Nov. 1 Received $10,000 cash to begin the company and gave capital to Ashley White. Nov. 2 Nov. 3 Signed a lease for a building and paid $1,400 for the first month's rent. Purchased canoes for $6,240 on account. Nov. 4 Purchased office supplies on account, $1,200. Nov. 7 Earned $1,700 cash for rental of canoes. Nov. 13 Paid $2,000 cash for wages. Nov. 15 White withdrew $400 cash from the business. Nov. 16 Received a bill for $140 for utilities. (Use separate payable account.) Nov. 20 Nov. 22 Nov. 26 De Nov. 28 Nov. 30 Received a bill for $190 for cell phone expenses. (Use separate payable account.) Rented canoes to Tender Time on account, $3,100. Paid $2,300 on account related to the November 3 purchase. Received $1,000 from Tender Time for canoe rental on November 22. White withdrew $450 cash from the business. Ashley contributed land on the river (worth $60,000) and a small building to use as a rental office (worth $70,000) in exchange for capital. Prepaid $4,200 for three months' rent on the warehouse where the company stores the canoes. Purchased canoes signing a notes payable for $6,720. Purchased office supplies on account for $400. Dec. 1 Dec. 1 Dec. 2 Dec. 4 Dec. 9 Dec. 15 Rented canoes to customers for $3,400, but will be paid next month. Dec. 16 Received a $400 deposit from a canoe rental group that will use the canoes next month hille from last month. Received $4,200 cash for canoe rentals to customers. eac e.) Dec. 1 Dec. 2 Dec. 4 mber 31, Dec. 9. ginning w s blank. D Dec. 15 Dec. 16 Dec. 18 Dec. 19 Dec. 20 Dec. 31 canoes. Purchased canoes signing a notes payable for $6,720. Purchased office supplies on account for $400. Received $4,200 cash for canoe rentals to customers. Rented canoes to customers for $3,400, but will be paid next month. Received a $400 deposit from a canoe rental group that will use the canoes next month. Paid the utilities and telephone bills from last month. Paid various accounts payable, $2,400. Received bills for the telephone ($300) and utilities ($230) which will be paid later. Paid wages of $2,300. Dec. 31 White withdrew $700 cash from the business. dit De Data used for the adjusting entries at December 31 follows: a. Office supplies on hand, $250 b. Rent of one month has been used. (Hint: See Dec. 1 transaction) c. Determine the depreciation on the building using straight-line depreciation. Assume the useful life of the building is five years and the residual value is $16,000. (Hint: The building was purchased on December 1.) d. $200 of unearned revenue has now been earned. e. The employee who has been working the rental booth has earned $1,200 in wages that will be paid January 15, 2019. f. Nature Gnome has earned $1,400 of canoe rental revenue that has not been recorded or received. g. Determine the depreciation on the canoes purchased on November 3 using straight-line depreciation Assume the useful life of the canoes is 4 years and the residual value is $0. h. Determine the depreciation on the canoes purchased on December 2 using straight-line depreciation. Assume the useful life of the canoes is 4 years and the residual value is $0. i. Interest expense accrued on the notes payable, $20. on: 100 pts Reference X nd the i 1 of 1 Reference Nature Gnome Company Adjusted Trial Balance December 31, 2018 nths en al entri Nature Gnome Company Unadjusted Trial Balance December 31, 2018 Balance Balance Account Title Debit Credit Account Title Debit nd Credit Cash ovided. S 820 Cash $ 820 Accounts Receivable 6,900 pleting s used Accounts Receivable 5,500 Office Supplies 250 Office Supplies 1.800 Prepaid Rent 2,800 Prepaid Rent 4.200 Land 60,000 Land 60,000 Building 70,000 Building 70.000 Accumulated Depreciation-Building Canoes S 900 Incom Canoes 12.900 12,960 Stateme Accounts Payable 3.140 Count Accumulated Depreciation-Canoes 400 Units Payable 230 . Accounts Payable 3,140 Telephone Payable 300 Ounts Wages Payable 1,200 ce Sup End ilding Interest Payabio coum. De Notes Payable Canoes White, Capital ocum De paid Re Utilities Payable Telephone Payable Unearned Revenue 230 Unearned Revenue Notes Payable 400 1720 300 White, Capital 140.000 200 White Withdraw 1,550 20 Canoe Rental Reve 12.400 6.720 Rent Expense 1,400 4.300 140,000 Wages Expense Choose from any Save for Later Type here to search. Done P De Reference X nd the Reference Accumulated Depreciation-Building 900 nths en Canoes Balance 12,960 al entri Account Title Accumulated Depreciation-Canoes Debit Credit 400 Cash Accounts Payable 820 3,140 Accounts Receivable 5,500 Wages Payable Utilities Payable Telephone Payable Unearned Revenue Interest Payable 1,200 Office Supplies 1,600 ovided 230 Prepaid Rent 4.200 300 pleting Land 60,000 used 200 Building 70,000 20 Canoes 12.960 Notes Payable 6,720 Accounts Payable S 3,140 White, Capital 140,000 Utilities Payable 230 White, Withdrawals 1.550 Incom Telephone Payable 300 Canoe Rental Revenue 14,000 Stateme Uneamed Revenue 400 Rent Expense 2,800 bit Notes Payable 6.720 Wages Expense 5,500 White, Capital 140.000 Utilities Expense 370 White, Withdrawals 1.550 Telephone Expense 490 Canoe Rental Revenue 12.400 Supplies Expense 1,350 Rent Expense 1,400 Depreciation Expense-Building 900 Wages Expense 4300 Depreciation Expense-Canoes 400- Utilities Expense 370 Interest Expense Total 20 Telephone Expense 167.1105 167.110 Total 400 10:3, 190 A 163,190 oh any stor emeriany Laber Type here to search Print Done I Prost Done Date Accounts and Explanation Debit Credit Dec. 31 Supplies Expense 1,350 Adj. (a) Office Supplies 1,350 To record office supplies used. Dec. Adj. (b) Prepaid Rent Dec. Adj. (c) 31 Rent Expense To record rent expense. 31 Depreciation Expense-Building Accumulated Depreciation-Building To record depreciation on building. 31 Unearned Revenue 1,400 1,400 900 900 in the Dec. Adj. (d) Canoe Rental Revenue 200 200 To record revenue earned that was collected in advance. Dec. 31 Wages Expense 1,200 Adj. (e) Wages Payable 1,200 To accrue wages expense. Dec. Adj. (f) Dec. Adj. (g) 31 Accounts Receivable Canoe Rental Revenue To accrue canoe rental revenue. 31 Depreciation Expense-Canoes Accumulated Depreciation-Canoes To record depreciation on canoes 1,400 1,400 260 260 Print Done Dec. Adj. (f) Dec. Adj. (g) 1,2 To accrue wages expense. 31 Accounts Receivable Canoe Rental Revenue To accrue canoe rental revenue. 31 Depreciation Expense-Canoes Accumulated Depreciation-Canoes To record depreciation on canoes. 31 Depreciation Expense Canoes Accumulated Depreciation-Canoes To record depreciation on canoes. 31 Interest Expense Interest Payable To accrue interest expense. 1,400 1,400 260 260 140 140 20 20 20 20 Dec. Adj. (h) Dec. Adj. (i) DI Print Done Requirement 1, Complete the worksheet at December 31, 2018. Use the trial balances and adjusting entries provided Complete the worksheet une section at a time, beignning with the Unadjusted Trial Balance columns. When completing the Adjustments column, enter a posting reference along with each debit or trodit amoun that conesponds to the le adjusting entry (a b. c, etc) Leave unused ofs blank. Do not enter a " for any zero balances. Abbreviations used Accun Accented Dr Depreciation) Nature Gnome Company Worksheet December 31, 2018 Unadjusted Trial Balance - Adjusted Income Balance Adjustments Trial Balance Statement Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash Accounts Receivable Office Supplies Prepaid Rent Land Building Accum Depe Building Canoes Accum Depr-Canoes Choose from any list or ender any number in the input fields and then continue to the next question Restart to install the latest Windows updates New updates are ready for your devi Leave it on and plugged in and well t 30 restart outside of your active hours pick a tame that works for you Socce $35 PM (Click the icon to view the adjusted trial balance.) Read the requirements. Accounts Payable Wages Payable Utilities Payable Telephone Payable Unearned Revenue Interest Payable Notes Payable White, Capital White, Withdrawals Canoe Rental Revenue Rent Expense Wages Expense Utilities Expense Telephone Expense Supplies Expense Depr. Expense-Building Depr. Expense-Canoes Interest Expense Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Type here to search cember 31, and an adjusted trial (Click the icon to view the adjusting journal entries.) (Click the icon to view the adjusted trial balance.) Read the requirements. Net income or loss Requirement 2. Prepare an income statement for the two months ended December 31, 2018. Use the worksheet prepared in Requirement 1 or the adjusted trial balam Review the worksheet completed in Requirement 1. Nature Gnome Company Income Statement Two Months Ended December 31, 2018 Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Type here to search Net Income (Loss) Requirement 3. Prepare a statement of owner's equity for the two months ended December 31, 2018. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Enter a "0" for any zero balances.) Review the worksheet completed in Requirement 1. Nature Gnome Company Statement of Owner's Equity Two Months Ended December 31, 2018 White, Capital, November 1, 2018 White Capital, December 31, 2018 Requirement 4. Prepare a classified balance sheet (report form) at December 31, 2018. Assume the note payable is long-term Start by preparing the assets section of the statement. In the next step, prepare the liabilities and owner's equity sections to complete the balance sheem Review the worksheet completed in Requirement 1. Nature Gnome Company Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Type here to search 0 II View the adjusting journal entries.) (Click the icon to view the adjusted trial balance.) Read the requirements. Requirement 4. Prepare a classified balance sheet (report form) at December 31, 2018. Assume the note payable is long-term. Start by preparing the assets section of the statement. In the next step, prepare the liabilities and owner's equity sections to complete the balance shee Review the worksheet completed in Requirement 1. Nature Gnome Company Balance Sheet December 31, 2018 Less Assets Loss: Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Type here to search Read the requirements. Less: Less: Liabilities Owner's Equity Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Type here to search E Nature Gnome Company began operations on November 1, 2018. The November and December transactions and the information used to prepare the adjusting entries at Decem (Click the icon to view the November and December transactions and the December 31 adjustment data.) Nature Gnome Company prepared an unadjusted trial balance at December 31, adjusting entries for the two months ended December 31, and an adjusted trial balance at Decem (Click the icon to view the unadjusted trial balance.) Click the icon to view the adjusting journal entries.) (Click the icon to view the adjusted trial balance) Read the requirements. Owner's Equity Requirement 5. Journalize and post the closing entries at December 31, 2018. T-accounts for Income Summary and White, Capital have been opened for you. Determine the ending be each account balance as Bal. Begin by journalizing the closing entries at December 31, 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Start by closing revenues. Review the worksheet completed in Requirement 1. Date Dec. 31 Clos (1) Accounts and Explanation Close expenses for the period Review the worksheet completed in Requirement 1. Date Accounts and Explanation Debit Credit Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Type here to search (Click the icon to view the adjusted trial balance.) Read the requirements. Review the worksheet completed in Requirement 1. Date Dec. 31 Clos. (2) Accounts and Explanation Debit Credit Close Income Summary. Review the worksheet completed in Requirement 1. Date Dec. 31 Clos. (3) Accounts and Explanation Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Type here to search O ture Gnome Company began operations on November 1, 2018. The November and December transactions and the information used to prepare the adjusting entries at December 31, 2018 follows: (Click the icon to view the November and December transactions and the December 31 adjustment data) ture Gnome Company prepared an unadjusted trial balance at December 31, adjusting entries for the two months ended December 31, and an adjusted trial balance at December 31 as follows (Click the icon to view the unadjusted trial balance.) (Click the icon to view the adjusting joumal entries) (Click the icon to view the adjusted trial balance.) Read the requirements Close withdrawals. Review the worksheet completed in Requirement 1.1 Accounts and Explanation Debit Credit Date Dec. 31 Clos (4) Post the closing entries at December 31, 2018. Use "Clo." and the corresponding number as shown in the journal entry as posting references-Clos (1/ Clos (27, etc. The adjusted balance (A4 Bat) of ach account has bee any closing entries to the accounts and then calculate the post-closing balance ("Bal") of each account (including those that were not closed). For any accounts with a zero balance after closing, enter a the normal side of the Summary, calculate and enter the balance (Bal.") before posting the entry to close out the account. Post the entry to close Income Summary account on the same line as you entered the balance price to closing the second line an post-closing balance (Bal") on the last (third) line of the account Review the closing joumal entries you prepared above Adj. Bal Cash 820 Accounts Receivable Adj Bal 6,900 Accounts Payable Canoe Rental Revenue 3,140 Adj. Bal 14.000 Ad Ba Wages Payable Rent Expense 1,200 Ad Bal Ad Bal 2,000 Choose from any lat or enter any number in the input fields and then continue to the next question Save for Luter Type here to search Restart to install the lates updates New updates are ready for Leave it on and plugged in 10 restart outside of your ac pick a time that weeks for you (Click the icon to view the unadjusted trial balance.) (Click the icon to view the adjusted trial balance.) (Click the icon to view the adjusting journal entries.) Read the requirements. Adj. Bal. Office Supplies 250 Utilities Payable Wages Expense 230 Adj. Bal. Adj. Bal 5,500 Prepaid Rent Telephone Payable Adj. Bal. 2,800 300 Adj. Bal. Adj. Bal Utilities Expense 370 Land Unearned Revenue Telephone Expense Adj. Bal 60,000 200 Adj. Bal, Adj. Bal 490 Adj. Bal Building 70,000 Interest Payable Supplies Expense 20 Adj. Bal. Adj. Bal 1,350 Accumulated Depr-Building Notes Payable Depreciation Expense-Building 900 Adj. Bal. 6,720 Adj. Bal Adj. Bal 900 Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Type here to search O Canoes White, Capital Depreciation Expense-Canoes 140,000 Adj. Bal. Adj. Bal. 400 Bal. 12,960 Accumulated Depr.-Canoes White, Withdrawals Interest Expense 400 Adj. Bal Adj. Bal. 1,550 Adj. Bal 20 Requirement 6. Prepare a post-closing trial balance at December 31, 2018. Review the ending balances of the T-accounts that you prepared in Requirement 5. Nature Gnome Company Post-Closing Trial Balance Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Type here to search 0 II Income Summary (Click the icon to view the unadjusted trial balance.) (Click the icon to view the adjusted trial balance.) Read the requirements. (Click the icon to view the Review the ending balances of the T-accounts that you prepared in Requirement 5. Nature Gnome Company Post-Closing Trial Balance December 31, 2018 Account Title Balance Debit Credit