The trial balance of Jewel’s Diamond Dazzles, Inc., on November 1, 2011, lists the company’s assets, liabilities, and shareholders’ equity on that date.During November, Diamond Dazzles completed the following transactions:1. The company borrowed $5,000 from the bank with a short-term note payable.2. Diamond Dazzles paid cash of $8,500 to acquire land.3. The company sold $5,000 of inventory to customers and collected the cash of $15,000.4. Diamond Dazzles purchased supplies on credit, $375.5. The company sold $1,000 of inventory to customers for $2,500 on account.Set up T-accounts for the accounts given in the November 1 trial balance. Then post the preceding transactions to the accounts.Calculate the account balances and prepare an unadjusted trial balance at November 30.View Solution:
The trial balance of Jewel s Diamond Dazzles Inc on November

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