a

b

c

The following is Lily Tours Limited's unadjusted trial balance at its year end, November 30, 2021. The company adjusts its accounts annually. Debit Credit Cash $15,700 8,150 1,060 2,180 7,560 12,400 $ 3,100 Accounts receivable Supplies Prepaid rent Prepaid insurance Equipment Accumulated depreciation-equipment Vehicles Accumulated depreciation-vehicles Accounts payable Deferred revenue Bank loan payable, due 2024 Common shares 129,300 43,100 1,910 14,200 60.000 10,000 26,740 Retained earnings Fees earned 113,780 67,400 11,040 Salaries expense Repairs and maintenance expense Rent expense Interest expense Advertising expense Income tax expense 11,990 3,850 700 1,500 $272,830 $272,830 Additional information: 1. 2. The insurance policy has a one-year term beginning April 1, 2021. At that time, a premium of $7,560 was paid. The equipment was acquired on December 1, 2018, and has an estimated useful life of eight years. The vehicles were acquired on December 1, 2018, and have an estimated useful life of six years. The company uses straight-line depreciation. A physical count shows $270 of supplies on hand at November 30. 3. 4. The bank loan payable has a 7% interest rate. Interest is paid on the first day of each following month, and was last paid on November 1. 5. 6. 7. Deposits of $1,420 each were received for advance tour reservations from 10 school groups. At November 30, all of these deposits have been earned. Employees are owed a total of $500 at November 30. A senior citizens' organization that had not made an advance deposit took a river tour for $1,270. This group was not billed until December for the services performed. Additional advertising costs of $250 have been incurred, but the bills have not been received by November 30. On November 1, the company paid $2,180 rent in advance for November and December. Income tax payable for the year is estimated to be an additional $320 beyond that recorded to date. 8. 9. 10. (a) Prepare the adjusting journal entries required at November 30. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. If Prepare the adjusting journal entries required at November 30. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to the nearest whole dollar, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Sr Date Account Titles and Explanation Debit Credit no. 1. Nov. 30 2. Nov. 30 3. Nov. 30 4. Nov. 30 5. No Nov. 30 6. Nov. 30 7. Nov. 30 8. Nov. 30 9. Nov. 30 10. Nov. 30 order of journal entries presented in the previous part.) Cash Nov. 30 Bal 15500 Account Receivable Nov. 30 Bal 7130 Nov. 30 Ad 1270 Nov. 30 Bal 8400 V Supplies Nov 30 Bal V 910 Nov. 30 Adj 640 Nov 30 Bal V 270 Prepaid Rent Nov. 30 Ball 2490 Nov. 30 Adi 1245 Nov 30 Bal v 1245 Prepaid Insurance Nov 30 Bal 6720 Nov. 30 Adi 4480 Nov 30 Bat 2240 Equipment 14000 Accumulated Depreciation-Equip. Nov. 30 Bar 3500 Nov 30 Adi 1750 Nov 30 Bal 5250 Vehicles Nov. 30 Bal 137700 Accumulated Depreciation Vehicles Nov. 30 Bal 45900 Nov 30 Adi 22950 NON SOB 169859 0.6771 Question 23 of 23 Accounts Payable 2110 Nov 30 Bal v 260 Nov 30 Ad. 2370 No. 30 Bal v Bank Loan Payable Nov. 30 Bal V 60000 Interest Payable Nov. 30 Adj 350 Salaries Payable Nov. 30 Adi. 540 Income Taxes Payable Nov 30 Ad 310 Deferred revenue 13800 Nam 30 Bal, . Nov 30 Ad V 13800 Nov. 30 Bal V 27600 Common Shares Nov. 30 Bat. V 10000 Retained Earnings Nov. 30 Bal V 27210 Fees Earned Nov 30 117595 NO 30 A 13800 NOE 10 A V 1270 Nova V 132665 Salaries Expense Nov 30 V 64000 Nov 30 AM 540 Nov. ZOB 0.C Question 23 of 23