D 011 Following is a summary of the transactions that occurred during November: a. Collections of accounts receivable, $75,000. b. Payments of accounts payable, $14,000. c. Acquisitions of inventory on open account, $80,000. d. Merchandise carried in inventory at a cost of $70,000 was sold on open account for $96,000. e. Recognition of rent expense for November, $1,000. f. Wages paid in cash for November, $8,000. g. Cash dividends declared and disbursed to stockholders on November 29, $10,000. Required 1. Prepare journal entries. 2. Enter beginning balances in T-accounts. Post the journal entries to T-accounts. Use the transaction letters to key your postings. 3. Prepare a trial balance for the month ending November 30, 20X0. 4. Explain why accounts payable increased by so much during November. 3-38 Financial Statements Refer to problem 3-37. Prepare a balance sheet as of November 30, 20X0, and an income statement for the month of November. Prepare the retained earnings column of a statement of stockholders' equity. Prepare the income statement first. 3-39 Journal, Ledger, and Trial Balance (Alternates are 3-37 and 3-40 through 3-44.) The balance sheet accounts of Red Lake Appliance Company had the following balances on December 31, 20X1: Account Title Balance Debit Credit