MC003MATCHA CREATIONS It is the end of November, and Mei-ling has been in touch with her grandmother. Her grandmother asked Mei-ling how things went in her first month of business. Mei-ling, too, would like to know if the company was profitable in November. Mei-ling realizes that in order to determine Matcha Creations' income, she must first make adjustments. Mei-ling puts together the following additional information. 1.A count reveals that R350 baking supplies were used in November. 2.Mei-ling estimates that all of her baking equipment will have a useful life of 5 years or 60 months. (Assume Mei-ling decides to record a full month's worth of depreciation, regardless of when the business obtained the equipment.) 3.Mei-ling's grandmother has decided to charge an interest of 6% on the note payable extended on November 16. The loan plus interest is to be repaid in 24 months. (Assume that half a month of interest accrued during November.) 4. On November 30, a friend of Mei-ling's asks her to teach a class at the neighbourhood school. Mei-ling agrees and teaches a group of 35 first-grade students how to make holiday cookies. The next day, Mei-ling prepares an invoice for R3 000 and leaves it with the school principal. The principal says that he will pass the invoice along to the head office, and it will be paid sometime in December. 5.Mei-ling receives a utility bill for R450. The bill is for utilities consumed by Mei-ling's business during November and is due December 15. MC003 (Continued) The trial balance from MC002 is presented below. Debit Credit CashR 2 450 Supplies1 250 Prepaid Insurance13 200 Equipment12 000 Unearned Service RevenueR 300 Notes Payable20000 Share Capital-Ordinary8 000 Advertising Expense_ Service Revenue1 250 650 R29 550R29 550 REQUIRED: MATCHA CREATIONS Trial Balance November 30, 2023 Using the trial balance from MC002 and based on the new information above, do the following. (a) Prepare and post the adjusting journal entries. [36 Marks] (b) Prepare an adjusted trial balance. [10 marks] (c) Using the adjusted trial balance, prepare the statement of profit or loss to determine Matcha Creations' net income or net loss for the month of November 2023. 1/2 [4 marks] 11.0 TEMU 1440 Temu Temu's Ad Lit up TEMU INSTALL the Big Game 4.7 FREE