Canyon Canoe Company is a company that rents canoes for use on local lakes and rivers. Owner Amber decided that she will create a new corporation, Canyon Canoe Company. The business began operations on January 1, 2020. Use the attached excel file for this exercise. Use the following accounts for this exercise: 1100 Cash; 1200 Accounts Receivable; 1400 Office Supplies; 1700 Canoes; 2100 Accounts Payable; 3100 Amber Wilson, Capital; 3200 Amber Wilson, Withdrawals; 4000 Canoe Rental Revenue; 5100 Rent Expense; 5200 Salaries Expense; 5300 Utility Expense; and 5400 Telephone Expense. 1. Record the Following Transactions for Canyon Canoe Company for the month of January 2020 in the Transaction Journal: January 1 Amber Wilson invested $16,000 cash in the business by opening a bank account in the name of Canyon Canoe Company. 2 The company leased a building and paid $1,200 for the first month's rent. 3 The company purchased canoes for $4,800 on account. 4 The company purchased office supplies on account, $750. 7 The company earned $1,400 cash for the rental of canoes. 13 The company paid $1,500 cash for salaries. 15 Amber Wilson withdrew $50 cash from the business for personal use. 16 The company received a bill for $150 for utilities, which will be paid later. 20 The company received a bill for $175 for cellphone expenses. The bill will be paid later. 22 The company rented canoes to Early Start Daycare on account, $2,000. 26 Canyon Canoe Company paid $1,500 of the amount owed for the January 3 purchase that was made on account. 28 The company received $950 from Early Start Daycare as partial payment for the canoe rental on January 22. 30 Amber Wilson withdrew $150 cash from the business for personal use. 2. Enter Ledger Entries for the accounts and calculate balances: 1100 Cash; 1200 Accounts Receivable; 1400 Office Supplies; 1700 Canoes; 2100 Accounts Payable; 3100 Amber Wilson, Capital; 3200 Amber Wilson, Withdrawals; 4000 Canoe Rental Revenue; 5100 Rent Expense; 5200 Salaries Expense; 5300 Utility Expense; and 5400 Telephone Expense. 3. Prepare Trial Balance of Canyon Canoe Company. 4. Prepare Income Statement for the month of January, 2020 and Balance Sheet as of January 31, 2020 of Canyon Canoe Company