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Journalize to create a balance sheet. Net income should be 1186 and total assets are 4186 November 2021 Transactions to be Input 1. November 1,

image text in transcribedJournalize to create a balance sheet. Net income should be 1186 and total assets are 4186

November 2021 Transactions to be Input 1. November 1, 2021 - Rented small office space for $350 per month, paying a required six months of rent in advance (Prepaid Rent) on April 1, 2021. 2. November 5, 2021 - You invested $3,000 to start the business. Use "Owner's Equity" for the "Category". 3. November 8, 2021 - Purchased a computer for $1,500 cash. Use the same procedure as in 2. to enter the purchase as "Computer", created in Part 2. 4. November 8, 2021 - Paid $100 for one month of professional liability insurance. NO VENDOR REQUIRED. 5. November 12, 2021 - Paid a $500 deposit and first month business cell telephone and Internet service to Verizon. 6. November 13, 2021 - Paid $300 for 1 month of advertising in The Call. 7. November 13, 2021 - Contracted with Clarion University to provide billing and payroll services for a six month trial period. 8. November 15, 2021 - Leased business vehicle for travel to and from Clarion University and other clients. The lease is an operating lease. 9. November 16, 2021 - Paid first vehicle lease payment of $239. NO VENDOR REQUIRED but use the newly created account in Part 2 related to vehicle. 10. November 16, 2021 - Received $1,500 from Clarion University representing a payment of $1,000 for accounting services and $500 for payroll services. 1 Point - Use the Chart of Accounts under "Accounting" tab on the left, scroll to Income accounts, edit "Sales" and change to "Accounting Services" an edit "Services to be "Payroll Services". Use "Accounting Services" for the $1,000 income and use "Payroll Services for the $500 payroll services. Clarion University IS THE CUSTOMER. 11. November 16, 2021 Purchased $300 in office supplies from Staples. (Use Supplies Expense). 12. November 20, 2021 - Had additional Verizon telephone land lines installed for a total installation cost of $250. VENDOR IS VERIZON. 13. November 20, 2021 - Processed payroll for small machine shop for the prior two-week period. Received $100. NO CUSTOMER REQUIRED. Use proper revenue account. 14. November 20, 2021 - Processed payroll for local doctor's office for the prior two-week period. Received $125. NO CUSTOMER REQUIRED. Use proper revenue account. 15. November 21, 2021 Received $1,500 from Clarion University representing a payment of $1,000 for accounting services and $500 for payroll services. Clarion University IS THE CUSTOMER. 16. November 30, 2021 Record the necessary adjusting entry for Prepaid Rent account

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