Questions: 15 points Accounts Trial Balance November 1 Cash 2,300 Credits Accounts Receivable Supplies 510 Equipment 610 8,500 Accounts Payable 8,500 Notes Payable 1,550 3,100 Common Stock - 6,100 Retained Earnings 1,170 Totals 11,920 11,920 The following transactions occur in November. November 1 Issue common stock in exchange for 12,100 cash. November 2 Purchase equipment with a long-term note for 2,600 from Spartan Corporation. November 4 Purchase supplies for 1,000 on account. November 10 Provide services to customers on account for 8,100. November 15 Pay creditors on account, 1,100. November 20 Pay employees 2,100 for the first half of the month. November 22 Provide services to customers for 10,100 cash. November 24 Pay 1,040 on the note from Spartan Corporation. November 26 collect 6,100 on account from customers. November 28 Pay 1,100 to the local utility company for November gas and electricity. November 30 Pay 4,100 rent for November.

To solve this problem, we need to analyze the transactions and update the trial balance accordingly. Let's go through each transaction step by step and adjust the accounts.

• Cash: $2,300
• Accounts Receivable: $510
• Supplies: $610
• Equipment: $8,500
• Accounts Payable: $8,500
• Notes Payable: $3,100
• Common Stock: $6,100
• Retained Earnings: $1,170

1. November 1: Issue common stock for $12,100 cash.

   • Increase Cash by $12,100.
   • Increase Common Stock by $12,100.

2. November 2: Purchase equipment with a long-term note for $2,600.

   • Increase Equipment by $2,600.
   • Increase Notes Payable by $2,600.

3. November 4: Purchase supplies for $1,000 on account.

   • Increase Supplies by $1,000.
   • Increase Accounts Payable by $1,000.

4. November 10: Provide services to customers on account for $8,100.

   • Increase Accounts Receivable by $8,100.
   • Increase Revenue (not listed in the trial balance, but it affects Retained Earnings).

5. November 15: Pay creditors on account, $1,100.

   • Decrease Cash by $1,100.
   • Decrease Accounts Payable by $1,100.

6. November 20: Pay employees $2,100 for the first half of the month.

   • Decrease Cash by $2,100.
   • Increase Expenses (affects Retained Earnings).

7. November 22: Provide services to customers for $10,100 cash.

   • Increase Cash by $10,100.
   • Increase Revenue (affects Retained Earnings).

8. November 24: Pay $1,040 on the note from Spartan Corporation.

   • Decrease Cash by $1,040.
   • Decrease Notes Payable by $1,040.

9. November 26: Collect $6,100 on account from customers.

   • Increase Cash by $6,100.
   • Decrease Accounts Receivable by $6,100.

10. November 28: Pay $1,100 to the local utility company for November gas and electricity.

    • Decrease Cash by $1,100.
    • Increase Expenses (affects Retained Earnings).

11. November 30: Pay $4,100 rent for November.

    • Decrease Cash by $4,100.
    • Increase Expenses (affects Retained Earnings).

• Cash: $2,300 + $12,100 - $1,100 - $2,100 + $10,100 - $1,040 + $6,100 - $1,100 - $4,100 = $21,160
• Accounts Receivable: $510 + $8,100 - $6,100 = $2,510
• Supplies: $610 + $1,000 = $1,610
• Equipment: $8,500 + $2,600 = $11,100
• Accounts Payable: $8,500 + $1,000 - $1,100 = $8,400
• Notes Payable: $3,100 + $2,600 - $1,040 = $4,660
• Common Stock: $6,100 + $12,100 = $18,200
• Retained Earnings: Adjusted for revenues and expenses (not calculated here).

This updated trial balance reflects the transactions that occurred in November. Note that the Retained Earnings account would need to be adjusted for the net effect of revenues and expenses, which are not explicitly listed in the trial balance but would affect the final balance.