1 Annie Meyer borrowed $75,000 from a local organization that finances the start-up of small businesses. Meyer signed a long-term Note Payable with an 8% annual interest rate due in 5 years, and Meyer deposited this money in the company checking account. Meyer Company is required to repay the note and interest upon maturity. 2 Meyer paid rent for November, December, and January on her small office. The rent for all three months was $3,000 ($1,000 each month). 2 Meyer paid insurance for November and December of $400 ($200 each month). 2 Meyer purchased a van for deliveries. The cost of the van was $30,000, its useful life is 5 years, and it will have a salvage value of $1,500 at the end of the 5 years. 3 Meyer purchased a computer for $1,200 (5-year useful life, no salvage value) and office furniture for $2,000 (5-year useful life, $400 salvage value). 4 Meyer purchased the following inventory from Cards Etc. on credit terms 2/10, n/30: Inventory Item Cost per item Quantity Purchased Thank You $0.30 5000 Birthday $0.80 3000 11 Sold inventory on account to Tidbits: Inventory Item Sales Price per item Quantity Sold Thank You $3.00 2000 Birthday $3.50 500 14 Received from Tidbits a merchandise return for 30 of the Thank You cards. 14 Sold inventory on account to a novelty shop that just opened called Thingsville: Inventory Item Sales Price per item Quantity Sold Thank You $3.00 400 Birthday $3.50 400 21 Purchased inventory on credit terms of 2/10, n/30 from Greetings!: Inventory Item Cost per item Quantity Purchased Thank You $0.40 2000 26 Sold inventory for cash to a local company: Inventory Item Sales Price per item Quantity Sold Thank You $3.00 3000 27 Purchased supplies for cash of $100. 30 Paid utilities of $350. 30 Prepare month-end adjusting entries for rent, insurance, interest expense, and depreciation for the month of November. Also, $30 worth of supplies was on hand at the end of the month. Required: 1. Journalize and post the required journal entries for November. 2. Prepare Meyer Companys Income Statement for November.