2 22 3 4 11 14 14 21 26 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. 27 30 30 Required: 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) Meyer paid insurance for November and December of $400 ($200 each month). 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. 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). Meyer purchased the following inventory from Cards Etc. on credit terms 2/10, n/30: Inventory Item Cost per item Quantity Purchased Thank You Birthday $0.30 $0.80 Sold inventory on account to Tidbits: Inventory Item Thank You Birthday Received from Tidbits a merchandise return for 30 of the Thank You cards. Sales Price per item $3.00 $3.50 Inventory Item Thank You 5000 3000 Sold inventory on account to a novelty shop that just opened called Thingsville Inventory Item Sales Price per item Quantity Sold 400 Thank You Birthday $3,00 $3.50 400 Purchased inventory on credit terms of 2/10, n/30 from Greetings! Cost per item $0.40 Sold inventory for cash to a local company. Inventory Item Thank You Quantity Sold 2000 500 Sales Price per tem $3.00 Quantity Purchased 2000 Quantity Sold 3000 Purchased supplies for cash of $100. Paid utilities of $350. 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. 1. Journalize and post the required journal entries for November. 2. Prepare Meyer Company's Income Statement and Statement of Owner's Equity for November Prepare the Balance Sheet as of November 30