The following is River Tours Limited's unadjusted trial balance at its year end, November 30, 2015. The company adjusts its accounts annually.

Additional information:
1. The insurance policy has a one-year term beginning April 1, 2015. At that time, a premium of $7,320 was paid.
2. The equipment has an estimated useful life of 8 years. The boats have an estimated useful life of 12 years.
3. A physical count shows $300 of supplies on hand at November 30.
4. The bank loan payable has a 7% interest rate. Interest is paid on the first day of each following month.
5. Deposits of $1,400 each were received for advance tour reservations from 10 school groups. At November 30, all of
these deposits have been earned.
6. Employees are owed a total of $500 at November 30.
7. A senior citizens' organization that had not made an advance deposit took a river tour for $1,250. This group was not
billed until December for the services provided.
8. Additional advertising costs of $260 have been incurred, but the bills have not been received by November 30.
9. On November 1, the company paid $2,400 rent in advance for November and December.
10. Income tax payable for the year is estimated to be an additional $300 beyond that recorded to date.
Instructions
(a) Prepare T accounts, and enter the unadjusted trial balance amounts.
(b) Prepare and post the adjusting journal entries required at November 30.
(c) Prepare an adjusted trial balance at November 30.

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Debit Credit Accounts receivable Prepaid rent Prepaid insurance Accumulated depreciation-equipment Accumulated depreciation-boats $ 3,360 Bank loan payable 69,560 Repairs and maintenance expense Income tax expense $267,885 $267,885