Canyon Canoe Company completed the following transactions in November and December and prepared the following unadjusted trial balance at December 31, 2018: (Click the icon to view the November and December transactions.) (Click the icon to view the unadjusted trial balance.) At December 31, the business gathers the following information for the adjusting entries: (Click the icon to view the additional information.) Read the requirements. Reference Requirement 1. Journalize and post the adjusting entries. In the T-accounts, denote each adjust Begin by journalizing the adjusting entries. (Record debits first, then credits. Select the explanatio a. Office supplies on hand, $165. Date Dec. Adj. (a) 31 s ex More info Accounts and Explanation Reference Nov. 1 Received $16,000 cash to begin the company and issued common stock to Amber and Zack. Nov. 2 Canyon Canoe Company Nov. 3 Signed a lease for a building and paid $1,200 for the first month's rent. Purchased canoes for $4,800 on account. Unadjusted Trial Balance Nov. 4 Purchased office supplies on account, $750. December 31, 2018 Nov. 7 Earned $1,400 cash for rental of canoes. Balance Nov. 13 Paid $1,500 cash for wages. Account Title Debit Credit Nov. 15 Paid $50 dividends to stockholders. D Cash $ 12,125 Nov. 16 Accounts Receivable 5,750 Nov. 20 Received a bill for $150 for utilities. (Use separate payable account.) Received a bill for $175 for cell phone expenses. (Use separate payable account.) Office Supplies 1,250 Nov. 22 Rented canoes to Early Start Daycare on account, $3,000. Prepaid Rent 3,000 Land 85,000 Building 35,000 Canoes 12,000 Accounts Payable $ 3,050 Dec. 1 295 325 Dec. 1 Nov. 26 Paid $1,000 on account related to the November 3, 2018, purchase. Nov. 28 Received $750 from Early Start Daycare for canoe rental on November 22, 2018 Nov. 30 Paid $100 dividends to stockholders. 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. 750 Dec. 2 Purchased canoes signing a notes payable for $7,200. 7,200 Dec. 4 Purchased office supplies on account for $500. Common Stock 136,000 Dec. 9 Received $4,500 cash for canoe rentals to customers. Dividends 450 Dec. 15 Rented canoes to customers for $3,500, but will be paid next month. Canoe Rental Revenue 12,400 Dec. 16 Rent Expense 1,200 Wages Expense 3,300 Dec. 19 Received a $750 deposit from a canoe rental group that will use the canoes next month. Dec. 18 Paid the utilities and telephone bills from last month. Paid various accounts payable, $2,000. Utilities Expense 445 500 Telephone Expense $ 160,020 $ 160,020 Total a. Office supplies on hand, $165 b. Rent of one month has been used. (Hint: See the second Dec. 1 transaction.) c. Determine the depreciation on the building using straight-line depreciation. Assume the useful life of the building is five years and the residual value is $5,000. (Hint: The building was purchased on December 1.) d. $400 of unearned revenue has now been earned. (Assume that the initial unearned revenue was recorded as a liability.) e. The employee who has been working the rental booth has earned $1,250 in wages that will be paid January 15, 2019. f. Canyon Canoe has earned $1,850 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, $50. Utilities Payable Telephone Payable Unearned Revenue Notes Payable Print Done Print Done