Question
ABC Company is a rental canoes business that also sells hats, T-shirts, and other souvenirs. Reuirements: 1. Record the amounts of revenue, expense, and dividends
ABC Company is a rental canoes business that also sells hats, T-shirts, and other souvenirs. Reuirements: 1. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide the appropriate titles for these accounts in the last column of the table. 2.Prepare a Trial Balance, Income Statement, Statement of Retained earnings and a Balance Sheet. Nov 2 - Received $25,000 cash to begin the company in exchange for Common Stock Nov 3 - Signed a lease for a building and paid $1,700 for the first month's rent. Nov 4 - Purchased canoes for $6,240 on the account. Nov 7 - Purchased office supplies on account, $1,200. Nov 8 - Earned $1,600 cash for rental of canoes. Nov 9 Paid $2,400 for one-year insurance for the business Nov 15 - Paid $1,600 cash for wages. Nov 16 Dividends paid $400 Nov 17 Sold some T-shirt to a vacation group for $500 on account. Nov 18 Received $700 in advanced for hats for a large group that will arrive in November 30. Nov 20 - Received a bill for $110 for utilities. Nov 22 - Received a bill for $120 for cell phone expenses. Nov 26 - Rented canoes to Little Lake on account, $3,500. Nov 28 - Paid $1,500 on account related to the November 4, purchase. Nov 30 - Received $1,000 from Little Lake for canoe rental on November 26. Nov 30 - Supply balance at Nov 30 is $200 Nov 30 - The group that purchased the hats arrived and received the hats Nov 30 - $250 was incurred this month in gas expenses but the bill has not been received.
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