RST Corp had the following transactions during November 2023:

• November 2: Purchased inventory on account for $18,000.
• November 5: Sold goods costing $9,000 for $14,000 on account.
• November 10: Paid $800 for utilities.
• November 15: Collected $6,000 from customers on account.
• November 20: Paid suppliers $7,000.
• November 25: Declared and paid dividends of $1,200.

Requirements:

1. Record the journal entries for the transactions.
2. Post the journal entries to the ledger.
3. Prepare a trial balance as of November 30, 2023.
4. Prepare an income statement for November 2023.
5. Explain the effects of utility expenses on net income.