Coast Property Management was started on November 1 by Jeanne Daly to provide managerial services for the owners of apartment buildings. The organizational period extended throughout November and included the transactions listed below.

Nov. 1 Jeanne Daly opened a bank account in the name of the business with a deposit of $50,000 cash.

Nov. 4 Purchased land and an office building for a price of $80,000, of which

$38,400 was considered applicable to the land and $41,600 attributable to the building. A cash down payment of $24,000 was made and a note payable for $56,000 was issued for the balance of the purchase price.

Nov. 7 Purchased office equipment on credit from Harvard Office Equipment,

$4,400.

Nov. 9 A typewriter (cost $560), which was part of the November 7 purchase of office equipment, proved defective and was returned for credit to Harvard Office Equipment.

Nov. 11 Sold to Regent Pharmacy at cost one-third of the land acquired on Novem¬

ber 4. No down payment was required. The buyer promised to pay one-half the purchase price of $12,800 within 10 days and the remainder by Decem¬

ber 12.

Nov. 18 Paid $1,600 in partial settlement of the liability to Harvard Office Equip¬

ment.

Nov. 21 Received cash of $6,400 as partial collection of the account receivable from Regent Pharmacy.

The account titles and account numbers to be used are

Instructions a Prepare journal entries for the month of November, b Post to ledger accounts of the three-column running balance form, c Prepare a trial balance at November 30.

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Cash 11 Accounts receivable. Land Building 7322 Office equipment. 15 21 Notes payable Accounts payable Jeanne Daly, capital. 25 31 32 51