uest cruiseis a travel agency that ofteralines at tne end Orcoltravel packages, The company is ouned and coperated by Gray Paletier. The closing balances at the end of Ocrober 2023 and the chart of account atand. Assets Cash Accounts Receivable Prepaid insurance Equipment Accumulated Depreciation Total Assets Quest Cruise Balance Sheet As at October 31, 2023 Liabilities $29,920 Accounts Payable $11,800 Unearned Revenue So Bank Loan $41,000 Note Payable $12,500 Total Liabilities Pelletier, Capital $70,220 Total Liabilities & Owners' Equity $11,500 $9,000 $27,000 $47,500 522,720 $70,220 Account Description Account # Account Description ASSETS [Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation LABILITIES Accounts Payable Interest Payable Salary Payable Unearned Revenue Bank Loan Note Payable OWNER'S EQUITY (Pelletier, Capital Pelletier. Withdrawals lIncome Summary 101 105 110 120 125 200 205 210 215 220 225 REVENUE Service Revenue EXPENSES Advertising Expense Depreciation Expense [Insurance Expense Interest Expense Salaries Expense Telephone Expense Travel Expense Rent Expense Account # 400 500 510 515 520 545 550 555 560 300 310 315 For the month of November 2023, Quest Cruise had the following transactions: Nov 11 Nov a Nov 1 Nov 2 Gray invested $14,600 cash and equipment valued at $15,000 into the business Prepaid $15,000 for insurance for one year. [Paid $5,200 cash for November's rent. Provided travel services to group of travellers; they paid $32,500 now and will pay $6,500 later. Now 2 Purchase equipment by signing a Note Payable for $21,000, due in 3 years plus accrued interest at 12%. Now 5 Nov 15 Nov 18 I Nor 20 Nov 23 Nov 26 Recorded travel expenses for $12, 450 to be paid next month. Paid 59,200 cash to reduce the balance of accounts payable. Received $5,900 cash from customers for the travel services provided last month. Received a telephone bi for 395 which will be paid next month. [Paid $9,110 cash for employee's salaries. Received $31,450 cash in advance from travellers for travel services to be provided newt [Nov 28 Nov 29 [Paid 57.540 advertising expense for the promotion of the travel and tours in the montn of November. The owner withdrew 58,000 cash for personal use