Assume the account names as you go

PART 1: Record the business activity as journal entries, post to Ledgers, prepare the unadjusted trial balance, prepare any adjusting entries for the month, and create the adjusted trial balance. 11/01/2020: Chelsea contributes $18,000 cash and Clint contributes $6,000 in cash and industrial shelving and other equipment worth $12,000 (fair value). The shelving and equipment have a useful life of 10 years and no residual value. 1,000 shares of $2 par Common Stock are issued to the Partners for this transaction. 11/01/2020: Pedal Pushers signs a lease with Rightway Realty for retail space and pays $2,700 for the first 3 month's rent. 11/01/2020: Pedal Pushers purchases a 6 month insurance policy to insure the business, paying $1,500. 11/02/2020: Pedal Pushers buys a Point-of-Sale (POS) system for the cashier station, $4,500, on account with terms Net 45 FOB Shipping Point. It has an estimated 6 year life and no residual value. 11/04/2020: The POS system arrives and the trucking company presents a freight invoice of $92, which Pedal Pushers pays. 11/04/2020: Pedal Pushers borrows $15,000 from their bank. The amount must be paid back in 90 days with 5% interest. 11/04/2020: Pedal Pushers buys office supplies for $590. resents a 11/04/2020: The POS system arrives and the trucking company which Pedal Pushers pays. 11/04/2020: Pedal Pushers borrows $15,000 from their bank. The amount must be paid back in 90 days with 5% interest. 11/04/2020: Pedal Pushers buys office supplies for $590. 11/04/2020: Pedal Pushers purchases 100 $85 Pro-Cycle bikes (regular size) and 60 $95 Pro- Cycle bikes (XL size) on account from Discount Distribution LLC, terms 2%/15, Net 30, FOB Destination. Pedal Pushers is selling the regular size bike for $165 and the XL size bike for $185. The inventory should be delivered 11/9/2020. 11/05/2020: Pedal Pushers purchases 55 regular size $12 bike helmets and 25 XL size $15 bike helmets from Outfitters Wholesale Corp., terms 1%/10, Net 30, FOB Destination. The helmets should arrive 11/9/2020. The company will charge customers $24 for the regular size and $30 for the larger size. 11/09/2020: Both purchases from the 4th and the 5th arrive at the shop. 11/12/2020: Customer buys a regular size bike, paying cash. 11/14/2020: Customer buys 2 XL bikes, paying cash. 11/21/2020: Pedal Pushers pays for the purchase made on the 4th. 11/22/2020: Customer buys a regular size bike and a regular size helmet, paying cash. 11/30/2020: A count of office supplies shows that $320 are rer remaining. Chelsea Harper and Clint Casey create a partnership, Pedal Pushers LLP. It is a retail store that sells bicycles for long-distance and mountain biking. Chelsea will work the cash register and assist customers, while Clint will manage the inventory, purchasing, etc. They have contracted you on a part-time basis to assist with bookkeeping and reporting. Inventory: the business will use a perpetual system and LIFO method. Additionally, purchases and sales on account are accounted for Gross Method. Plant Assets: the business will depreciate the office equipment assets straight-line method for 10 years. PART 1: Record the business activity as journal entries, post to Ledgers, prepare the unadjusted trial balance, prepare any adjusting entries for the month, and create the adjusted trial balance. 11/01/2020: Chelsea contributes $18,000 cash and Clint contributes $6,000 in cash and industrial shelving and other equipment worth $12,000 (fair value). The shelving and equipment have a useful life of 10 years and no residual value. 1,000 shares of $2 par Common Stock are issued to the Partners for this transaction. 11/01/2020: Pedal Pushers signs a lease with Rightway Realty for retail space and pays $2,700 for the first 3 month's rent. 11/01/2020: Pedal Pushers purchases a 6 month insurance policy to insure the business, paying $1,500. 11/02/2020: Pedal Pushers buys a Point-of-Sale (POS) system for the cashier station, $4,500, on account with terms Net 45 FOB Shipping Point. It has an estimated 6 year life and no residual value. 11/04/2020: The POS system arrives and the trucking company presents a freight invoice of $92, which Pedal Pushers pays. 11/04/2020: Pedal Pushers borrows $15,000 from their bank. The amount must be paid back in 90 days with 5% interest. 11/04/2020: Pedal Pushers buys office supplies for $590. resents a 11/04/2020: The POS system arrives and the trucking company which Pedal Pushers pays. 11/04/2020: Pedal Pushers borrows $15,000 from their bank. The amount must be paid back in 90 days with 5% interest. 11/04/2020: Pedal Pushers buys office supplies for $590. 11/04/2020: Pedal Pushers purchases 100 $85 Pro-Cycle bikes (regular size) and 60 $95 Pro- Cycle bikes (XL size) on account from Discount Distribution LLC, terms 2%/15, Net 30, FOB Destination. Pedal Pushers is selling the regular size bike for $165 and the XL size bike for $185. The inventory should be delivered 11/9/2020. 11/05/2020: Pedal Pushers purchases 55 regular size $12 bike helmets and 25 XL size $15 bike helmets from Outfitters Wholesale Corp., terms 1%/10, Net 30, FOB Destination. The helmets should arrive 11/9/2020. The company will charge customers $24 for the regular size and $30 for the larger size. 11/09/2020: Both purchases from the 4th and the 5th arrive at the shop. 11/12/2020: Customer buys a regular size bike, paying cash. 11/14/2020: Customer buys 2 XL bikes, paying cash. 11/21/2020: Pedal Pushers pays for the purchase made on the 4th. 11/22/2020: Customer buys a regular size bike and a regular size helmet, paying cash. 11/30/2020: A count of office supplies shows that $320 are rer remaining. Chelsea Harper and Clint Casey create a partnership, Pedal Pushers LLP. It is a retail store that sells bicycles for long-distance and mountain biking. Chelsea will work the cash register and assist customers, while Clint will manage the inventory, purchasing, etc. They have contracted you on a part-time basis to assist with bookkeeping and reporting. Inventory: the business will use a perpetual system and LIFO method. Additionally, purchases and sales on account are accounted for Gross Method. Plant Assets: the business will depreciate the office equipment assets straight-line method for 10 years