The account balances of the Antil Company on November 1, 2007 are as follows:

During the month of November, the following transactions took place:

Date Transaction_______________________________ ____

Nov. 2 Made cash sales of $3,400; the cost of the inventory sold was $2,040.

3 Purchased $900 of inventory for cash.

5 Sold an unused 1/2 acre of land for $4,000; the land had originally cost $3,650.

8 Purchased a two-year comprehensive insurance policy for $528.

12 Leased an unused portion of its building to Charles Company, collecting six months’ rent in advance at $220 per month.

13 Made $2,300 of sales on credit to Smith Company; the cost of the inventory sold was $1,400.

16 Collected the $200 monthly payment plus $30 interest on a customer’s note receivable.

17 Purchased $1,600 of inventory on credit from Mason Company.

19 Granted Smith Company a $200 allowance for defective inventory (from the November 13 transaction) and credited its account.

20 Purchased land for a future building site. Made a $2,000 down payment and signed a 12%, 90-day $6,000 note payable for the balance.

23 Collected the Smith Company account for the November 13 sale less the return.

26 Paid for the November 17 purchase of inventory.

27 Paid the city newspaper $420 for advertising that had appeared during November.

30 Paid $520 of sales salaries and $390 of office salaries.

Required

1. Prepare general journal entries to record the preceding transactions.

2. Post to the general ledger accounts.

3. Prepare a trial balance on November 30, 2007.