Problem $2-8$B $($Algo$)$ Complete the steps in the measurement of external transactions $($LO$2-4,2-5,2-6)$

Panthers Incorporated had the following balances at the beginning of November.

PANTHERS INCORPORATED

Trial Balance

November $1$

Accounts Debits Credits

Cash $$2,700$

Accounts Receivable $550$

Supplies $650$

Equipment $8,900$

Accounts Payable $$1,750$

Notes Payable $3,500$

Common Stock $6,500$

Retained Earnings $1,050$

Totals $$12,800$ $$12,800$

The following transactions occur in November.

November $1$ Issue common stock in exchange for $$12,500$ cash.

November $2$ Purchase equipment with a long$-$term note for $$3,000$ from Spartan Corporation.

November $4$ Purchase supplies for $$1,100$ on account.

November $10$ Provide services to customers on account for $$8,500.$

November $15$ Pay creditors on account, $$1,200.$

November $20$ Pay employees $$2,500$ for the first half of the month.

November $22$ Provide services to customers for $$10,500$ cash.

November $24$ Pay $$1,200$ on the note from Spartan Corporation.

November $26$ Collect $$6,500$ on account from customers.

November $28$ Pay $$1,200$ to the local utility company for November gas and electricity.

November $30$ Pay $$4,500$ 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 $30.$