Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

already did november. need help with december 1-31 thanks :) 1. Journalize the transactions for both November and December, using the following accounts: Cash; Accounts

already did november. need help with december 1-31 thanks :) image text in transcribed
image text in transcribed
image text in transcribed
1. Journalize the transactions for both November and December, using the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Rent; Land; Building; Canoes; Accounts Payable; Utilities Payable; Telephone Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Canoe Rental Revenue; Rent Expense; Utilities Expense; Wages Expense; and Telephone Expense. Explanations are not required. (Hint: For November transactions refer to the transaction analysis chart for November.) 2. T-accounts have been opened for you. Post the journal entries to the T-accounts, and calculate account balances. Use the transaction dates as posting references. 3. Prepare a trial balance as of December 31, 2018. 4. Prepare the income statement of Canyon Canoe Company for the two months ended December 31, 2018 5. Prepare the statement of retained earnings for the two months ended December 31, 2018, 6. Prepare the balance sheet as of December 31, 2018. 7. Calculate the debt ratio for Canyon Canoe Company at December 31, 2018. Dec. 1 Dec. 1 Dec. 2 Dec. 4 Dec. 9 Amber and Zack contributed land on the river (worth $85,000) and a small building to use as a rental office (worth $35,000) in exchange for common stock. Prepaid $3,000 for three months' rent on the warehouse where the company stores the canoes. Purchased canoes signing a notes payable for $7,200. Purchased office supplies on account for $500. Received $4,500 cash for canoe rentals to customers. Rented canoes to customers for $3,500, but will be paid next month. Received a $750 deposit from a canoe rental group that will use the canoes next month. Paid the utilities and telephone bills from last month. Paid various accounts payable, $2,000 Received bills for the telephone ($325) and utilities ($295) which will be paid later. Paid wages of $1.800. Paid cash dividend to stockholders, $300 Dec. 15 Dec. 16 Dec. 18 Dec. 19 Dec. 20 Dec. 31 Dec. 31 Amber and Zack decide that they will create a new corporation Canyon Cance Company or CCC for short Canyon Cance Company is a service based company that runs canons for use on ollakas and five's The business began operations on November 1, 2018 and completed the foliowing transactions in the first month (Click the icon to view the November transaction) (Click the icon to view the transaction analysis chart from November) Notition, Canyon Cance Company completed the following transactions for December, Click the loon to view the December transaction Read the requirements Now 30: Paid S100 idents to stockholours Accounts words Credit Debit 100 Nox 30 100 Dact Amber and Zackbed and on the river (worth $05,000) and a small building to selfie worth 5,000 hange for como Date MOV Det Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Practical Version

Authors: Abanis Turyahebwa ,Kasozi Geoffrey

1st Edition

6205489481, 978-6205489482

More Books

Students also viewed these Accounting questions