Waste Services was formed on November 30, 2021. The following transactions took place during the first month.

1. Transactions on November 1:

1. Frank Haskett invested $100,000 cash in the company, as its sole owner.

2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,000 per month.

3. Signed a 2-year rental agreement on a warehouse; paid $36,000 cash in advance for the first year.

4. Purchased furniture and equipment costing $60,000. A cash payment of $20,000 was made

immediately; the remainder will be paid in 6 months.

5. Paid $3,000 cash for a one-year insurance policy on the furniture and equipment.

1. Transactions during the remainder of the month:

6. Purchased basic office supplies for $1,000 cash.

7. Purchased more office supplies for $3,000 on account.

8. Total revenues earned were $30,000$10,000 cash and $20,000 on account.

9. Paid $800 to suppliers for accounts payable due.

10. Received $5,000 from customers in payment of accounts receivable.

11. Received utility bills in the amount of $400, to be paid next month.

12. Paid the monthly salaries of the two employees, totalling $6,000.

Instructions

(a) Prepare journal entries to record each of the events listed (12). (Omit explanations).

Instructions

For the transactions prepared on Part II above:

(a) Post the journal entries to T accounts.

(b) Prepare a Trial Balance as of November 30, 2021