On November 1,2018,King company was established and began operations.Kings adopted a fiscal year end of November 30. Below are the besiness transactions for the month of November.

Journalizing, Adjustments, Trial Balances, Financial Statements & the Closing Process On November 1, 2018, King Company was established and began operations. Kings adopted a fiscal year end of November 30. Below are the business transactions for the month of November. Date Transactions Nov. 1 King Company received $50,000 cash from investors in exchange for 1000 shares of capital stock. Nov. 1 King Company paid in advance $6,000 for 12 months of rent. Nov. 1 King company paid $2,400 for its annual insurance premium. Coverage is from November 1, 2018 to October 31, 2019. supplies The business purchased office equipment for $15,000. 1000 The business purchased supplies costing $1,000 on account. equipment 1500 Nov. 2 Nov. 3 Nov. 5 Received $5,000 in advance for services to be provided in the future. on cried King rendered services to a client for $8,000, on account Nov. 7 Nov. 10 King received $3,000 for services provided services to a client. Nov. 15 Paid wages to employees, $3,000. Nov. 17 Paid creditor on account, $700. Nov. 20 Received $3,000 partial payment from customer on account for services on Nov. 7. Nov. 30 Received utility bill, $300. Nov. 30 Paid dividends, $2,500. Month end adjustments to be recorded on November 30, 2018 1. Supplies on hand on November 30, $750. 2. One month's prepaid rent expired, $500 3. Unused annual insurance premium balance, $2,200 4. Mailed invoice to customer for services provided, $1,500, 5. Wages for the period November 16th - 30th of $3,000 incurred but to be paid on December 3. 6. Unearned portion of the advance payment for services, $3,000. 7. Depreciation on office equipment, $250. King Company Trial Balance (Unadjusted) November 30, 2018 DR CR Cash Acct Receivable Supplies Prepaid Rent Prepaid Ins. Office Equip Accumulated Depreciation Accounts payable Wages payable Unearned revenues Capital Stock Retained Earnings Dividends Service revenue (or fees earned) Wages expense Supplies expense Rent expense Insurance expense | Utilities expense Depreciation Total Adjusting Journal Entries Account Date Nov. 30 Closing Journal Entries Date 30 - 11 / / /