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Case Accounting Cycle Quest Cruise is a travel agency that offers international and local travel packages. The company is owned and operated by Gray Pelletier. The closing balances at the end of October 2023 and the chart of accounts are shown below. Assets Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation Total Assets ASSETS Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation LIABILITIES Account Description Accounts Payable Interest Payable Salary Payable Unearned Revenue Bank Loan Note Payable OWNER'S EQUITY Pelletier, Capital Pelletier, Withdrawals Income Summary 2 Nov 5 Nov 15 Nov 18 Nov 20 Nov 23 Nov 26 Nov 28 Nov 29 Quest Cruise Balance Sheet As at October 31, 2023 Liabilities $29,920 Accounts Payable $11,800 Unearned Revenue $0 Bank Loan $41,000 Note Payable -$12,500 Total Liabilities $70,220 Account # 101 105 110 120 125 200 205 210 215 220 225 300 310 315 Pelletier, Capital Total Liabilities & Owners' Equity Account Description REVENUE Service Revenue EXPENSES Advertising Expense Depreciation Expense Insurance Expense Interest Expense Salaries Expense Telephone Expense For the month of November 2023, Quest Cruise had the following transactions: Nov 1 Nov 1 Nov 1 Nov 2 Travel Expense Rent Expense $11,500 $9,000 $27,000 $0 $47,500 $22,720 $70,220 Account # 400 500 510 515 520 545 550 555 560 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. Purchase equipment by signing a Note Payable for $21,000, due in 3 years plus accrued interest at 12%. Recorded travel expenses for $12,450 to be paid next month. Paid $9,200 cash to reduce the balance of accounts payable. Received $5,900 cash from customers for the travel services provided last month. Received a telephone bill for $995 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 next month. Paid $7,540 advertising expense for the promotion of the travel and tours in the month of November. The owner withdrew $8,000 cash for personal use.

Case Accounting Cycle Quert Crulte a a trovel agancy that offers international and local travel packages. The compary is owned and cpersted by Gray Pelletser, The closing balances at the end of October 2023 and the chart af accounts are shown \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{\begin{tabular}{c} Quest Crulse \\ Income Statement \end{tabular}} \\ \hline For the Month Ended Novembor 30, 2023 \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total Expenses: & & \\ \hline Net Income & & \\ \hline \end{tabular} Quest Crulse Statement of Owner's Equity For the Month Ended November 30,2023 \begin{tabular}{|l|l|l|} \hline Pelletier Capital November 1 & & \\ \hline Add: & & \\ \hline Net Income & & \\ \hline Investments & & \\ \hline Subtotal & & \\ \hline Less: Withdrawals & & \\ \hline Pelletier Capital November 30 & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|} \hline Journal & Account Title and Explanation & PR & DR & CR \\ \hline Date & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Account: } & \multirow{2}{*}{\multicolumn{3}{|c|}{ Inserest Pavabie }} & \multirow[b]{2}{*}{CR} & GLNo: \\ \hline & & PR & of & & Balance (DR or CQ) \\ \hline Date & Dewerption & & & & \\ \hline & Opening Batance & & & & \\ \hline & & & & & \\ \hline & & {[} & & & \\ \hline & & & & & \\ \hline & & & & & GL Nos \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline & Salarr Payable & & & & GL No: \\ \hline Account: & Description & PQ & OR & CR & Balance (O/ or Ch) \\ \hline & Opening Bolance & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & + & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: Unearned Revenue & Description & PR & DR & CR & \multicolumn{1}{|c|}{ Balance (DR or CR) } \\ \hline Date & Opening Belance & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline Account. & Bunktoan & & & & GL. No: \\ \hline Date & Description & PR & OR & CR & Dalance (DR or CR ) \\ \hline & Opening blalance & & & & \\ \hline & & & & & \\ \hline & & + & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline Account: & Note Payable & & & & GL NO: \\ \hline Date & Description & PB & OR. & CR & Balance (DM or CR ) \\ \hline & Openigs Balance & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline Account: & Pelletier, Copital & & & & GL No: \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & \\ \hline & & & & & \\ \hline & & & - & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: Pelletier. Withdrowals & DR & OR & CR & GL Mo: \\ \hline Date & Description & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline Account: & Income Summary & & & & GLNO: \\ \hline Date & Description & ph & on & Ch & Batance (DR or CR ) \\ \hline & & 1 & 4 & & \\ \hline & E & & + & & \\ \hline & & E & & & \\ \hline & & & E & & \\ \hline & & - & E & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: & \multicolumn{1}{|l|}{ Service Revenue } & PR & DR & CR & \multicolumn{2}{|c|}{ Batance (OR or CR) } \\ \hline Date & Description & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: & Advertising Expense & PR & DR & CR & \multicolumn{2}{|c|}{ BLalance (OR ar CR) } \\ \hline Date & Description & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: & Depreciation Expense & PR & OR & CR & \multicolumn{2}{|c|}{ BLalance (OR or CR) } \\ \hline Date & Description & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: Insurance Expense & Description & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline Date & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} Quest Cruise Post-Closing Trial Balance November 30, 2023 \begin{tabular}{|l|l|l|} \hline \multicolumn{3}{|c|}{ Post-Closing Trial Balance } \\ \hline November 30, 2023 \\ \hline & DR & CR \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Paid $578 cash for the bank loan which included $375 principle and $203 interest. The Nov 30 loan is due in 6 years with monthly repayments of $375 principle plus interest at 9% on outstanding balance. At the end of November, the following adjustment had to be journalized to properly report the balances of the company's accounts: Required: a) Enter the opening balances from the October 2023 balance sheet into the general ledger accounts. b) Prepare the journal entries for the month of November and post them to the appropriate general ledger accounts. c) Create the trial balance in the worksheet, and then complete the remaining section of the worksheet taking into account the information for adjustments shown above. d) Create the income statement, statement of owner's equity and the classified balance sheet. e) Prepare the journal entries for the adjustments and post them to the appropriate general ledger accounts. f) Prepare the journal entries to close the books for the month of November 2023 (use the income summary account), and post the journal entries to the appropriate general ledger accounts. g) Create the post-closing trial balance. \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: Interest Expense & Description & OR & CR & Balance (OR or CR) \\ \hline Date & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: Salarles Expense & Description & PR & DR & CR & Balance (OR or CR) \\ \hline Date & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: Telephone Expense & Description & PR & DR & CR & Blatance (DR or CR) \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: & Travel Expense & DR & DR & CR & El No: \\ \hline Date & Description & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: & Rent Expense & PR & OR & CR & Balance (DR or CR) \\ \hline Date & Description & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline Account: & Cash & & & & Gl Na: \\ \hline Date & Description & PR & OA & CR & Balance (DR or CR ) \\ \hline & Openins Balance & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline & & & 4 & & \\ \hline & & & & & \\ \hline & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: & Accounts recelvable & PR & DR & CR & GL No: \\ \hline Date & \multicolumn{1}{|c|}{ Description } & & & & & \\ \hline & Opening Balance & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|c|} \hline Account: & Prepald Insurance & \multicolumn{1}{l|}{} & \multicolumn{2}{l|}{ GL No: } \\ \hline Date & Description & PR & DR & CR & Balance (DR or CR) \\ \hline & Opening Balance & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: Equipment & \multicolumn{1}{|c|}{ Description } & PR & DR & CR & \multicolumn{2}{c|}{ Balance (DR or CR) } \\ \hline Date & Opening Balance & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular} \begin{tabular}{|c|l|c|c|c|c|c|} \hline Account: & Accumulated Depreciation & PR & DR & CR & \multicolumn{2}{|c|}{ Balance (DR or CR) } \\ \hline Date & Description & & & & & \\ \hline & Opening Balance & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline & & & & & & \\ \hline \end{tabular}