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EagleEye Expeditions provides guided tours in scenic mountainous areas. After the first 11 months of operations in 2024, EagleEye has the following account balances. EAGLEEYE
EagleEye Expeditions provides guided tours in scenic mountainous areas. After the first 11 months of operations in 2024, EagleEye has the following account balances. EAGLEEYE EXPEDITIONS Accounts Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Notes Payable Common Stock Retained Earnings Dividends Service Revenue Advertising Expense Salaries Expense Rent Expense Totals Trial Balance November 30, 2024 Debits Credits $11,200 5,500 1,400 25,100 185,000 4,300 51,000 140,000 15,100 6,000 76,000 12,000 29,300 10,900 $286,400 $286,400 The following transactions occur during December 2024: December 1 Pay rent for mountain lodges for the month of December, $1,900. December 5 Provide guided tour to customers in Grand Teton National Park for cash, $3,800. December 8 Borrow from a local bank by signing a note payable, $20,000. The note is due in one year with a 6% interest rate. December 12 Receive cash from customers as payment for a guided tour that occurred on November 28, $4,500. December 13 Issue additional shares of common stock for cash, $30,000. December 15 Pay employee salaries for the first half of the month, $2,200. December 17 Purchase advertising on several local radio stations to be aired during the following two weeks, $2,000. December 22 Provide guided tour to customers in Yellowstone National Park on account, $4,200. December 23 One of the customers from the December 22 tour claims to have seen the legendary creature Bigfoot. The company believes this exciting news will create additional revenue of $30,000 next year. December 26 Purchase several pieces of hiking equipment to give customers a more enjoyable adventure, such as night-vision goggles, GPS, long-range binoculars, and video cameras, for cash, $29,500. December 28 Pay cash on accounts payable, $2,500. December 31 Pay dividends to stockholders, $3,000. Required: 1. Record each transaction. 2. & 3. Post each transaction to the appropriate T-accounts and calculate the balance of each account at December 31, 2024. (Hint: Be sure to include the balance at the beginning of December in each T-account.) 4. Prepare a trial balance as of December 31, 2024. beginning of December in each T-account.) Debit Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Beginning Balance Ending Balance Cash Credit Debit Beginning Balance Ending Balance Accounts Receivable Credit Prepaid Insurance Equipment Debit Credit Debit Credit Beginning Balance Ending Balance Land Accounts Payable Debit Credit Debit Credit Beginning Balance Ending Balance Notes Payable Common Stook Debit Credit Debit Credit Beginning Balance Ending Balance Retained Earnings Dividends Debit Credit Debit Credit Beginning Balance Beginning Balance Service Revenue Advertising Expence Debit Credit Debit Credit Beginning Balance Beginning Balance Salaries Expence Rent Expense Debit Credit Debit Credit Beginning Balance Beginning Balance < General Journal Trial Balance > Complete this question by entering your answers in the tabs below. General Journal T Accounts Trial Balance Prepare a trial balance as of December 31. EAGLEEYE EXPEDITIONS Trial Balance December 31, 2024 Accounts Cash Accounts Receivable Prepaid Insurance Equipment Land Accounts Payable Notes Payable Common Stock Retained Earings Dividends Service Revenue Advertising Expense Salaries Expense Rent Expense Totals Debit Credit < T Accounts Trial Balance > Vew traction Journal entry worksheet < 1 2 3 4 5 6 7 8 12 > Pay rent for mountain lodges for the month of December, $1,900. Note: Enter debts before credits Date December 01 General Journal Debit Credit Hecond entry Clear entry View general journal
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