Journal, Ledger, and Trial Balance. The balance sheet accounts of Iowa Farm Implements, Inc. had the following balances on October 31, 20X5:

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Cash Accounts receivable $ 39,000 90,000 Inventory 70,000 Prepaid rent 2,000 Accounts payable $ 25,000 Paid-in capital 160,000 Retained earnings 16,000 $201,000 $201,000 Following is a summary of the transactions that occurred during November: a. Collections of accounts receivable, $82,000. b. Payments of accounts payable, $19,000.