Continuin ournalizing transactions, posting to T-accounts, and preparing a trial balance blem P2 42 continues with the company introduced in Chapter 1, Canyon Canoe Company IHere you will account for Canyon Canoe Company's transactions as it is actually done in practice. Begin by reviewing the transactions from Chapter 1 The transactions have been reprinted below. Nov Received $16,000 cash to begin the company and gave capital to Amber Wilson 2 Signed a lease for a building and paid $1,200 for the first month's rent. 3 Purchased canoes for $4,800 on account. 4 Purchased office supplies on account, $750. 7 Earned $1,400 cash for rental of canoes. 13 Paid $1,500 cash for wages. 15 Wilson withdrew $50 cash from the business 16 Received a bill for $150 for utilities. (Use separate payable account.) 20 Received a bill for $175 for cell phone expenses. (Use separate payable account.) 22 Rented canoes to Early Start Daycare on account, $3,000. 26 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 cash of $100 from the business. 30 In addition, Canyon Canoe Company completed the following transactions for December 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 note 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. Dec. 1 1 2 4 9 15 16 18 Paid the utilities and telephone bills from last month. 19 Paid various accounts payable, $2,000. 20 Received bills for the telephone ($325) and utilities ($295) which will be paid later 31 Paid wages of $1,800. 31 Wilson withdrew cash of $300 from the business. Requirements 1. Journalize the transactions for both November and December, using the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Rent, Land; Building, Canoes; Accounts Payable; Utilities Payable; Telephone Payable; Uncarned Revenue; Notes Payable: Wilson, Capital; Wilson, Withdrawals;, Canoe Rental Revenue; Rent Expense; Utilities Expense; Wages Expense; and Telephone