Camyon Cance Company is a service based company that rents canoes for use on local lakes During January 2025, Canyon Canoe Company completed the following and rivers and has the following post-closing balances at Docember 31, 2024. merchandising transactions. (Click the icon to view the post-elosing balances.) (Click the icon to view the transactions.) At the beginning of the new year, Canyon Canoe Company decided to carry and sell T-shirts with The folowing T-accounts in the ledgec have been opened for you using the pos its logo printed on them, Canyon Canoe Company uses the perpetual imventory system to account balances from December 31, 2024: for the inventory. Click the ican to view the accounts.) Read the requirement Begin by journalizing the transactions. (Record debits first, then credis. Excluse explanations from any joumal entries. Assume the company uses the not amount to record sales.) Jan. 1: Purchased 10 T-shirts at 54 each and paid cash. Jan. 2. Sold 6 T-shirts for $10 each, total cost of \$24. Received cash. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Reference Reference More info Jan. 1 Purchased 10 T-shirts at $4 each and paid cash. Jan. 2 Sold 6 T-shirts for $10 each, total cost of $24. Received cash. Jan. 3 Purchased 50 T-shirts on account at $5 each. Terms 2/10,n/30. Jan. 7 Paid the supplier for the T-shirts purchased on January 3 , less discount. Jan. 8 Realized 4 T-shirts from the January 1 order were printed wrong and returned them for a cash refund. Jan. 10 Sold 40 T-shirts on account for $10 each, total cost of $200. Terms 3/15,n/45. Jan. 12 Received payment for the T-shirts sold on account on January 10 , less discount. Jan. 14 Purchased 100 T-shirts on account at $4 each. Terms 4/15,n/30. Jan. 18 Canyon Company called the supplier from the January 14 purchase and told them that some of the T-shirts were the wrong color. The supplier offered a $50 purchase allowance. Jan. 20 Paid the supplier for the T-shirts purchased on January 14 , less the allowance and discount. Jan. 21 Sold 60 T-shirts on account for $10 each, total cost of $220. Terms 2/20,n/30. Jan. 23 Received a payment on account for the T-shirts sold on January 21, less discount. Jan. 25 Purchased 320 T-shirts on account at $5 each. Terms 2/10,n/30, FOB shipping point. Jan. 27 Paid freight associated with the January 25 purchase, $48. Jan. 29 Paid for the January 25 purchase, less discount. Jan. 30 Sold 275 T-shirts on account for $10 each, total cost of $1,300. Terms 2/10,n/30. Jan.31 Received navment for the T-shirte snld on .lanuan 30 lese dierount More info Cash, Accounts Receivable, Merchandise Inventory, Estimated Returns Inventory, Office Supplies, Prepaid Rent, Land, Building, Accumulated Depreciation-Building, Canoes, Accumulated Depreciation-Canoes, Accounts Payable, Utilities Payable, Telephone Payable, Wages Payable, Refunds Payable, Interest Payable, Unearned Revenue, Notes Payable, Common Stock, Retained Earnings, Income Summary, Sales Revenue, Canoe Rental Revenue, Cost of Goods Sold, Rent Expense, Wages Expense, Utilities Expense, Telephone Expense, Supplies Expense, Depreciation Expense-Building, Depreciation Expense-Canoes, Interest Expense. Post the January transactions using the dates as posting references. Compute each account balance, and denote the balance as Bal (For any accounts with a zero balance af January transactions, select a "Bal," reference and enter a " 0 " on the normal side of the T-account.) Interest Payable Utilities Expense Uneamed Revenue \begin{tabular}{l|ll} Unearned Revenue & 250Bal, & \end{tabular} Tolephone Expense Supplies Expense Common Stock Depreciation Expense-Bulding Bal. Depreciation Expense-Building Building Retained Earnings al. Accumulated Depr.-Building Income Summary Interest Expense Canoes al. 12,000 Bal. Retained Earnings Depreciation Expens Bal. Income Summary
