Assets Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Total Assets Quest Cruise Balance Sheet As at October 31, 2023 Liabilities $29,920 Accounts Payable $11,500 $11,800 Unearned Revenue $0 Bank Loan $9,000 $27,000 $41,000 Note Payable $0 -$12,500 Total Liabilities $47,500 Pelletier, Capital $22,720 $70,220 Total Liabilities & Owners' Equity $70,220 Account Description Account # Account Description Account # ASSETS REVENUE Cash 101 Service Revenue 400 Accounts Receivable 105 EXPENSES Prepaid Insurance 110 Advertising Expense 500 Equipment 120 Depreciation Expense 510 Accumulated Depreciation 125 Insurance Expense 515 LIABILITIES Interest Expense 520 Accounts Payable 200 Salaries Expense 545 Interest Payable 205 Telephone Expense 550 Salary Payable 210 Travel Expense 555 Unearned Revenue 215 Rent Expense 560 Bank Loan 220 Note Payable 225 OWNER'S EQUITY Pelletier, Capital Pelletier, Withdrawals 300 310 315 Income Summary For the month of November 2023, Quest Cruise had the following transactions: Nov 1 Nov 1 Nov 1 Nov 2 Gray invested $14,600 cash and equipment valued at $15,000 into the business. Prepaid $15,000 for insurance for one year. Paid $5,200 cash for November's rent. Provided travel services to group of travellers; they paid $32,500 now and will pay $6,500 later. Purchase equipment by signing a Note Payable for $21,000, due in 3 years plus accrued interest at 12%. Recorded travel expenses for $12,450 to be paid next month. Paid $9,200 cash to reduce the balance of accounts payable. Nov 2 Nov 5 Nov 15 Nov 18 Nov 20 Nov 23 Paid $9,110 cash for employee's salaries. Received $5,900 cash from customers for the travel services provided last month. Received a telephone bill for $995 which will be paid next month. Nov 26 Nov 28 Received $31,450 cash in advance from travellers for travel services to be provided next month. Paid $7,540 advertising expense for the promotion of the travel and tours in the month of November. Nov 29 The owner withdrew $8,000 cash for personal use. Paid $578 cash for the bank loan which included $375 principle and $203 interest. The Nov 30 loan is due in 6 years with monthly repayments of $375 principle plus interest at 9% on outstanding balance. At the end of November, the following adjustment had to be journalized to properly report the balances of the company's accounts: $34,150 of the balance of unearned revenue, still remains unearned. One month of prepaid insurance worth $1,250 has been used. Nov 30 Nov 30 Nov 30 Monthly depreciation on the equipment was $1,440. Nov 30 Accrued salary expense of $4,555 for an employee. Nov 30 Accrued interest on the Note Payable amounts to $210. Required: a) Enter the opening balances from the October 2023 balance sheet into the general ledger accounts. b) Prepare the journal entries for the month of November and post them to the appropriate general ledger accounts. c) Create the trial balance in the worksheet, and then complete the remaining section of the worksheet taking into account the information for adjustments shown above. d) Create the income statement, statement of owner's equity and the classified balance sheet. e) Prepare the journal entries for the adjustments and post them to the appropriate general ledger accounts. f) Prepare the journal entries to close the books for the month of November 2023 (use the income summary account), and post the journal entries to the appropriate general ledger accounts. g) Create the post-closing trial balance.