Background:

Canyon Canoe Company is a service$-$based company that rents canoes for use on local lakes and rivers. Canyon Canoe is a corporation that was started by Amber & Zack Wilson. Canyon Canoe Company began operations on November $1,2018,$ and entered into the transactions listed below over its first two months of operations.

Assignment: Using the General Journal tab, click Add Transaction to journalize each transaction. Click Post Transaction once you complete the entry, then repeat these steps for each transaction.

Click the Reports tab and review the results of recording these transactions on the General Ledger.

Under the Reports tab, review the Trial Balance generated as a result of recording these transactions.

Under the Reports tab, review the Income Statement, and Balance Sheet generated as a result of recording these transactions.

Click Submit Work when complete.

$11/01/2018$

Received $$16,000$ cash to begin the company and issued common stock to Amber and Zack Wilson.

$11/02/2018$

Signed a lease for a building and paid $$1,200$ for the first month's rent.

$11/03/2018$

Purchased canoes for $$4,800$ on account.

$11/04/2018$

Purchased office supplies on account, $$750.$

$11/07/2018$

Earned $$1,400$ cash for rental of canoes.

$11/13/2018$

Paid $$1,500$ cash for wages.

$11/15/2018$

Paid $$50$ of dividends to stockholders.

$11/16/2018$

Received a bill for $$150$ for utilities $($use a separate payable account$).$

$11/20/2018$

Received a bill for $$175$ for cell phone expenses $($use separate payable account$).$

$11/22/2018$

Rented canoes to Early Start Daycare on account, $$3,000.$

$11/26/2018$

Paid $$1,000$ on account related to the November $3$ purchase.

$11/28/2018$

Received $$750$ from Early Start Daycare for canoe rental from November $22.$

$11/30/2018$

Paid $$100$ of dividends to stockholders.

$12/01/2018$

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.

$12/01/2018$

Prepaid $$3,000$ for three months' rent on the warehouse where the company stores the canoes.

$12/02/2018$

Purchased canoes signing a note payable for $$7,200.$

$12/04/2018$

Purchased office supplies on account for $$500.$

$12/09/2018$

Received $$4,500$ cash for canoe rentals to customers.

$12/15/2018$

Rented canoes to customers for $$3,500,$ but will be paid next month.

$12/16/2018$

Received a $$750$ deposit from a canoe rental group that will use the canoes next month.

$12/18/2018$

Paid the utilities and telephone bills from last month.

$12/19/2018$

Paid various accounts payable, $$2,000.$

$12/20/2018$

Received bills for the telephone $($$$325)$ and utilities $($$$295)$ which will be paid later. $($Make a compound entry$).$

$12/31/2018$

Paid wages of $$1,800.$

$12/31/2018$

Paid $$300$ of dividends to stockholders.