DEF Corporation's transactions for November 2023 are as follows:

• November 2: Purchased inventory on account for $12,000.
• November 6: Paid $1,500 for advertising.
• November 14: Paid $5,000 to suppliers on account.
• November 20: Collected $6,000 from customers on account.
• November 30: Declared and paid dividends of $2,000.

Requirements:

1. Record the journal entries for each transaction.
2. Post the journal entries to the appropriate ledger accounts.
3. Prepare a trial balance as of November 30, 2023.
4. Prepare an income statement for November 2023.
5. Discuss the importance of the accounts receivable turnover ratio.