PANTHERS INCORPORATED

Trial Balance

November $1$

Accounts Debits Credits

Cash $$3,000$

Accounts Receivable $580$

Supplies $680$

Equipment $9,200$

Accounts Payable $$1,900$

Notes Payable $3,800$

Common Stock $6,800$

Retained Earnings $960$

Totals $$13,460$ $$13,460$

The following transactions occur in November.

November $1$ Issue common stock in exchange for $$12,800$ cash.

November $2$ Purchase equipment with a long$-$term note for $$3,300$ from Spartan Corporation.

November $4$ Purchase supplies for $$1,100$ on account.

November $10$ Provide services to customers on account for $$8,800.$

November $15$ Pay creditors on account, $$1,200.$

November $20$ Pay employees $$2,800$ for the first half of the month.

November $22$ Provide services to customers for $$10,800$ cash.

November $24$ Pay $$1,320$ on the note from Spartan Corporation.

November $26$ Collect $$6,800$ on account from customers.

November $28$ Pay $$1,200$ to the local utility company for November gas and electricity.

November $30$ Pay $$4,800$ rent for November.

Required:

$1.$ Record each transaction. $($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

$2.$ & $3.$ Post each transaction to the appropriate T$-$accounts and calculate the balance of each account at November $30.($Hint: Be sure to include the balance at the beginning of November in each T$-$account.$)$

$4.$ Prepare a trial balance as of November $30.$