Nov. 1 Nov. 3 Part A (18 marks) Rowdy Bolton opened a consulting company called "Stark" on November 1. During November, t company completed the following transactions. Bolton invested $450,000 cash and $150,000 land into the business. Purchased a building for $400,000. The company paid $150,000 in cash and signed a note for $250,000, payable in 3 years. Nov. 4 Nov. 6 Paid $18,000 for insurance covering two years. Coverage begins on Dec. 1. Purchased supplies costing $3,000 on account. Nov. 9 Nov. 12 Nov. 15- Nov. 23 Nov. 26 Nov. 29 Received advance payments of $10,000 from customers for whom services would be provided in next month. Completed services for $8,000 on credit. Paid $3,500 cash for staff salaries. Paid $1,000 utilities expense by cash. Received $2,000 cash as partial payment of the receivable created on Nov. 12. Bolton withdrew $3,000 for personal use. Required: 1. Prepare journal entries to record these transactions (use account titles listed in part 2. below). Explanations/Narratives are not required for journal entries. (8 marks) 2. Open the following ledger accounts: Cash (101); Accounts Receivable (105); Office Supplies (122); Prepaid Insurance (161); Building (172); Land (180); Accounts Payable (201); Notes Payable (240); Unearned Service Revenue (225); R. Bolton, Capital (301); R. Bolton, Withdrawals (302); Services Revenue (401); Salaries Expense (501), and Utilities Expense (503). Post the journal entries from part 1. to the ledger accounts, using the following header for each account: Date [name of Account] Debit Account No. ### Credit Balance (8 marks) (2 marks) 3. Prepare a trial balance as of November 30. Part B (2 marks) What is a trial balance? Why does the firm prepare a trial balance? (2 marks)