Ravens Incorporated had the following balances at the beginning of November. RAVENS INCORPORATED Trial Balance November 1 Accounts Cash Accounts Receivable Supplies Equipment Debits Credits $1,200 400 500 7,400 Notes Payable Accounts Payable Common Stock Retained Earnings Totals $1,000 2,000 5,000 1,500 $9,500 $9,500 The following transactions occur in November. November 1 Issue common stock in exchange for $11,000 cash. November 2 Purchase equipment with a long-term note for $1,500 from Spartan Corporation. November 4 Purchase supplies for $1,100 on account. November 10 Provide services to customers on account for $7,000. November 15 Pay creditors on account, $1,200. November 20 Pay employees $1,000 for the first half of the month. November 22 Provide services to customers for $9,000 cash. November 24 Pay $600 on the note from Spartan Corporation. November 26 Collect $5,000 on account from customers. November 28 Pay $1,200 to the local utility company for November gas and electricity. November 30 Pay $3,000 rent for November. Ravens Incorporated had the following balances at the beginning of November. RAVENS INCORPORATED Trial Balance November 1 Accounts Cash Accounts Receivable Supplies Equipment Debits Credits $1,200 400 500 7,400 Notes Payable Accounts Payable Common Stock Retained Earnings Totals $1,000 2,000 5,000 1,500 $9,500 $9,500 The following transactions occur in November. November 1 Issue common stock in exchange for $11,000 cash. November 2 Purchase equipment with a long-term note for $1,500 from Spartan Corporation. November 4 Purchase supplies for $1,100 on account. November 10 Provide services to customers on account for $7,000. November 15 Pay creditors on account, $1,200. November 20 Pay employees $1,000 for the first half of the month. November 22 Provide services to customers for $9,000 cash. November 24 Pay $600 on the note from Spartan Corporation. November 26 Collect $5,000 on account from customers. November 28 Pay $1,200 to the local utility company for November gas and electricity. November 30 Pay $3,000 rent for November.