Topic 3 (week 9) This is the trial balance of Creative Works Company on October 31, 20204 Creative Works COMPANY Trial Balance October 31, 2020 Debit Credite Cash $ 7,520 Accounts Receivable 3,000 Supplies 3,100 Prepaid Insurance 400 Equipment 8,000 Accumulated Depreciation - Equipment Accounts Payable Notes Payable Interest Payable Unearned Service Revenue Common Stock 14,000 $22.020 $22,02042 1,2008 $ >2,600 >3,000 12043 1,100 The lipvember transactions were as follows. Nov 54 Received $1,000 in cash from customers for accounts receivable due. 10+ Billed customers for services performed $4,800. 154 Paid employee salaries $1,200.- 17+ Performed $600 of services for customers who paid in advance in September. 20+ Paid $1,900 to creditors for accounts payable due. 29 Paid a $300 cash dividend. 30 Paid utilities $400. Additional information: 1. Insurance expires at the rate of $200 per month. 2. Supplies on hand total $2,500.- 3. Depreciation on the equipment is $200 per month. - 4. The note payable is dated September 1. It is a 6-month, 12% note. o 23 Required: a Journalize the transactions for the month of November. No narration is required. b/ Prepare the unadjusted Trial Balance as of November 30, 2020. You have to follow the sequence in e/ when preparing the Trial Balance. c/ Based on the additional information given, prepare the adjusted Trial Balance as of November 30, 2020. You have to follow the sequence in f/ when preparing the Trial Balance. d In no more than 100 words explain the significance of a Trial Balance.- e/ Your friend is having problems understanding the accounting record, 'account'. In not more than 100 words, can you explain to your friend. f Cash Accounts Receivable Supplies Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Payable Notes Payable Interest Payable Unearned Service Revenue Common Stock Dividends Service Revenue Salaries and Wages Expense- Utilities Expenses Insurance Expenses Supplies Expense- Depreciation Expense- Interest Expense 2