A trial balance is presented below for November 30, 2019. COOKIE CREATIONS Trial Balance November 30, 2019 Debit Credit Cash Supplies Prepaid Insurance Equipment $245 125 1,320 1,200 Unearned Service Revenue $30 Notes Payable 2,000 Common Stock 800 Service Revenue 125 Advertising Expense 65 $2,955 $2,955 It is the end of November and Natalie has been in touch with her grandmother. Her grandmother asked Natalie how well things went in her first month of business. Natalie, too, would like to know if the company has been profitable or not during November. Natalie realizes that in order to determine Cookie Creations' income, she must first make adjustments. Natalie puts together the following additional information. 1. A count reveals that $35 of baking supplies were used during November. 2. 3. 4. 5. Natalie estimates that all of her baking equipment will have a useful life of 5 years or 60 months. (Assume Natalie decides to record a full month's worth of depreciation, regardless of when the equipment was obtained by the business.) Natalie's grandmother has decided to charge interest of 6% on the note payable extended on November 16. The loan plus interest is to be repaid in 24 months. (Assume that half a month of interest accrued during November.) On November 30, a friend of Natalie's asks her to teach a class at the neighborhood school. Natalie agrees and teaches a group of 35 first-grade students how to make Santa Claus cookies. The next day, Natalie prepares an invoice for $300 and leaves it with the school principal. The principal says that he will pass the invoice along to the head office, and it will be paid sometime in December. Natalie receives a utilities bill for $45. The bill is for utilities consumed by Natalie's business during November and is due December 15. (a1) Prepare the adjusting journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Nov. 30 Nov. 2. 30 Nov. 3. 30 Nov. 4. 30 Nov. 5. 30 30 (a2) Post the adjusting journal entries. (Post entries in the order of journal entries presented in the previous question.) Cash Date Explanation Ref. Debit Credit Nov. 30 Balance Balance 245 Accounts Receivable Date Explanation Ref. Debit Credit Balance Nov. 30 32 Supplies Date Explanation Ref. Debit Credit Balance Nov. 30 Balance V 125 30 12 Prepaid Insurance Date Explanation Ref. Debit Credit Balance Nov. 30 Balance V 1,320 Equipment Date Explanation Ref. Debit Credit Balance Nov. 30 Balance 1,200 Date Explanation Ref. Nov. 30 Accumulated Depreciation-Equipment Debit Credit Balance Accounts Payable Date Explanation Ref. Debit Credit Balance Nov. 30 32 Date Explanation Ref. Debit Nov. 30 12 Interest Payable Credit Balance Unearned Service Revenue Date Explanation Ref. Debit Nov. 30 Balance Credit Balance 30 Notes Payable Date Explanation Ref. Debit Credit Balance Nov. 30 Balance 2,000 Common Stock Date Explanation Ref. Debit Credit Balance Nov. 30 Balance 800 Service Revenue Date Explanation Ref. Debit Credit Balance Nov. 30 Balance 125 30 12 Utilities Expense Date Explanation Ref. Debit Credit Balance Nov. 30 32 Advertising Expense Date Explanation Ref. Debit Credit Balance Nov. 30 Balance Supplies Expense Date Explanation Ref. Debit Credit Balance Nov. 30 12 65 Depreciation Expense Date Explanation Ref. Debit Nov. 30 12 Credit Balance Interest Expense Date Explanation Ref. Debit Credit Balance Nov. 30 32 (b) Prepare an adjusted trial balance. COOKIE CREATIONS Adjusted Trial Balance Debit Credit $ Debit Totals $ $ Credit (c) Using the adjusted trial balance, calculate Cookle Creations' net Income or net loss for the month of November 2019. $