IV. Applications (40 points) TS Express is a delivery company established on Jan ,2017and operated by Tony Stark. The following transactions took place during November. o On Nov 1". Tony Stark invested $90,000 into TS Express. On Nov TS Express used m000 cash to purchase an insurance covering the coming 4 months o On Nov 7. TS Express sold redeemed VIP cards worth $2,000 in cash. On Nov 1 ". TS Express borrowed S30,000 frorn China Bank. o On Nov 15". TS Express purchased an equipment on credit for $260,000. The equipment was estimated to be used for 10 years and had a residual value of $20,000. On Nov 22, Tony Stark withdrew $10,000 from TS Express for his personal use. Journalize all the entries. (9 points, 1.5 points each) 2. 1. Prepare a trial balance. (5 points, just fill in the spreadsheet) At the end of November, the following adjustments have to be made: o Part of the insurance expired o Accrued employees' salaries were $20,000. They would be paid next month. o The VIP cards were used during the month. o The equipment depreciated for one month. Journalize all the adjustments. (6 points, 1.5 points each) 4. Post the adjustments to the spreadsheet. (5 points) 5. Prepare an adjusted trial balance (5 points,just fill in the spreadsheet) 6. Record all the closing entries. (5 points) 7. Prepare a post-closing trial balance. (5 points, just fill in the spreadsheet) 3