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.

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).

P&P Inc. completed the following transactions during December 2022.

December 1	Paid employee salaries due from November. (See adjusting journal entry #2)
December 2	Performed solar installation service for customers. Some customers paid in cash the total cash received was $5,150. Other customers asked to be billed the total billed was $2,700.
December 5	Purchased supplies on account for $680.
December 7	Collected $2,800 cash from customer accounts receivable.
December 8	Performed solar installation service for the customer. (See November 9 transaction.)
December 10	Paid the utility company for the monthly utility bills that were received November 23.
December 14	Paid the account payable for supplies. (See December 5.)
December 15	Paid $2,760 for a one-year insurance policy which starts on December 16, 2022.
December 16	Paid $2,000 cash for employee salaries.
December 20	Paid a $500 cash dividend to the stockholders.
December 27	Received the monthly utility bill showing an amount due of $195. The bill will be paid in January.
December 31	Recorded solar installation service performed for customers. Some customers paid in cash the total cash received was $825. Other customers asked to be billed the total billed was $1,100.

Information for adjusting entries for December 31:

December 31	A count shows $60 of supplies on hand. Record supplies expense for December.
December 31	P&P employees have earned $2,000 in salaries. They will be paid on January 1. Record the salary expense for December.
December 31	Record interest expense for December.
December 31	Record rent expense for December.
December 31	Record depreciation expense for December.
December 31	Record insurance expense for December (for one-half of a month).

Requirement 4: Prepare an adjusted trial balance for December 31, 2022.

Requirement 5: Prepare an income statement, statement of retained earnings, and balance sheet for the month of December 31, 2022.

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

Requirement 7: Prepare a post-closing trial balance for December 31, 2022.