Calla Canoe Company began operations on November 1, 2024. The November and December transactions and the information used to prepare the adjusting entries at December 31, 2024 flows (Click the icon to view the November and December transactions and the December 31 adjustment data) Calla Canoe Company prepared an unadjusted trial balance at December 31, adjusting entries for the two months ended December 31, and an adjusted filial balance at December 31 as follows: (Click the icon to view the adjusting journal entries.) (Click the icon to view the unadjusted trial balance.) (Click the icon to view the adjusted trial balance.) Read the requirements. Post the closing entries at December 31, 2024. Use "Clo." and the corresponding number as shown in the joumal entry as posting references-Clos.(1). "Clos (2), etc. The adjusted balance (Ad Bal.") of each account has been entered for you. Post any closing entries to the accounts and then calculate the post-closing balance ("Bal") of each account (including those that were not dosed) For any accounts with a zero balance after closing, enter a "0" on the normal side of the account. For Income Summary, calculate and enter the balance ("Bal") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance prior to closing (the second line) and then show the post-closing balance (Bal") on the last (third) line of the account. Review the closing joumal entries you prepared above. Cash Adj. Bal 15,560 Accounts Payable Canoe Rental Revenue 860 Adj. Bal 13,950 Adj. Bal Adj. Bal Accounts Receivable 7,100 Wages Payable Rent Expense 1,100 Adj. Bal Ad Bal 3,400 Office Supplies Utilities Pavable Wages Expense Office Supplies Utilities Payable Wages Expense Adj. Bal. 400 290 Adj. Bal. Adj. Bal. 4,000 Adj. Bal. Adj. Bal. Prepaid Rent 3,400 Telephone Payable Utilities Expense 330 Adj. Bal. Adj. Bal. 470 Land Unearned Revenue Telephone Expense 60,000 300 Adj. Bal. Adj. Bal 490 Ruilding Interest Pavahle Sunniias Fynansa Building Interest Payable Adj. Bal 128,000 60 Adj. Bal. Adj. Bal. Accumulated Depr.-Building Notes Payable 900 Adj. Bal. 5,280 Adj. Bal. Adj. Bal. Adj. Bal. Canoes 8,640 Accumulated Depr.-Canoes Supplies Expense 600 Depreciation Expense-Building 900 Depreciation Expense-Canoes Common Stock 211,000 Adj. Bal. Adj. Bal. Dividends 250 Interest Expense Accumulated Depr.-Canoes more help 4 C JIL Dividends Interest Expense 250 Adj. Bal. Adj. Bal. 1,050 Adj. Bal. 60 Retained Earnings Income Summary 0 Adj. Bal. Get plagian Clear all Check answer Nov. 1 Nov. 2 Nov. 3 Received $23,000 cash to begin the company and issued common stock to Alison and Zander. Signed a lease for a building and paid $1,700 for the first month's rent. Purchased canoes for $3,360 on account. Nov. 4 Purchased office supplies on account, $300. Earned $1,200 cash for rental of canoes. Nov. 7 Nov. 13 Paid $1,300 cash for wages. Nov. 15 Paid $150 dividends to stockholders. Nov. 16 Received a bill for $180 for utilities. (Use separate payable account.) Nov. 20 Received a bill for $160 for cell phone expenses. (Use separate payable account.) Nov. 22 Rented canoes to Tender Time on account, $2,900. Nov. 26 Paid $2,500 on account related to the November 3, 2024, purchase. Nov. 28 Received $800 from Tender Time for canoe rental on November 22, 2024. Nov. 30 Paid $400 dividends to stockholders. Dec 1 Alison and Zonder contributed land on the dualarth Ben anal and a Dec. 1 Dec. 1 Alison and Zander contributed land on the river (worth $60,000) and a small building to use as a rental office (worth $128,000) in exchange for common stock. Prepaid $5,100 for three months' rent on the warehouse where the company stores the canoes. Purchased canoes signing a notes payable for $5,280. Dec. 2 Dec. 4 Purchased office supplies on account for $700. Dec. 9 Received $4,600 cash for canoe rentals to customers. Dec. 15 Rented canoes to customers for $3,700, but will be paid next month. Dec. 16 Received a $50 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, $1,000. Dec. 18 Dec. 19 Dec. 20 Dec. 31 Dec. 31 Paid cash dividend to stockholders, $500. Received bills for the telephone ($330) and utilities ($290) which will be paid later. Paid wages of $1,600. Data used for the adjusting entries at December 31 follows: a. Office supplies on hand, $400 b. Rent of one month has been used. (Hint: See Dec. 1 transaction) c. Determine the depreciation on the building using straight-line depreciation. Assume the useful life of the building is 10 years and the residual value is $20,000. (Hint: The building was purchased on December 1.) d. $250 of unearned revenue has now been earned. e. The employee who has been working the rental booth has earned $1,100 in wages that will be paid January 15, 2025. f. Calla Canoe has earned $1,300 of canoe rental revenue that has not been recorded or received. g. Determine the depreciation on the canoes purchased on November 3 using straight-line depreciation. Assume the useful life of the canoes is 4 years and the residual value is $0. h. Determine the depreciation on the canoes purchased on December 2 using straight-line depreciation. Assume the useful life of the canoes is 4 years and the residual value is $0. i. Interest expense accrued on the notes payable, $60. Account Title Cash Accounts Receivable Office Supplies Prepaid Rent Land Building Canoes Accounts Payable Utilities Payable Telephone Payable Calla Canoe Company Unadjusted Trial Balance December 31, 2024 Balance Debit Credit $ 15,560 5,800 1,000 5,100 60,000 128,000 8,640 $ 860 290 330 Building Canoes Accounts Payable Utilities Payable Telephone Payable Unearned Revenue 128,000 8,640 $ 860 290 330 550 Notes Payable 5,280 Common Stock 211,000 Dividends 1,050 Canoe Rental Revenue 12,400 Rent Expense 1,700 Wages Expense 2,900 Utilities Expense 470 490 Telephone Expense $ 230,710 $ 230,710 Total Accounts and Explanation Debit lis Dec. Date Adj. (a) Dec. Adj. (b) Dec. 31 Supplies Expense Office Supplies To record office supplies used. 31 Rent Expense Prepaid Rent To record rent expense. 31 Depreciation Expense-Building Adj. (c) Accumulated Depreciation-Building To record depreciation on building. Dec. 31 Unearned Revenue Adj. (d) Canoe Rental Revenue To record revenue earned that was collected in advance. Dec. 31 Wages Expense Adj. (e) Wages Payable 600 00 Credit nforma ded D 600 ries.) 1,700 1,700 900 900 250 pen 250 1,100 1,100 Dec. Adj. (e) 31 Wages Expense Wages Payable To accrue wages expense. Dec. 31 Accounts Receivable Adj. (f) Canoe Rental Revenue Dec. Adj. (g) To accrue canoe rental revenue. 31 Depreciation Expense-Canoes Dec. Adj. (h) Dec. Adj. (i) Accumulated Depreciation-Canoes To record depreciation on canoes. 31 Depreciation Expense-Canoes Accumulated Depreciation-Canoes To record depreciation on canoes. 31 Interest Expense Interest Payable To accrue interest expense. 1,100 1,100 1,300 1,300 140 140 110 110 00 60 60 Account Title Cash Accounts Receivable Calla Canoe Company Adjusted Trial Balance December 31, 2024 SA $ Debit Balance 15,560 7,100 Credit Office Supplies 400 Prepaid Rent 3,400 Land 60,000 Building 128,000 Accumulated Depreciation-Building $ 900 8,640 Canoes Accumulated Depreciation-Canoes Accounts Payable 250 860 Accumulated Depreciation-Canoes 250 Accounts Payable Wages Payable 860 1,100 Utilities Payable Telephone Payable Unearned Revenue Interest Payable 290 330 300 60 Notes Payable 5,280 Common Stock 211,000 Dividends 1,050 Canoe Rental Revenue 13,950 Rent Expense 3,400 Wages Expense 4,000 Utilities Expense 470 Telephone Expense Supplies Evnance 490 600 Unearned Revenue Interest Payable 300 60 5,280 Notes Payable Common Stock 211,000 Dividends 1,050 Canoe Rental Revenue 13,950 Rent Expense 3,400 Wages Expense 4,000 Utilities Expense Telephone Expense Supplies Expense Depreciation Expense-Building Depreciation Expense-Canoes Interest Expense Total 470 490 600 900 250 60 EA $ 234,320 $ 234,320