Q6. ABC Inc. completed the following transactions during November 2019, its first month of operations:

Nov. 1Received $35,000, and issued common shares.

Nov. 5 Purchased $800 of office supplies on account.

Nov. 6 Paid $20,000 cash for land to use as a building site.

Nov. 10 Performed service for customers, and received cash of $5,000.

Nov. 15 Paid $250 on accounts payable.

Nov. 18 Performed service for Waterloo School Board on account totalling $1,500.

Nov. 25 Collected $1,000 from Waterloo School Board on account.

Nov. 30 Paid the following expenses: salary, $1,000; rent, $500.

Requirements:

1. Record the transactions in the journal of ABC Inc. Key transactions by date, and include an explanation for each entry, as illustrated in the chapter.

2. After journalizing the transactions, post the entries to the ledger using T-accounts. Key transactions by date. Date the ending balance of each account November 30, 2019.

3. Prepare the trial balance of ABC Inc., as at November 30, 2019.

4. How much are total assets, total liabilities, and total shareholders' equity on November 30, 2019.