You are the owner of ABC Gun Club, which commenced business in October 2022. The following transactions occurred in November 2022.

November 3, Received payment from BCA Gun Club for ABC invoice dated 4 October for $6,000.

November 5, Paid this month’s rent of $2,000.

November 9, The business banked $11,200 cash from coaching fees.

November 11, You withdrew $1000 for personal use.

November 17, Paid invoices of $260 received from Offices R Us for an office desk purchased last month.

November 21, Paid A Faff $9,000 for performing coaching services at CBA Gun Club

November 24, Invoiced CBA Gun Club $13,800 for coaching services.

November 26, Banked cash $24,000 from coaching fees.

November 28, Received $7,600 from CAB Gun Club for services invoiced last month.

November 29, Paid casual coaching wages of $5,000. November 30, Purchased coaching equipment for $97,600.

Required:

a. Prepare journal entries for the November transactions for ABC and give your explanation! 

b. Post the journal entries above and the balance of each account for November 1, 2022 below to the general ledger accounts!