h. Closing Journal Entries:</h3>
Debit Income Summary $4,570
Credit Owners equity $4,570
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