Kai Travel was organized on September 1, 2021. Assume that the accounts are closed and financial statements are prepared each month. The company occupies rented office space but owns office equipment estimated to have a useful life of 10 years from date of acquisition, September 1, 2021. The unadjusted trial balance for Kai at November 30, 2021 is shown below:


Unadjusted Trial Balance
Account Title and Explanation-Debit-Credit
Cash 1,750 (D)
Receivable 1,210 (D)
Office Equipment 4,800 (D)
Accum. Deprn. – Office equipment 80 (C)
Accounts payable 1,640 (C)
Kai, capital 7,490 (C)
Kai, drawing 500 (D)
Service revenue 4,220 (D)
Advertising expense 800 (C)
Salaries expense 3,600 (D)
Rent expense 770 (D)

Total of Debit: 13,430
Total of Credit: 13,430


Additional Information:
The rent expense amounting to PHP770 covers rental for the month of November and December 2021
Requirements:
1. Prepare the adjusting entries necessary for the above problem
2. Prepare an adjusted trial balance
3. Prepare an income statement ending November 30, 2021
4. Prepare closing entries