Journal Entries, Posting, and Trial Balance Instructions Chart of Accounts General Journal T-accounts Trial Balance Instructions Luke Unlimited Company's account balances on November 1 are as follows: Debit Credit Cash $7,800 Accounts Receivable 12,530 Allowance for Doubtful Accounts $740 Notes Receivable 6,000 Inventory 25,121 Prepaid Insurance 840 Office Supplies 465 Land 74,350 Buildings 66,580 Accumulated Depreciation: Buildings 21,400 Equipment 37,620 Accumulated Depreciation: Equipment 11,480 Patents 25,000 Accounts Payable 38,750 Notes Payable 2,400 Common Stock, no par 165,000 Retained Earnings, January 1 24,958 Sales Revenue 36,833 Cost of Goods Sold 32,000 Sales Salaries Expense 6,200 Office Salar 4,300 Advertising Expense 1,250 Utilities Expense 1,845 Interest Revenue 550 Interest Expense 210 During the month of November, the following transactions took place:During the month of November, the following transactions took place: Date Transaction Nov. 2 Made cash sales of $3,400; the cost of the inventory sold was $2,040. 3 Purchased $900 of inventory for cash. 5 Sold an unused 1/2 acre of land for $4,000; the land had originally cost $3,650. 8 Purchased a 2-year comprehensive insurance policy for $528. 12 Leased an unused portion of its building to WebbCo, collecting 6 months' rent in advance at $220 per month. 13 Made $2,300 of sales on credit to Lauren Company; the cost of the inventory sold was $1,400. 16 Collected the $200 monthly payment plus $30 interest on a customer's note receivable. 17 Purchased $1,600 of inventory on credit from Katy Company. 20 Purchased land for a future building site. Made a $2,000 down payment and signed a 12%, 90-day, $6,000 note payable for the balance. 23 Collected the Lauren Company account for the November 13 sale. 26 Paid for the November 17 purchase of inventory. 27 Paid the city newspaper $420 for advertising that had appeared during November. 30 Paid $520 of sales salaries and $390 of office salaries. Required: 1. Prepare general journal entries to record the preceding transactions. 2. Post to general ledger T-accounts. 3. Prepare a trial balance on November 30.Luke Unlimited Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 451 Gain on Sale of Land 122 Allowance for Doubtful Accounts 710 Interest Revenue 125 Notes Receivable 130 Inventory EXPENSES 131 Prepaid Insurance 510 Cost of Goods Sold 132 Office Supplies 610 Sales Salaries Expense 180 Land 611 Office Salaries Expense 181 Buildings 623 Advertising Expense 182 Accumulated Depreciation: Buildings 624 Utilities Expense 183 Equipment 711 Interest Expense 184 Accumulated Depreciation: Equipment 191 Patents LIABILITIES 211 Accounts Payable 221 Notes Payable 225 Unearned Rent EQUITY 311 Common Stock 331 Retained Earnings1. Prepare general journal entries to record the November transactions. General Journal Instructions PAGE 11 GENERAL JOURNAL DEBIT DATE ACCOUNT TITLE POST. REF. CREDIT 00 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27Trial Balance 3. Prepare a trial balance on November 30. Luke Unlimited Company UNADJUSTED TRIAL BALANCE November 30, 20-- ACCOUNT TITLE DEBIT CREDIT 1 Cash Accounts Receivable 3 Allowance for Doubtful Accounts Notes Receivable 5 Inventory 6 Prepaid Insurance 7 Office Supplies 8 Land 9 Buildings 10 Accumulated Depreciation: Buildings 11 Equipment 12 Accumulated Depreciation: Equipment 13 Patents 14 Accounts Payable 15 Notes Payable 16 Unearned Rent 17 Common Stock 18 Retained Earnings 19 Sales Revenue Gain on Sale of Land 21 Cost of Goods Sold 22 Sales Salaries Expense 23 Office Salaries Expense 24 Advertising Expense 25 Utilities Expense 26 Interest Revenue 27 Interest Expense 28 Totals