Instructions: 1. Journalize the November transactions. 2. Post to ledger accounts. (Hint-Calculate Balances to this point 3. Prepare a Trial Balance as of November 30, 2021. Additional Instructions: 1. Journalize the adjusting entries. (Round all amounts to whole dollars.) 2. Post the adjusting entries to the ledger accounts. (Hint-Calculate new balances where needed) Sylvia Sweet opened Sweet Angels, Inc. on November 1, 2021. During November, the following transactions were completed: Nov. Issued 5,000 shares of Sweet Angels common stock for $13,000. Each share has a $1.75 par. 1 5 1 Borrowed $7,500 on a 2-year, 8% note payable. 1 Paid $9,000 to purchase used floor and window cleaning equipment from a company going out of business ($4,820 was for the floor equipment and $4,180 for the window equipment). 2 Paid $200 for November for internet and phone service. 2 Purchased cleaning supplies for $950 on account. 3 2 3 Hired 4 employees. Each will be paid $450 per 5-day work week (Monday-Friday). Employees will begin working on Monday, November 8th. Discussions with the insurance agent indicated that providing outside window cleaning services would cost too much to insure. Sylvia sold the window cleaning equipment for $4,000 cash. Negotiated insurance coverage at a rate of $9,840 per year. Sylvia paid $2,460 cash for the first quarter of coverage. 4 Returned $150 of the cleaning supplies. Paid $2.70 per share to buy 300 shares of Sweet Angels, Inc common stock from a shareholder who disagreed with management goals. The shares will be held as treasury stock. 10 Paid $500 on amount owed on cleaning supplies. 15 Paid for employees' wages for the week of November 8-12. 15 Billed customers $3,600 for cleaning services performed through November 12, 2021. 18 Received $900 from a customer for 4 weeks of cleaning services to begin on November 22, 2021 19 Purchased additional cleaning supplies for $700. 22 Paid employees' wages for the week of November 15-19. 22 Billed customers $3,900 for cleaning services performed through November 19th. 23 Collected $2.400 cash from customers billed on November 15. 25 Paid $200 for Internet and phone services for December. 26 Declared and paid a cash dividend of $0.11 per share. 29 Paid employees' wages for the week of November 22-26. 29 Billed customers $4,300 for cleaning services performed through November 26th 30 Collected $4,200 from customers billed on November 15 & 22 30 Received notice that a customer who was billed $150 for services performed November 10th has filed for bankruptcy. Sweet Angels, Inc does not expect to collect any portion of this outstanding receivable. (Sweet Angels will follow the GAAP Guidelines for uncollectible accounts.) Adjustment Data: 1. Services performed for customers through November 30, 2021, but unbilled and uncollected were $3,000. 2. Sweet Angels used the allowance method to estimate bad debts. Sweet Angels estimates that 3% of its month-end receivables will not be collected. 3. Record 1 month of depreciation for the floor equipment. Use the straight-line method, an estimated life of 5 years, and $400 salvage value. 4. Record 1 month of insurance expense. 5. An inventory count shows $750 of supplies on hand on November 30th. 6. Record services performed for the customer who paid in advance on November 18th. 7. Accrue for wages owed through November 30, 2021. 8. Accrue interest expense for one month. Pessible Account Titles for the Final Problem: Accounts Payable Loss on Disposal of Equipment Accounts Receivable Notes Payable Allowance for Doubtful Accounts Paid in Capital in Excess of Accumulated Depreciation/Building Accumulated Depreciation/Equip Preferred Stock Paid in Capital in Excess of Par/Pref Bad Debt Expense Prepaid Insurance Bonds Payable Prepaid Rent Building Prepaid Cash Cash Dividends Common Stock Cost of Goods Sold Depreciation Expense Dividends Payable Rent Expense Retained Earnings Salaries and Wages Expense Salaries and Wages Payable Sales Discounts Sales Returns and Allowances Equipment Sales Revenue Gain on Disposal of Equipment Selling Expenses Income Tax Expense Service Revenue Income Tax Payable Income Summary Insurance Expense Supplies Supplies Expense Treasury Stock interest Expense Unearned Service Revenue Interest Payable Usities Expense Inventory Units Payable