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Question 1: (20) A. On November 1, 2019. James Anderson organized Continental Moving Company. The transactions occurring during the first month of operations were as follows Nov. 1 James deposited $700.000 cash in a bank account in the name of the business. Nov.2 Purchased land for $190.000 and building for $350,000, paying $150,000 cash and signing a note payable for the rest to Secure Mortgage Company bearing interest rate at 9% Nov.2 Paid $12,000 to Morrison Realty as four months' advance rent on the parking lot. Nov. 3 Purchased five trucks from Willis Motors at a total cost of $600,000. A cash down payment of $300,000 was made and a note payable was issued for the balance of the purchase price. (This note payable is due in 60 days and does not call for the payment of interest.) Nov. 6 Purchased office equipment for cash, 530,000 Nov. 6 Purchased office supplies on account from Newport Office Company, $1,850. Payment due in 30 days. (These supplies are expected to list for several months.) Nov. 6 Moved furniture of Mr. and Mrs. James from New York to Los Angeles for 59.250. Collected $3.250 in cash, balance to be paid within 30 days Nov. 9 Moved furniture for various clients for $40.500. Collected $20.500 in cash, halance to be paid within 30 days Nov. 10 Received $15.000 cash as advance payment on moving furniture from Lara Construction Company Nov. 15 Paid salaries to employees for the first half of the month, 518,600. Nov. 25 Moved furniture for various clients for $30,000. Cash collected in full Nov. 30 Salaries paid for the second half of November amounted to $15.000 Nov. 30 Received a gasoline bill for the month of November from Albert Oil Company in the amount of $18,000, to be paid by December 10. Nov. 30 Paid $8,000 to Secure Mortgage Company. This $8,000 payment included sam interest expense for November and a $3.000 reduction in the balance of the mor issued on November 2 Nov. 30 Anderson withdrew $5,000 cash from the business for his personal use. Other Data: Other Data: a. Estimated useful life of the building is 20 years, trucks 4 years, and office equipment 10 years. b. During November, the company earned $3,500 of moving furniture dues paid in advance by Lara Construction Company on November 10. c. Office supplies on hand at November 30 are estimated as $1,800. d. The advance payment of rent on November 2 covered a period of four months. Required: i. ii. iii. iv. Prepare journal entries. Post to ledger accounts. Prepare a trial balance at November 30. Prepare adjusting entries and post to ledger accounts. Prepare an adjusted trial balance at November 30. Prepare an income statement and balance sheet. Prepare closing entries at November 30 and post to ledger accounts. Prepare an after-closing trial balance at November 30. V. vi. vii. v