The Accounting Cycle: Nov. 1 Luis Rult lovests $20,000 to start his own consulting agency Nov. 1: Purchased a one year fire Insurance policy, 5960 Nov. 5: Acquired a computer for $10,000, paying $3,500 down with balance due in 60 days. Nov. 6: Purchased office supplies on account from Taylor Supply, $1,500. Nov.9: Pald Taylor Supply 5400 on account. Nov. 10: Billed Barkley Insurance for consulting services performed, $6,000 Nov. 12: Collected $1,500 from Barkley insurance. Nov. 12: Hired secretary to be paid $600 per week Nov. 15: Collected $1,000 from Bryant Realty for consulting services to be performed Nov. 26: Paid the secretary two weeks' wages. $1.200. Nov. 29: Receved and paid the November utility bill, $700. Nov. 30: Received (but did not pay the November telephone bil, $100. Nov. 30: Performed consulting services for Bing Enterprises, 54,800, to be collected in December Nov. 30: Rulz withdrew $1.400 from the business for personal living expenses. Required: 1. Journalize and post the November transactions for for Rulz Consulting 2. Prepare a Trial Balance as of November 30. 3. Prepare and post adjusting entries for the month ended November 30. a. Expired insurance, $80 b. Supplies on hand at November 30, 5900 Monthly depreciation of computer, $250 d. 20% of advance fee from Bryant Brokerage was earned by November 30 e. Accrued 3 days wages, 5360 4. Prepare an Adjusted Trial Balance. 5. Prepare the following Financial Statements Income Statement for the month ended November 30. b. Statement of Owner's Equity for the month ended November 30. c Balance Sheet as of November 30. 6. Prepare and post the closing entries. General Journal Account Debit Credit Date 11/1/20 11/1/20 11/5/20 11/6/20 11/9/20 11/10/20 11/12/20 11/12/20 11/15/20 11/26/20 11/29/20 11/30/20 11/30/20 11/30/20 Cash AR Prepaid insurance Supplies Computer Accumulated Depreciation AP Unearned Revenue 1 Wages Payable Rule, Capital Rule, Withdrawal Consulting Revenue Utility Expense Telephone expense Wages Expense Depreciation Expense Insurance Expense Supplies Expense Income Summary Rule Consulting Unadjusted Trial Balance Debit Account Credit Total Rulz Consulting Adjusted Trial Balance Debit Account Credit Total