The following transactions occur in November. November 1 Issue common stock in exchange for $12,900...
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The following transactions occur in November. November 1 Issue common stock in exchange for $12,900 cash. November 2 Purchase equipment with a long-term note for $3,400 from Hoosier Corporation. November 4 Purchase supplies for $1,200 on account. November 10 Provide services to customers on account for $8,900. November 15 Pay creditors on account, $1,000. November 20 Pay employees $2,900 for the first half of the month. November 22 Provide services to customers for $10,900 cash. November 24 Pay $1,360 on the note from Hoosier Corporation. November 26 Collect $6,900 on account from customers. November 28 Pay $1,000 to the local utility company for November gas and electricity. November 30 Pay $4,900 rent for November. Required: 1. Record each transaction. 2. \& 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at November 30 . (Hint: Be sure to include the balance at the beginning of November in each T-account.) 4. Prepare a trial balance as of November 30 . Post each transaction to the appropriate T-accounts and calculate the balance of each account at November 30 . (Hint: Prepare a trial balance as of November 30
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