1. Prepare all year-end closing entries for McLean Company using compound entries wherever appropriate. McLean Company uses the perpetual inventory method. On November 30, 2019, the adjusted year-end account balances of McLean Company were as follows:

Accounts Payable	$16,250		Equipment	$70,000
Accounts Receivable	13,000		Interest Revenue	2,200
Accumulated Depreciation	12,000		Inventory	26,250
Depreciation Expense	4,000		Rent and Utilities Expense	38,500
Cash	3,500		Salaries Expense	118,000
Cost of Goods Sold	299,850		Sales	503,500
Don McLean, Capital	66,500		Sales Discounts	13,850
Don McLean, Withdrawals	15,000		Unearned Revenue	1,500

Inventory as per actual count November 30, 2019 = $28,500. The inventory account should be adjusted to the actual count balance before doing the closing entries.

2. Aloha Painting Company has reached the end of its first fiscal year, November 30, 2019.

Prepare any ADJUSTING JOURNAL ENTRIES required for Aloha Painting Co. at November 30, 2019 for a) to e) below. Assume that all original transaction entries were recorded and posted correctly. Omit explanations and do not prepare the original journal entries.

a) On November 4, 2019 Aloha Painting received a $6,000 advance payment from Charlie Client as a deposit for a painting job to be done in November, December and January. This receipt had been credited to Unearned Painting Revenue. At November 30, 2019 the company estimated they had earned 30% of the advance payment.

b) Aloha Painting has an agreement with Cassie Customer to provide painting services for November and December for $2,200 per month. The required work was done for November. Cassie has not yet been billed, but will be billed when the job is complete, i.e. at end of December.

c) On March 1, 2019, Aloha Painting purchased machinery for $46,000. It will be used for five years, and its estimated residual value is $6,000.

d) On February 1, 2019, Aloha Painting purchased a one year insurance policy and debited Prepaid Insurance. This policy covers the fiscal year from February 1, 2019 to January 31, 2020 and had cost $1,440.

e) On March 1, 2019, Aloha Painting agreed to allow another company (DC Painting) to store equipment and paint in Alohas facility for $200 per month. A six month prepayment was paid upon signing of the agreement, but DC will not have to make the next payment until the first anniversary date of the agreement, at which time they will pay any outstanding storage fees to bring their account up to date.

3. On May 11, Gradner Company sold $30,000 of merchandise to Dionne Company, the merchandise had cost Gradner Company $22,000. Dionne Company accepted delivery on May 12, with terms 2/10, n/30, FOB Gradner Companys factory. When the goods were delivered, Express Shipping was paid $300 for the delivery charges on the merchandise. The next day, Dionne Company reported to Gradner that a few items were slightly dented, for which Gradner agreed to provide a credit of $1,800. On May 20, Dionne Company mailed a cheque to Gradner Company for the amount owing on that date. It was received by Gradner on May 22.

Required: Prepare the journal entries for Dionne Company (the purchaser) who uses the PERPETUAL SYSTEM. Ignore all taxes. Omit headings and explanations.

4. On November 30 of the current year, the bank statement, showed a balance of $3,338.20 in the Halekulani Hotel bank account. The general ledger showed a debit balance of $4,195.20 at November 30. The following information was also determined:

a) A customers cheque for $970 marked NSF was returned with the bank statement and was deducted from the bank account. The bank also deducted $25.00 to process the NSF cheque

b) The November 30 cash receipts of $1,984.05 were placed in the banks night depository after banking hours November 30 but this did not appear on the bank statement.

c) $33.05 in cheque processing fees were deducted from the bank statement by the bank.

4. Cheques totaling $2,110 which were written by the Halekulani Hotel during November were not returned with the bank statement and not yet deducted by the bank.
5. The bank paid the Halekulani Hotel $45.10 in interest for maintaining a minimum balance in their account for the month

Prepare a bank reconciliation, in good form, for the Halekulani Hotel.