On November 1, Ping and Paka formed a corporation and started operating P&P Inc., a solar panel installation company. The company completed the following transactions during the month of November. Round all amounts to the nearest dollar if necessary.

November 1	Acquired $41,000 from the issuance of common stock. On the same day, acquired $20,000 from the bank by signing a note. The note carries a five-year term and 9% annual interest rate. Interest is payable annually on October 31 of each year.
November 2	Paid $7,800 in advance rent for a one-year lease on a small office.
November 4	Paid $40,000 to purchase office equipment. The equipment was expected to have a useful life of 6 years and a salvage value of $1,120.
November 6	Purchased supplies for $460 cash.
November 9	Received $600 cash as an advance payment from a client for services P&P will perform in December.
November 10	Performed solar installation service for various customers. Some customers paid in cash the total cash received was $1,250. Other customers asked to be billed the total billed was $950.
November 16	Paid $1,060 cash for employee salaries.
November 18	Collected $500 from accounts receivable.
November 23	Received monthly utility bills showing an amount due of $145. The bill will be paid in December.
November 25	Paid $225 as an advertising expense for advertisements run during November.
November 30	Performed solar installation service for various customers. Some customers paid in cash the total cash received was $1,150. Other customers asked to be billed the total billed was $3,600.

Requirement 1: Prepare journal entries for the November transactions and post to the ledger.

Requirement 2: Prepare an unadjusted trial balance for November 30, 2022.

Information for adjusting entries for November 30:

November 30	A count shows $110 of supplies in the office. Record supplies expense for November.
November 30	P&P employees have earned $1,060 in salaries. They will be paid on December 1. Record the salary expense for November.
November 30	Record interest expense for November.
November 30	Record rent expense for November.
November 30	Record depreciation expense for November (using the straight-line method).

Requirement 3: Prepare journal entries for the adjustments for November and post to the ledger.

Requirement 4: Prepare an adjusted trial balance for November 30, 2022.

Requirement 5: Prepare an income statement, statement of retained earnings, and balance sheet for the month of November 2022.

Requirement 6: Prepare closing journal entries for November and post to the ledger.

Requirement 7: Prepare a post-closing trial balance for November 30, 2022.