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

Additional information:
1. The insurance policy has a one-year term beginning April 2, 2012. 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 at the beginning of each 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 August 31, the company paid rent in advance for September, October, and November.
10. Income tax payable for the year is estimated to be an additional $4,000 beyond that recorded to date.
Instructions
(a) Prepare T accounts, and enter the trial balance amounts.
(b) Prepare and post the adjusting journal entries required at November 30.
(c) Prepare an adjusted trial balance at November 30, 2012.

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RIVER TOURS LIMITEL Trial Balance November 30, 2012 Debit Credit $ 3,000 Accounts receivable Supplies Prepaid rent Prepaid insurance Equipment 965 3,600 7,320 13,440 Accumulated depreciation-equipment 3,300 Boats 140,400 Accumulated depreciation-boats Accounts payable Bank loan payable, due September 1, 2015 Retained earnings 46,800 1,985 14,000 54,000 10,000 27,225 110,575 Unearned revenue Common shares lour revenue 69,560 11,170 10,800 3,465 825 700 $267,885 Salaries expense Repairs and maintenance expense Rent expense Interest expense Advertising expense 2 Income tax expense $267,885