Dec. 1 Alison contributed land on the river (worth $105,000) and a small building to use as a rental office (worth $124,000) in exchange for capital. Nov. 1 Received $25,000 cash to begin the company and gave capital to Alison Weld. Nov. 2 Dec. 1 Prepaid $5,400 for three months' rent on the warehouse where the company stores the canoes. Nov. 3 Signed a lease for a building and paid $1,800 for the first month's rent. Purchased canoes for $4,100 on account. Dec. 2 Purchased canoes signing a notes payable for $6,720. Nov. 4 Purchased office supplies on account, $500. Dec. 4 Purchased office supplies on account for $700. Nov. 7 Earned $1,800 cash for rental of canoes. Dec. 9 Received $5,000 cash for canoe rentals to customers. Nov. 13 Paid $1,100 cash for wages. Dec. 15 Rented canoes to customers for $3,700, but will be paid next month. Received a $900 deposit from a canoe rental group that will use the Dec. 16 canoes next month. Nov. 15 Weld withdrew $150 cash from the business. Nov. 16 Paid the utilities and telephone bills from last month. Nov. 20 Received a bill for $120 for utilities. (Use separate payable account.) Received a bill for $100 for cell phone expenses. (Use separate payable account.) Dec. 19 Paid various accounts payable, $2,200. Nov. 22 Rented canoes to Little Lake on account, $2,900. Dec. 20 Received bills for the telephone ($270) and utilities ($310) which will be paid later. Nov. 26 Paid $2,300 on account related to the November 3 purchase. Nov. 28 Dec. 31 Paid wages of $2,100. Nov. 30 Received $1,300 from Little Lake for canoe rental on November 22. Weld withdrew $400 cash from the business. Dec. 31 Weld withdrew $500 cash from the business. Assets Liabilities Equity Weld, + Rent - Rent - Util. - Wage - Tele. Cash + A/R + Off. + Canoes = A/P + Util. + Tele. + Weld, - Sup. Pay. Pay. Capital Withdr. Rev. 1 25,000 + + + + + + 25,000 - + Exp. Exp. Exp. Exp. (1,800) 2 1,800 + + + + + al. 23,200 + 0 + 0 + 0 = 0 + 0 + 0 + 25,000 - 0 + 0 - 1,800 - 0 - 0- 0 3 4,100 4,100 + + + + al. 23,200 + 0 + 0 + 4,100 = 4,100 + 0 + 0 + 25,000 - 0 + 0 - 1,800 - 0 - 0- 0 500 500 4 + + + + + al. 23,200+ 0 + 500 + 4,100 = 4,600 + 0 + 0 + 25,000 - 0 + 0-1,800- 0- 0- 0 7 1,800 1,800 + + + + al. 25,000 + 0 + 500 + 4,100 = 4,600 + 0 + 0 + 25,000 - 0+ 1,800 1,800 - 0 - 0- 0 13 (1,100) 1,100 + + 15 al. 23,900 + (150) 0 + 500+ 4,100 = 4,600 + 0 + 0 + 25,000 - 0+ 1,800 1,800 - 0 - 1,100- 0 150 + al. 23,750 + 0 + 500 + 4,100 = 4,600 + 0 + 0 + 25,000 - 1501,800 - 1,800 - 0 - 1,100- 0 120 120 16 al. 23,750 + 0 + 500 + 4,100 = 4,600 120+ 0 + 25,000 - 100 1501,800 1,800 - 120 - 1,100 - 0 100 20 al. 23,750 + 0 + 500 + 4,100 4,600 + 120+ 100+25,000 - 150+1,800 1,800 - 120 - 1,100- 100 2,900 22. 2,900 + 500 500 4 + + + Bal. 23,200+ 0 + 500 + = 4,100 4,600 + 0 + 0 + 25,000 - 0 + 0-1,800- 0- 0 - 0 7 1,800 1,800 + Bal. 25,000 + 13 (1,100) + 0 + 500 + = 4,100 4,600 + 0 + 0 + 25,000 - 01,800 1,800 - 0- 0 - 0 1,100 + + + + + Bal. 23,900 + 15 (150) 0 + 500 + 4,100 = 4,600 + 0 + 0+ 25,000- 0+ 1,800 1,800 - 0- 1,100- 0 150 + + + + + + + Bal. 23,750 + 0 + 500 + 4,100 = 4,600 + 0 + 0+ 25,000 - 150+1,800 1,800- 0- 1,100- 0 120 120 16 + + + Bal. 23,750 + 0 + 500 + 4,100 = 4,600 + 120 + 0 + 25,000 - 1501,800 1,800 - 120 - 1,100 - 0 100 100 20 + Bal. 23,750 + 0 + 500 + 4,100 = 4,600 + 120+ 100+ 25,000 - 150+ 1,800 1,800 - 120 - 1,100 - 100 2,900 2,900 22 _ + + Bal. 23,750+ 2,900 + 2,900 +500 + = 4,100 4,600 + 120 + 100+ 25,000- - 150+4,700 1,800 120 1,100 100 - 26 (2,300) (2,300) + = + Bal. 21,450 + 2,900 + 500 + 4,100 = 2,300 + 120 + 100+ 25,000 - 150+ 4,700 1,800 120- 1,100- 100 1,300 28 (1,300) + + + Bal. 22,750 + 1,600 + 500 + = 4,100 2,300+ 120+ 100 + 25,000 - 30 (400) 150+ 4,700 1,800 - 120 - 1,100 - 100 400 + + 22,350 1,600 500 4,100 2,300 120 100 25,000 550 4,700 1,800 120 1,100 100 Bal. + + $ 28,550 = $ 28,550 Read the requirements. Requirement 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; Unearned Revenue; Notes Payable; Weld, Capital; Weld, Withdrawals; Canoe Rental Revenue; Rent Expense; Utilities Expense; Wages Expense; and Telephone Expense. Explanations are not required. (Hint: For November transactions refer to the transaction analysis chart for November.) (Record debits first, then credits. Exclude explanations from journal entries.) Nov. 1: Received $25,000 cash to begin the company and gave capital to Alison Weld. Date Nov. 1 Accounts Nov. 2: Signed a lease for a building and paid $1,800 for the first month's rent. Date Nov. 2 Accounts Nov. 3: Purchased canoes for $4,100 on account. Date Nov. 3 Accounts Debit Credit Debit Credit Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Nov. 4: Purchased office supplies on account, $500. Date Nov. 4 Accounts Debit Credit Nov. 7: Earned $1,800 cash for rental of canoes. Date Nov. 7 Nov. 13: Paid $1,100 cash for wages. Date Nov. 13 Accounts Debit Credit Accounts Debit Credit Nov. 15: Weld withdrew $150 cash from the business. Weld, Capital, December 31, 2018 Requirement 6. Prepare the balance sheet as of December 31, 2018. (If a box is not used in the statement leave the box empty; do not select a label or enter a zero.) Golden Lake Company Balance Sheet December 31, 2018 Assets Liabilities Owner's Equity Requirement 7. Calculate the debt ratio for Golden Lake Company at December 31, 2018. (Round the debt ratio to the nearest tenth percent, X.X%.) = = Debt ratio % Choose from any list or enter any number in the input fields and then continue to the next