Canyon Canoe Company completed the following transactions in November and December and prepared the following unadjusted trial balance at December 31, 2024 (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 Requirement 1. Journalize and post the adjusting entries. In the Taccounts, denote each adjusting amount as Adj and an account balance as Bal Begin by journalizing the adjusting entries (Record debits first, then credits Select the explanation on the last line of the journal entry table) a Office supplies on hand $165 Date Accounts and Explanation Debit Credit Dec Adi (a) 31 Requirements 1. Journalize and post the adjusting entries in the Taccounts, durvote cach adjusting amount as Adi and an account balance as a 2. Prepare an achusted bra balance as of December 31, 2024 Choose from any list or enter any number in the input fields and then click Check An Print Done parts Temaininn Canyon Canoe Company Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash $ GA 12, 125 Accounts Receivable 5,750 Office Supplies 1,250 Prepaid Rent 3,000 Land Building 85,000 35,000 12,000 Canoes $ 3,050 Accounts Payable Utilities Payable 295 325 Telephone Payable Unearned Revenue Notes Payable 750 7,200 * More Info 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, 2025. 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 four 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 four years and the residual value is $0. i. Interest expense accrued on the notes payable, $50 i Reference Nov. 1 Nov. 2 Nov. 3 Nov. 4 Nov. 7 Nov. 13 Nov. 15 Received $16,000 cash to begin the company and gave capital to Amber Wilson Signed a lease for a building and paid $1,200 for the first month's rent. Purchased canoes for $4,800 on account Purchased office supplies on account, $750. Earned $1,400 cash for rental of canoes. Paid $1,500 cash for wages. Wilson withdrew $50 cash from the business Received a bill for $150 for utilities. (Use separate payable account.) Received a bill for $175 for cell phone expenses. (Use separate payable account.) Rented canoes to Early Start Daycare on account, $3,000 Paid $1,000 on account related to the November 3 purchase. Received $750 from Early Start Daycare for canoe rental on November 22 Wilson withdrew $100 cash from the business Nov. 16 Nov. 20 Nov. 22 Nov. 26 Nov. 28 Nov. 30 Dec. 1 Dec. 1 Amber contributed land on the river (worth $85,000) and a small building to use as a rental office (worth $35,000) in exchange for capital Prepaid $3,000 for three months' rent on the warehouse where the company stores the canoes. Purchased canoes signing a notes payable for $7 200 Dec. 2 i Reference 1 Nov. 26 Nov. 28 Paid $1,000 on account related to the November 3 purchase Received $750 from Early Start Daycare for canoe rental on November 22. Wilson withdrew $100 cash from the business Nov. 30 Dec. 1 Dec. 1 Dec. 2 Dec. 4 Dec. 9 Dec. 15 Amber contributed land on the river (worth $85,000) and a small building to use as a rental office (worth $35,000) in exchange for capital. Prepaid $3,000 for three months' rent on the warehouse where the company stores the canoes. Purchased canoes signing a notes payable for $7,200. Purchased office supplies on account for $500 Received $4,500 cash for canoe rentals to customers. Rented canoes to customers for $3,500, but will be paid next month. Received a $750 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, $2,000. Received bills for the telephone ($325) and utilities ($295) which will be paid later Paid wages of $1,800 Wilson withdrew $300 cash from the business Dec. 16 Dec. 18 Dec. 19 Dec. 20 Dec. 31 Dec. 31 Requirement 1. Journalize and post the adjusting entries. In the T-accounts denote each adjusting amount as Adj, and an accou Begin by journalizing the adjusting entries (Record debits first, then credits. Select the explanation on the last line of the journal e a. Office supplies on hand $165 Date Accounts and Explanation Debit Credit Dec 31 Adj. (a) Accounts Payable Accounts Receivable Accumulated Depreciation --Building Accumulated Depreciation -Canoes Building Canoe Rental Revenue Canoes Cash Depreciation Expense-Building Depreciation Expense-Canoes Interest Expense Choose from an Interest Payable Land 10 parts Notes Payable remaining Office Supplies iswer. Clear Requirement 1. Journalize and post the adjusting entries. In the T-accounts, denote each adjusting amount as Adj, and an Begin by journalizing the adjusting entries (Record debits first, then credits Select the explanation on the last line of the jou a. Office supplies on hand, $165. Date Accounts and Explanation Debit Credit Dec 31 Adj (a) Land Notes Payable Office Supplies Prepaid Rent Rent Expense Supplies Expense Telephone Expense Telephone Payable Unearned Revenue Utilities Expense Utilities Payable Choose from an Wages Expense Wages Payable Wilson Capital remaining Wilson Withdrawals iswer. 10 parts Requirement 1. Journalize and post the adjusting entries. In the T-accounts, denote each adjusting amount as Ad and an Begin by journalizing the adjusting entries (Record debits first, then credits Select the explanation on the last line of the jou a. Office supplies on hand $165 Date Accounts and Explanation Debit Credit Dec 31 Adj (a) Purchased office supplies on account Purchased office supplies with cash To record office supplies used