Kiersted Financial Services was formed on November 1, 2021.

During the month of November, the following events and transactions occurred:

Journalize transactions, post, and prepare trial balance.

Nov.1 Haakon Kiersted, the owner, invested $35,000 cash in the company. He also invested equipment that had originally cost Haakon $25,000 but was currently worth $12,000.

2 Hired one employee to work in the office for a monthly salary of $2,825.

3 Signed a three-year contract to lease office space for $2,140 per month. Paid the first and last month's rent in cash. (Hint: The payment for the final month's rent should be considered an asset and be recorded in Prepaid Rent.)

4 Purchased a one-year insurance policy for $4,740 to be paid in monthly instalments. Paid the first month's premium.

5 Purchased additional equipment for $18,000. Paid $6,000 cash and signed a note payable for the balance.

6 Purchased supplies for $1,550 on account.

7 Purchased additional supplies for $475 cash.

16 Completed services for a customer and immediately collected $990.

20 Completed services for two customers and billed them a total of $4,500.

26 Paid $1,000 for the supplies purchased on account on November 6.

27 The telephone bill for November was $220. It will be paid in December.

27 Received a $750 cash advance from a customer for services to be provided in December.

29 Collected $2,800 from one of the customers billed on November 20.

30 Paid $60 interest on the note payable.

30 Paid the employee's monthly salary, $2,825.

30 Paid Haakon Kiersted $700 for his personal use.

30 Paid Sony Ltd. for a new sound system for Haakon's home, $1,150 cash.

Instructions a. Prepare journal entries to record the transactions.

b. Post the journal entries to T accounts.

c. Prepare trial balance as at November 30, 2021.