As of November 1, 2017. Mr. Bai decided to open an ice cream shop in Hangzhou. The business will be known as Dairy Queen. During November, Diary Queen entered into the On Nov 11", Dairy Queen paid cash for an advertisement published on Hangzhou Daily for RMB 1,500. following transactions: 1. On Nov 1", Mr. Bai invested RMB 90,000 cash into the business 2. 5. 6. 7. On Nov 20, Dairy Queen paid China Bank RMB S,000 for part of the debt incurred on Nov 6". 8. On Nov 20, Dairy Queen bought new supplies for RMB 7,000 in cash. 10. On Nov.22d, Mr. Bai withdrew RMB 16,000 for personal use. 12. In November, 10 customers bought Dairy Queen VIP cards for RMB 5,000 in total. 13. On Nov 31", Dairy Queen paid telephone bill and electricity bill for November They totaled RMB 250. The payment was made in cash. Step I Analyzing and Recording Transactions in the journal Step 2 Posting transactions to the ledger Step 3 Preparing an unadjusted trial balance Step 4 Preparing a worksheet The following data have been assembled on Nov 31", 2017 for analysis of possible adjustments for Dairy Queen. 1. 1/8 of insurance expired during November. 2. Supplies on hand on Nov.31" were RMB 5,000. 3. The office equipment was depreciated using straight-line basis. 4. One month' rent expired in November. 5. The wages of employees were deemed to be paid by the beginning of December. The total wages waiting to be paid were RMB 12,000. 6. In November, VIP customers spent 500 at Dairy Queen using VIP cards. Step 5 Assembling and journalizing adjusting entries. Step 6 Posting adjusting entries Step 7 Preparing an adjusted trail balance Step 8 Preparing the financial statements (Statement of Cash Flow not included) Step 9 Journaling and posting closing entries Step 10 Preparing a post-closing trail balance For the Month Ended Nov 31st, 2017 Dairy Queen End-of-Period Soreadsheet Post-Closing Balance Sheet Income Statement Cr Unadjusted Trial Balance Adjusted Trial Balance Dr Adjustments Dr. Cr. Dr. Trial Balance Cr. Dr Dr. Cr. Dr. Cr Account Title Cash A/R Supplies Prepaid Rent Prepaid Insurance Office Equipment Accumulated Depreciation A/P Unearned Fees Wages Payable Bai, Capital Bai, Drawing Fees earned Insurance Expense Supplies Expense Depreciation Expense Rent Expense Wages Expense Advertising Expense Miscellaneous Expense Total Net Income