Anna and Zion decide that they will create a new corporation, Golden Lake Company, or GLC for short. Golden Lake Company is a service based company that rents canoes for use on local lakes and rivers. The business began operations on November 1, 2024 and completed the following transactions in that first month. (Click the icon to view the November transactions.) (Click the icon to view the transaction analysis chart from November.) In addition, Golden Lake Company completed the following transactions for December. (Click the icon to view the December transactions.) Read the requirements. Requirement 1. Journalize the transactions for both November and December, using the following accounts: CashCash; 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.) (Record debits first, then credits. Exclude explanations from journal entries.) Nov. 1: Received $25,000 cash to begin the company and issued common stock to Anna and Zion. Date Accounts Debit Credit Nov. 1 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, 2024. 4. Prepare the income statement of Golden Lake Company for the two months ended December 31, 2024. 5. Prepare the statement of retained earnings for the two months ended December 31, 2024. 6. Prepare the balance sheet as of December 31, 2024. 7. Calculate the debt ratio for Golden Lake Company at December 31, 2024. Nov. 1 Nov. 2 Nov. 3 Nov. 4 Nov. 7 Nov. 13 Received $25,000 cash to begin the company and issued common stock to Anna and Zion. Signed a lease for a building and paid $1,700 for the first month's rent. Purchased canoes for $8,160 on account. Purchased office supplies on account, $1,200. Earned $1,200 cash for rental of canoes. Paid $1,400 cash for wages. Paid $100 dividends to stockholders. Received a bill for $200 for utilities. (Use separate payable account.) Received a bill for $170 for cell phone expenses. (Use separate payable account.) Rented canoes to School's Out on account, $3,500. Paid $1,400 on account related to the November 3 purchase. Received $1,400 from School's Out for canoe rental on November 22. Nov. 15 Nov. 16 Nov. 20 Nov. 22 Nov. 26 Nov. 28 Nov. 30 Paid $250 dividends to stockholders. Dec. 1 Anna and Zion contributed land on the river (worth $60,000) and a small building to use as a rental office (worth $348,000) in exchange for common stock. Prepaid $5,100 for three months' rent on the warehouse where the company stores the canoes. Dec. 1 Dec. 2 Dec. 4 Dec. 9 Dec. 15 Dec. 16 Purchased canoes signing a notes payable for $9,600. Purchased office supplies on account for $300. Received $4,400 cash for canoe rentals to customers. Rented canoes to customers for $3,000, but will be paid next month. Received a $600 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, $3,000. Received bills for the telephone ($300) and utilities ($290) which will be paid later. Paid wages of $2,200. Paid cash dividend to stockholders, $600. Dec. 18 Dec. 19 Dec. 20 Dec. 31 Dec. 31