PANTHERS INCORPORATED Trial Balance November 1 Accounts Cash Accounts Receivable Supplies Equipment Accounts Payable Debits $3,000 580 680 9,200 Credits $13,460 $1,900 3,800 6,800 960 $13,460 Notes Payable Common Stock Retained Earnings Totals The following transactions occur in November. November 1 Issue common stock in exchange for $12,800 cash. November 2 Purchase equipment with a long-term note for $3,300 from Spartan Corporation. November 4 Purchase supplies for $1,100 on account. November 10 Provide services to customers on account for $8,800. November 15 Pay creditors on account, $1,200. November 20 Pay employees $2,800 for the first half of the month. November 22 Provide services to customers for $10,800 cash. November 24 Pay $1,320 on the note from Spartan Corporation. November 26 Collect $6,800 on account from customers. November 28 Pay $1,200 to the local utility company for November gas and electricity. November 30 Pay $4,800 rent for November. Required: 1. Record each transaction. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at November 30. (Hint: Be sure to include the balance at the beginning of November in each T-account.) 4. Prepare a trial balance as of November 30.
PANTHERS INCORPORATED Trial Balance November 1 Accounts Cash Accounts Receivable Supplies Equipment Accounts Payable Debits $3,000 580 680 9,200 Credits $13,460 $1,900 3,800 6,800 960 $13,460 Notes Payable Common Stock Retained Earnings Totals The following transactions occur in November. November 1 Issue common stock in exchange for $12,800 cash. November 2 Purchase equipment with a long-term note for $3,300 from Spartan Corporation. November 4 Purchase supplies for $1,100 on account. November 10 Provide services to customers on account for $8,800. November 15 Pay creditors on account, $1,200. November 20 Pay employees $2,800 for the first half of the month. November 22 Provide services to customers for $10,800 cash. November 24 Pay $1,320 on the note from Spartan Corporation. November 26 Collect $6,800 on account from customers. November 28 Pay $1,200 to the local utility company for November gas and electricity. November 30 Pay $4,800 rent for November. Required: 1. Record each transaction. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at November 30. (Hint: Be sure to include the balance at the beginning of November in each T-account.) 4. Prepare a trial balance as of November 30.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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subjet-Accounting
Transcribed Image Text:PANTHERS INCORPORATED
Trial Balance
November 1
Accounts
Cash
Accounts Receivable
Supplies
Equipment
Accounts Payable
Notes Payable
Common Stock
Retained Earnings
Totals
Debits
$3,000
580
680
9, 200
$13,460
The following transactions occur in November.
Credits
$1,900
3,800
6,800
960
$13,460
November 1 Issue common stock in exchange for $12,800 cash.
November 2 Purchase equipment with a long-term note for $3,300 from Spartan Corporation.
November 4 Purchase supplies for $1,100 on account.
November 10 Provide services to customers on account for $8,800.
November 15 Pay creditors on account, $1,200.
November 20 Pay employees $2,800 for the first half of the month.
November 22 Provide services to customers for $10,800 cash.
November 24 Pay $1,320 on the note from Spartan Corporation.
November 26 Collect $6,800 on account from customers.
November 28 Pay $1,200 to the local utility company for November gas and electricity.
November 30 Pay $4,800 rent for November.
Required:
1. Record each transaction. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first
account field.)
2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at November 30. (Hint: Be sure
to include the balance at the beginning of November in each T-account.)
4. Prepare a trial balance as of November 30.
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