Chapter 2: Reviewing the accounting cycle Homework The following transactions occurred during the month of November 2021 for International Appliances Corporation. The company owns and operates a retail appliance store. November 1 International Appliences Inc. opened with the following stockholders: 1. Purchased furniture and fixtures at a cost of $60,000. $25,000 was paid in cash and a note payable was signed for the balance owed. 2. Issued 50,000 shares of common stock and sold them at 510 per share. 3. Purchased inventory on account at a cost of $500,000. The company uses the perpetual inventory system. 4. Credit sales totaled $700,000. The cost of goods sold was $350,000. 5. Paid $2,000 on Insurance for the store building for the month of November. 6. Paid $40,000 to a real estate company for the rent for a one-year period beginning on November 1,2021 . 7. Paid $100,000 on account for the merchandise purchased in Nov. 3. 8. Issued 5,000 shares of Preferred Stock and sold them at $15 per share. 8. Collected $220,000 from customers on account. 9. The company declared cash dividends as follows: - Common stock dividend per share =$0.15 - Preferred stock dividend per share= 50.65 30. Recorded depreciation expense of $9,000 for the month on the furniture and fixtures. 30. Recorded the amount of prepaid rent that expired for the month. 30. Pay the cash dividends declared on Nov. 9. Required: Required: - Joumal entries - Ledger or T-Accounts - Trial Balance Year 2021 - Income Statement Year 2021 - Balance Sheet Year 2021 Chapter 2: Reviewing the accounting cycle Homework The following transactions occurred during the month of November 2021 for International Appliances Corporation. The company owns and operates a retail appliance store. November 1 International Appliences Inc. opened with the following stockholders: 1. Purchased furniture and fixtures at a cost of $60,000. $25,000 was paid in cash and a note payable was signed for the balance owed. 2. Issued 50,000 shares of common stock and sold them at 510 per share. 3. Purchased inventory on account at a cost of $500,000. The company uses the perpetual inventory system. 4. Credit sales totaled $700,000. The cost of goods sold was $350,000. 5. Paid $2,000 on Insurance for the store building for the month of November. 6. Paid $40,000 to a real estate company for the rent for a one-year period beginning on November 1,2021 . 7. Paid $100,000 on account for the merchandise purchased in Nov. 3. 8. Issued 5,000 shares of Preferred Stock and sold them at $15 per share. 8. Collected $220,000 from customers on account. 9. The company declared cash dividends as follows: - Common stock dividend per share =$0.15 - Preferred stock dividend per share= 50.65 30. Recorded depreciation expense of $9,000 for the month on the furniture and fixtures. 30. Recorded the amount of prepaid rent that expired for the month. 30. Pay the cash dividends declared on Nov. 9. Required: Required: - Joumal entries - Ledger or T-Accounts - Trial Balance Year 2021 - Income Statement Year 2021 - Balance Sheet Year 2021