Atrial balance is presented below for November 30, 2019 COOKIE CREATIONS Trial Balance November 30, 2019 Debit Credit Cash $245 125 1.320 1.200 $30 Supplies Prepaid Insurance Equipment Unearned Service Revenue Notes Payable Common Stock Service Revenue Advertising Expense 2.000 800 125 65 52.955 52.955 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 compary 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. Natalie estimates that all of her baking equipment will have a vede of 5 years or month. Asume Natale decides to record a full months worth of depreciation regardless of when the equipment was obtained by the business) 3. Natalie's grandmother has decided to charge interest of 6% on the note payable extended on November 16. The loans interest is to be repaid in 24 months. (nume that half a month of interest accrued during November) 4 On November 30, a friend of Natalie's asks her to teach a class at the neighborhood school Natale agrees and teaches group of 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 principals that he will as the invoice along to the head office, and it will be paid sometime in December Natalie receives a les bill for $45. The bills for utilities consumed by Natalie bunnen during November and he due December 15 Prepare the adjusting journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually) 0. Date Account Titles and Explanation Debit Credit Nov. 30 Supplies 35 Supplies 35 Nov. 30 Depreciation per 20 Accumulated Depreciation Coumen 20 Nov. 30 Interest Expense Interest Payable Nov. 30 Accounts Receivable 300 Service Revenue 300 Nov 30 Utilities Expense 45 Accounts Payable Post the adjusting journal entries. (Post entries in the order of journal entries presented in the previous question) Cash Date Explanation Rer. Debit Credit Balance Nov. 30 Balance v Accounts Receivable Date Explanation Ref. Debit Credit Balance 245 Nov. 30 32 Supplies Date Explanation Ref. Nov. 30 Balance Debit Credit Balance 125 30 32 Prepaid Insurance Debit Credit Balance Date Explanation Ref. Nov. 30 Balance 1.320 Equipment Debit Credit Balance Date Explanation Ref. Nov. 30 Balance 1.200 Accumulated Depreciation-Equipment Debit Credit Date Explanation Ref. Balance Nov. 30 Accounts Payable Date Explanation Ref. Debit Credit Balance Nov. 30 32 Interest Payable Date Explanation Ref Debit Credit Balance Nov. 30 12 Unearned Service Revenue Date Explanation Ref Debit Credit Balance Nov. RA Unearned Service Revenue Debit Credit Balance Date Explanation Ref. Nov. 30 Balance 30 Notes Payable Debit Credit Balance 2.000 Date Explanation Ref. Nov. 30 Balance Common Stock Date Explanation Ref. Nov. 30 Balance Debit Credit Balance 800 Service Revenue Debit Credit Balance Date Explanation Ref. Nov. 30 Balance 125 30 32 Utilities Expense Date Explanation Ref. Debit Credit Balance Nov. 30 12 Date Explanation Ref. Advertising Expense Debit Credit Balance Nov. 30 Balance Supplies Expense Date Explanation Ref. Debit Credit Balance Nov. 30 J2 N Depreciation Expense Debit Credit Date Explanation Ref. Balance Nov. 30 32 Interest Expense Date Explanation Ref Debit Credit Balance Nov. 30 J2 Prepare an adjusted trial balance COOKIE CREATIONS Adjusted Trial Balance Debit Credit MIC Total Using the adjusted trial balance calculate Cookie Creations net income or net loss for the month of November 2019