RiverHawk Expeditions provides guided tours in scenic mountainous areas. After the first 11 months of operations in 2021, River Hawk has the following account balances. RIVERHAWK EXPEDITIONS Trial Balance November 30, 2021 Accounts Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Salaries Expense Rent Expense Totals Debits Credits $ 9,200 4,500 400 24,100 170,000 $ 3,300 50,000 120,000 14,100 5,000 75,000 11,000 28,300 9,900 $262,400 $ 262,400 The following transactions occur during December 2021: December 1 Pay rent for mountain lodges for the month of December, $900. December 5 Provide guided tour to customers in Grand Teton National Park for cash, $2,800. December 8 Borrow from a local bank by signing a note payable, $10,000. The note is due in one year with a 6% interest rate. December 12 Receive cash from customers as payment for a guided tour that occurred on November 28, $3,500. December 13 Issue additional shares of common stock for cash, $20,000. December 15 Pay employee salaries for the first half of the month, $1,200. December 17 Purchase advertising on several local radio stations to be aired during the following two weeks, $1,000. December 22 Provide guided tour to customers in Yellowstone National Park on account, $3,200. December 23 One of the customers from the December 22 tour claims to have seen the legendary creature Bigfoot. The company believes this exciting news will create additional revenue of $20,000 next year. December 26 Purchase several pieces of hiking equipment to give customers a more enjoyable adventure, such as night- vision goggles, GPS, long-range binoculars, and video cameras, for cash, $28,500. December 28 Pay cash on accounts payable, $1,500. December 31 Pay dividends to stockholders, $2,000. 2. & 3. Post each transaction to the appropriate T-accounts and Calculate the balance of each account at December 31, 2021. (Hint: Be sure to include the balance at the beginning of December in each T-account.) Answer is not complete. Beg. Bal. December 22 Accounts Receivable 4,500 3,200 3,500 December 12 Beg. Bal. December 5 December 8 December 12 December 13 Cash 9,200 2,800 10,000 3,500 20,000 >> End. Bal 7,700 3,500 900 1,200 1,000 28,500 1,500 2,000 December 1 December 15 December 17 December 26 December 28 December 31 End. Bal. 45,500 45,500 Prepaid Insurance 400 400 Beg. Bal. Beg. Bal. Equipment 24,100 52,600 28,500 End. Bal. 400 400 End. Bal. 52,600 52,600 Beg. Bal. Land 170,000 170,000 $ Beg. Bal. December 28 Accounts Payable 3,300 1,500 1,800 End. Bal. 170,000 170,000 End. Bal. 3,300 3,300 X Beg. Bal. Notes Payable 60,000 X 50,000 10,000 Beg. Bal. Common Stock 140,000 120,000 20,000 December 12 December 13 End. Bal. 60,000 60,000 End. Bal. 140,000 140,000 Beg. Bal. Retained Earnings 14,100 14,100 Beg. Bal. December 31 Dividends 5,000 2,000 7,000 7,000 End. Bal. 14,100 X 14,100 End. Bal. 7,000 Beg. Bal. Service Revenue 6,000 2,800 3,200 Beg. Bal. December 17 Advertising Expense 11,000 1,000 12,000 End. Bal. 6,000 6,000 End. Bal. 12,000 12,000 Rent Expense Salaries Expense 28,300 1,200 29,500 Beg. Bal. December 15 Beg. Bal. End. Bal. 29,500 29,500 X End. Bal