record business activity as journal entries

PART 1: November 2020. Record the business activity as journal entries, post to Ledgers, prepare the unadjusted trial balance, prepare any adjusting entries for the month, and create the adjusted trial balance. 11/01/2020: Chelsea contributes $8,000 cash and Clint contributes industrial shelving and other equipment worth $12,000 (fair value). The shelving and equipment have a useful life of 10 years and no residual value. 1,000 shares of $2 par Common Stock are issued to the Partners for this transaction. 11/01/2020: Pedal Pushers signs a lease with Rightway Realty for retail space and pays $2,700 for the first 3 month's rent. 11/01/2020: Pedal Pushers purchases a 6 month insurance policy to insure the business, paying $1,500. 11/02/2020: Pedal Pushers buys a Point-of-Sale (POS) system for the cashier station, $4,500, on account with terms Net 45 FOB Shipping Point. It has an estimated 6 year life and no residual value. 11/04/2020: The POS system arrives and the trucking company presents a freight invoice of S92, which Pedal Pushers pays. 11/04/2020: Pedal Pushers borrows $15,000 from their bank. The amount must be paid back in 90 days with 5% interest. 11/04/2020: Pedal Pushers buys office supplies for $560. 11/04/2020: Pedal Pushers purchases 100 $85 Pro-Cycle bikes (regular size) and 60 $95 Pro- Cycle bikes (XL size) on account from Discount Distribution LLC, terms 2%/15. Net 30. FOB Destination. Pedal Pushers is selling the regular size bike for $165 and the XL size bike for $180. The inventory should be delivered 11/9/2020. 11/05/2020: Pedal Pushers purchases 55 regular size $12 bike helmets and 25 XL size $15 bike helmets from Outfitters Wholesale Corp., terms 1%/10. Net 30, FOB Destination. The helmets should arrive 11/9/2020. The company will charge customers $25 for the regular size and $30 for the larger size 11/09/2020: Both purchases from the 4th and the 5th arrive at the shop. 11/12/2020: Customer buys a regular size bike, paying cash. 11/14/2020: Customer buys 2 XL bikes, paying cash