Analyzing transactions [10-15 min]Consider the following transactional data for the first...

Nov 1:

Evan Hudson deposited $35,000 in the business account. Also on this date, Evan transferred his truck title, worth $8,000, to the business. Evan received 200 shares of no-par common stock in return.

Nov 2:

Wrote a check for $2,000 to Pleasant Properties. In the “for” area of the the check, it states “November through February Rent.” (Debit Prepaid rent)

Nov 3:

Purchased business insurance policy for $2,400 for the term November 1, 2012, through October 31, 2013 and paid cash. (Debit Prepaid insurance)

Nov 4:

Evan went to the Cleaning Supply Company and purchased $270 of cleaning supplies on account. The invoice is due 20 days from the date of purchase.

Nov 5:

Purchased on account an industrial vacuum cleaner from Penny Purchase costing $1,000. The invoice is payable on or before November 25.

Nov 7:

Purchased a computer and printer costing a total of $1,200. A check for the same amount to the computer store was written on the same date.

Nov 9:

Performed cleaning services on account for Pierre’s Wig Stand in the amount of $3,000.

Nov 10:

Deposited Pierre’s check for $100 in the bank.

Nov 15:

Wrote check payable to Eric Ryder for $500 for contract labor.

Nov 16:

Received $3,600 for 1-year contract beginning November 16 for cleaning services to be provided to the Sea Side Restaurant. Contract begins November 16, 2012, and ends November 15, 2013. (Credit Unearned service revenue)

Nov 17:

Provided cleaning services for Tip Top Solutions for $800. Tip Top paid with a check.

Nov 18:

Received water and electric bill for $175 with due date of December 4, 2012.

Nov 20:

Borrowed $40,000 from bank with interest rate of 9% per year.

Nov 21:

Deposited check from Pierre’s Wig Stand for $900 paid on account.

Nov 25:

Wrote check to Penny Purchase for invoice #1035 in the amount of $500.

Nov 29:

Wrote check payable to St. Petersburg News for $100 for advertising.

Nov 30:

Paid dividends to Evan Hudson of $600.