Chesapeake Bay Kayak Rentals is located near the mouth of the Lynnhaven River on the Chesapeake Bay in Virginia Beach, VA, and rents kayaks to be used on the bay and the Lynnhaven River in addition to providing tours Matt Redfern decided to start the business because of his love for the water and outdoors Matt has decided to incorporate the business to limit his legal liability The business began operations April 1, 2019, and will have a May 31 year end April 1 Received $32,000 cash to begin the company in exchange for 16,000 shares of $2 par value common stock 2 Signed a lease for space on the beach and paid $1,200 for the first months rent 2 Purchased computer equipment for $2,800 2 Hired Katie Weekly to help out with rentals and tours at $15 hr 3 Purchased kayaks for $6,000 on account 4 Purchased office supplies on account for $340 7 Rented kayaks to a group of students for $1,300 cash 15 Paid wages of $1,200 to Katie 15 Provided tour and kayaks to AP biology class at local high school on account, $2,400 16 Received $120 bill from Virginia Power for connection fee 20 Paid local newspaper $300 for ad for April 22 Received $500 cash for kayak rental to vacationers 25 Paid $160 bill for cell phone 28 Paid $1,000 on account related to April 3 purchase on account 28 Provided sunset kayak tour and received $350 cash 30 Received $2,400 from school system for April 15 tour on account 30 Rented kayaks on account to Brock Environmental Center, $2,100 30 Paid wages to Katie in the amount of $1,050 May 1 Matt contributed land on the river worth $250,000 and a small building to use as a rental office worth $80,000 in exchange for 20,000 shares of $2 par value common stock (Credit Common stock $40,000, and Paid In Capital in Excess of Par $290,000 ) 1 Prepaid $4,800 for four months rent on beach space 2 Purchased additional kayaks by signing a note payable for $7,700 2 Received $250 electric bill from Virginia Power 4 Bought office supplies on account for $260 4 Rented kayaks to school group for $1,800, but will be paid next month 5 Received $1,900 cash for kayak rental to customers 7 Purchased paddle boards for $ 3,600 on account 8 Received payment from Brock Environmental Center for April 30 rental 8 Received $3,750 cash for kayak and paddle board rentals to customers 8 Paid $4,800 for a two year insurance policy that began April 1 9 Received $850 cash for paddle board rentals 11 Received a $1,500 deposit from the Botanical Gardens for a sunset paddle board tour scheduled for June 7 11 Paid Virginia Power for bill dated April 16 15 Paid Katie for hours worked, $1,200 16 Paid $5,000 balance on April 3 purchase 18 Paid $600 on account for purchase of office supplies 20 Paid local newspaper $300 for ad for May 21 Rented kayaks and paddleboards to customers on account, $2,700 22 Provided paddle board tour and received $980 cash 26 Paid $180 cell phone bill 28 Paid balance due on May 7 purchase of paddle boards 28 Received $6,800 cash from kayak and paddle board rentals for Memorial Day 29 Paid $1,100 cash on May 2 note payable 31 Paid wages of $1,380 to Katie Weekly PART 1 Record (journalize) the transactions for April and May using the general journal provided in the Excel file (Please leave a line in between each transaction ) Use the following chart of accounts ASSETS EQUITY Cash Common stock Accounts Receivable Paid In Capital In Excess of Par Prepaid Insurance Retained Earnings Prepaid Rent Office Supplies REVENUE Land Rental Revenue Building Accumulated Depreciation Building EXPENSES Computer Equipment Advertising Expense Accumulated Depreciation Computer Equipment Depreciation Expense Kayaks (equipment) Insurance Expense Accumulated Depreciation Kayaks Rent Expense Paddle Boards (equipment) Supplies Expense Accumulated Depreciation Paddle Boards Utilities Expense Telephone Expense LIABILITIES Wages Expense Accounts Payable Wages Payable Note Payable Unearned Revenue Post transactions to general ledger using the general ledger provided in the Excel file Prepare an unadjusted trial balance using the Excel worksheet to ensure accounts are in balance Note Ending cash balance should be $23,640 Once you have finished upload your Excel file, which should include the general journal, general ledger, and trial balance, to Blackboard Can you please solve question 2 and 3, thanks

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Chesapeake Bay Kayak Rentals is located near the mouth of the Lynnhaven River on the Chesapeake Bay in Virginia Beach, VA, and rents kayaks to

Chesapeake Bay Kayak Rentals is located near the mouth of the Lynnhaven River on the Chesapeake Bay in Virginia Beach, VA, and rents kayaks to be used on the bay and the Lynnhaven River in addition to providing tours. Matt Redfern decided to start the business because of his love for the water and outdoors. Matt has decided to incorporate the business to limit his legal liability. The business began operations April 1, 2019, and will have a May 31 year end.

April 1	Received $32,000 cash to begin the company in exchange for 16,000 shares of $2 par value common stock.
2	Signed a lease for space on the beach and paid $1,200 for the first months rent.
2	Purchased computer equipment for $2,800.
2	Hired Katie Weekly to help out with rentals and tours at $15/hr.
3	Purchased kayaks for $6,000 on account.
4	Purchased office supplies on account for $340.
7	Rented kayaks to a group of students for $1,300 cash.
15	Paid wages of $1,200 to Katie.
15	Provided tour and kayaks to AP biology class at local high school on account, $2,400.
16	Received $120 bill from Virginia Power for connection fee.
20	Paid local newspaper $300 for ad for April.
22	Received $500 cash for kayak rental to vacationers.
25	Paid $160 bill for cell phone.
28	Paid $1,000 on account related to April 3 purchase on account.
28	Provided sunset kayak tour and received $350 cash.
30	Received $2,400 from school system for April 15 tour on account.
30	Rented kayaks on account to Brock Environmental Center, $2,100.
30	Paid wages to Katie in the amount of $1,050.

May 1	Matt contributed land on the river worth $250,000 and a small building to use as a rental office worth $80,000 in exchange for 20,000 shares of $2 par value common stock. (Credit Common stock $40,000, and Paid In Capital in Excess of Par $290,000.)
1	Prepaid $4,800 for four months rent on beach space.
2	Purchased additional kayaks by signing a note payable for $7,700.
2	Received $250 electric bill from Virginia Power.
4	Bought office supplies on account for $260.
4	Rented kayaks to school group for $1,800, but will be paid next month.
5	Received $1,900 cash for kayak rental to customers.
7	Purchased paddle boards for $ 3,600 on account.
8	Received payment from Brock Environmental Center for April 30 rental.
8	Received $3,750 cash for kayak and paddle board rentals to customers.
8	Paid $4,800 for a two year insurance policy that began April 1.
9	Received $850 cash for paddle board rentals.
11	Received a $1,500 deposit from the Botanical Gardens for a sunset paddle board tour scheduled for June 7.
11	Paid Virginia Power for bill dated April 16.
15	Paid Katie for hours worked, $1,200.
16	Paid $5,000 balance on April 3 purchase.
18	Paid $600 on account for purchase of office supplies.
20	Paid local newspaper $300 for ad for May.
21	Rented kayaks and paddleboards to customers on account, $2,700.
22	Provided paddle board tour and received $980 cash.
26	Paid $180 cell phone bill.
28	Paid balance due on May 7 purchase of paddle boards.
28	Received $6,800 cash from kayak and paddle board rentals for Memorial Day.
29	Paid $1,100 cash on May 2 note payable.
31	Paid wages of $1,380 to Katie Weekly.

PART 1

Record (journalize) the transactions for April and May using the general journal provided in the Excel file. (Please leave a line in between each transaction.) Use the following chart of accounts:

ASSETS	EQUITY
Cash	Common stock
Accounts Receivable	Paid In Capital In Excess of Par
Prepaid Insurance	Retained Earnings
Prepaid Rent
Office Supplies	REVENUE
Land	Rental Revenue
Building
Accumulated Depreciation - Building	EXPENSES
Computer Equipment	Advertising Expense
Accumulated Depreciation Computer Equipment	Depreciation Expense
Kayaks (equipment)	Insurance Expense
Accumulated Depreciation Kayaks	Rent Expense
Paddle Boards (equipment)	Supplies Expense
Accumulated Depreciation Paddle Boards	Utilities Expense
	Telephone Expense
LIABILITIES	Wages Expense
Accounts Payable
Wages Payable
Note Payable
Unearned Revenue

Post transactions to general ledger using the general ledger provided in the Excel file.
Prepare an unadjusted trial balance using the Excel worksheet to ensure accounts are in balance. Note: Ending cash balance should be $23,640.

Once you have finished upload your Excel file, which should include the general journal, general ledger, and trial balance, to Blackboard.

Can you please solve question 2 and 3, thanks !