The following is Swifty Tours Limited's unadjusted trial balance at its year end, November 30, 2021. The company adjusts its accounts annually. Debit Credit Cash $14,600 8.330 Accounts receivable Supplies 910 Prepaid rent 2.580 Prepaid insurance 6,960 Equipment 12,600 Accumulated depreciation-equipment $3,150 Vehicles 127.800 42.600 Accumulated depreciation-vehicles Accounts payable 1880 14.700 Deferred revenue 54 000 Bank loan payable, due 2024 10.000 Common shares 29.210 Retained earnings Accumulated depreciation-equipment $ 3,150 Vehicles 127,800 Accumulated depreciation-vehicles 42,600 Accounts payable 1,880 Deferred revenue 14,700 Bank loan payable, due 2024 54,000 Common shares 10,000 Retained earnings 29.210 Fees earned 114,675 Salaries expense 64,200 Repairs and maintenance expense 12.280 Rent expense 14.190 Interest expense 3,465 Advertising expense 700 Income tax expense 1.600 $270.215 $270.215 Additional information 1. 2 3. 14 5 The insurance policy has a one-year term beginning April 1.2021. At that time, a premium of $6,960 was paid. The equipment was acquired on December 1, 2018, and has an estimated useful life of eight years. The vehicles were acquired on December 1, 2018, and have an estimated useful life of six years. The company uses straight-line depreciation A physical count shows $280 of supplies on hand at November 30, The bank loan payable has a 7% interest rate. Interest is paid on the first day of each following month, and was last paid on November 1 Deposits of $1.470 each were received for advance tour reservations from 10 school groups. At November 30, all of these deposits have been earned, Employees are owed a total of $490 at November 30, A senior citizens organization that had not made an advance deposit took a river tour for $1.220. This group was not billed until December for the services performed Additional advertising costs of $270 have been incurred, but the bills have not been received by November 30, On November 1, the company paid $2,580 rent in advance for November and December 10. Income tax payable for the year is estimated to be an additional $290 beyond that recorded to date. 6. 7 8 9 NOV. 30 Insurance Expense 4640 Prepaid Insurance 4640 Nov. 30 Depreciation Expense 22875 1525 Accumulated Depreciation Equipment ccumulated Depreciation Equipment Accumulated Depreciation Vehicles 21300 3 Nov. 30 Supplies Expense 630 Supplies 830 4. Nov. 30 Interest Expense 315 Interest Payable 315 Nov. 30 5. 14700 Deferred Revenue Nov. 30 Deferred Revenue 14700 Fees Earned 14700 Nov. 6. Salaries Expense 30 490 Salaries Payable 490 Scaries Payable 7 Nov. 30 Accounts Receivable 1220 Fees Earned 1220 8 Nov. 30 Advertising Expense 270 Accounts Payable 270 9. Nov. 30 Rent Expense 1290 Prepaid Rent 1290 2.90 10. Nov. 30 Income To Expense 200 Income To Payable Set up T accounts, enter the opening balances, and post the November adjusting entries to the general ledger. (Post entries in the order of journal entries presented in the previous part) Cash Account Receivable Supplies Prepaid Rent Prepaid Rent Prepaid Insurance Equipment Accumulated Depreciation-Equip. Vehicles Accumulated Depreciation-Vehicles I Accounts Payable Bank Loan Payable Interest Payable Salaries Payable Income Taxes Payable Deferred revenue Common Shares Retained Earnings Fees Earned > Repairs and Maintenance Expense Rent Expense I Interest Expense V Advertising Expense Lising Expense Depreciation Expense Supplies Expense Insurance Expense Income Tax Expense