nov and dec transactions and dec 31 adjustment data
unadjusted trial balance
adjusting journal entries
adjusted trial balance
problem requirements
Canyon Canoe Company began operations on November 1,2024. The November and December transactions and the information used to prepare the adjusting entries at December 31, 2024 follows: 1. (Click the icon to view the November and December fransactions and the December 31 adjustment data.) Canyon Canoe 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 journal entries.) (Cick the licon to view the adjusted frial balance.) Read the tequirements 1. Complete the worksheet at December 31,2024 . Use the trial balances and adjusting entries provided. 2. Prepare an income statement for the two months ended December 31, 2024. Use the worksheet prepared in Requirement 1 or the adjusted trial balance provided 3. Prepare a statement of owner's equity for the two months ended December 31, 2024. 4. Prepare a classified balance sheet (report form) at December 31, 2024. Assume the note payable is long-term. 5. Journalize and post the closing entries at December 31,2024. T-accounts for Income Summary and Wilson, Capital have been opened for you. Determine the ending balance for each account. Denote each closing amount as Clos. and each account balance as Bal. 6. Prepare a post-closing trial balance at December 31, 2024. Dec. 20 Received bills for the telephone (\$325) and utifities (\$295) which will be paid later. Dec. 31 Paid wages of $1,800. Dec. 31 Wilson withdrew $300 cash from the business. Data used for the adjusting entries at December 31 follows: a. Office supplies on hand, \$165 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 bulding is five years and the residual value is $5,000. (Hint: The building was purchased on December 1.) d. $400 of unearned revenue has now been earned. e. The employee who has been working the rental booth has eamed $1,250 in wages that will be paid January 15, 2025. f. Canyon Canoe has earned $1,850 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, $50. \begin{tabular}{ll} \hline Nov. 1 & Received $16,000 cash to begin the company and gave capital to Amber Wilson. \\ Nov. 2 & Signed a lease for a building and paid $1,200 for the first month's rent. \\ Nov. 3 & Purchased canoes for $4,800 on account. \\ Nov. 4 & Purchased office supplies on account, $750. \\ Nov. 7 & Earned $1,400 cash for rental of canoes. \\ Nov. 13 & Paid $1,500 cash for wages. \\ Nov. 15 & Wilson withdrew $50 cash from the business. \\ Nov. 16 & Received a bill for $150 for utilities. (Use separate payable account.) \\ Nov. 20 & Received a bill for $175 for cell phone expenses. (Use separate payable account) \\ Nov. 22 & Rented canoes to Early Start Daycare on account, $3,000. \\ Nov. 26 & Paid $1,000 on account related to the November 3 purchase. \\ Nov. 28 & Received $750 from Early Start Daycare for canoe rental on November 22. \\ Nov. 30 & Wilson withdrew $100 cash from the business. \end{tabular} Dec. 1 Amber contributed land on the river (worth $85,000 ) and a small building to use as a rental office (worth $35,000 ) in exchange fac capital. Dec. 1 Prepaid $3,000 for three months' rent on the warehouse where the company stores the canoes. Dec. 2 Purchased canoes signing a notes payable for $7,200. Dec. 4 Purchased office supplies on account for $500. Dec. 9 Received $4,500 cash for canoe rentals to customers. Dec. 15 Rented canoes to customers for $3,500, but will be paid next month. Dec. 16 Received a $750 deposit from a canoe rental group that will use the canoes next month. Dec. 18 Paid the utilities and telephone bills from last month. Dec. 19 Paid various accounts payable, $2,000. Dec. 20 Received bills for the telephone (\$325) and utilities (\$295) which will be paid later. Camyon Canoe Company began operations on November 1, 2024. The November and December transactions and the information used to prepare the adjusting entries at December 31, 2024 follows: (3) (Click the icon to viow the November and December transactions and the December 31 adjustment data ) Canyon Canoe Company prepared an unadjusted trial balance at December 31 , adjusting entries for the two months ended December 31 , and an adjust trial balance at December 31 as follows (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 reguirements Requirement 1. Complete the worksheet at December 31, 2024. Use the trial balances and adjusting entries provided Complete the worksheet one section at a time, beginning with the Unadjusted Trial Balance columns. When completing the Adjustments column, enter a posting reference along with each debit or credit amoun that corresponds to the letter of the adjusting entry (a, b., c., etc) (Leave unused cells blank. Do not enter a " 0 " for any zero balances. Abbreviations used. Accurn. = Accumulated; Depr. = Depreciation.) Canyon Canoe Company began operations on November 1,2024. The November and December transactions and the information used to prepare the adjusting entries at December 31, 2024 follows: 1. (Click the icon to view the November and December fransactions and the December 31 adjustment data.) Canyon Canoe 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 journal entries.) (Cick the licon to view the adjusted frial balance.) Read the tequirements 1. Complete the worksheet at December 31,2024 . Use the trial balances and adjusting entries provided. 2. Prepare an income statement for the two months ended December 31, 2024. Use the worksheet prepared in Requirement 1 or the adjusted trial balance provided 3. Prepare a statement of owner's equity for the two months ended December 31, 2024. 4. Prepare a classified balance sheet (report form) at December 31, 2024. Assume the note payable is long-term. 5. Journalize and post the closing entries at December 31,2024. T-accounts for Income Summary and Wilson, Capital have been opened for you. Determine the ending balance for each account. Denote each closing amount as Clos. and each account balance as Bal. 6. Prepare a post-closing trial balance at December 31, 2024. Dec. 20 Received bills for the telephone (\$325) and utifities (\$295) which will be paid later. Dec. 31 Paid wages of $1,800. Dec. 31 Wilson withdrew $300 cash from the business. Data used for the adjusting entries at December 31 follows: a. Office supplies on hand, \$165 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 bulding is five years and the residual value is $5,000. (Hint: The building was purchased on December 1.) d. $400 of unearned revenue has now been earned. e. The employee who has been working the rental booth has eamed $1,250 in wages that will be paid January 15, 2025. f. Canyon Canoe has earned $1,850 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, $50. \begin{tabular}{ll} \hline Nov. 1 & Received $16,000 cash to begin the company and gave capital to Amber Wilson. \\ Nov. 2 & Signed a lease for a building and paid $1,200 for the first month's rent. \\ Nov. 3 & Purchased canoes for $4,800 on account. \\ Nov. 4 & Purchased office supplies on account, $750. \\ Nov. 7 & Earned $1,400 cash for rental of canoes. \\ Nov. 13 & Paid $1,500 cash for wages. \\ Nov. 15 & Wilson withdrew $50 cash from the business. \\ Nov. 16 & Received a bill for $150 for utilities. (Use separate payable account.) \\ Nov. 20 & Received a bill for $175 for cell phone expenses. (Use separate payable account) \\ Nov. 22 & Rented canoes to Early Start Daycare on account, $3,000. \\ Nov. 26 & Paid $1,000 on account related to the November 3 purchase. \\ Nov. 28 & Received $750 from Early Start Daycare for canoe rental on November 22. \\ Nov. 30 & Wilson withdrew $100 cash from the business. \end{tabular} Dec. 1 Amber contributed land on the river (worth $85,000 ) and a small building to use as a rental office (worth $35,000 ) in exchange fac capital. Dec. 1 Prepaid $3,000 for three months' rent on the warehouse where the company stores the canoes. Dec. 2 Purchased canoes signing a notes payable for $7,200. Dec. 4 Purchased office supplies on account for $500. Dec. 9 Received $4,500 cash for canoe rentals to customers. Dec. 15 Rented canoes to customers for $3,500, but will be paid next month. Dec. 16 Received a $750 deposit from a canoe rental group that will use the canoes next month. Dec. 18 Paid the utilities and telephone bills from last month. Dec. 19 Paid various accounts payable, $2,000. Dec. 20 Received bills for the telephone (\$325) and utilities (\$295) which will be paid later. Camyon Canoe Company began operations on November 1, 2024. The November and December transactions and the information used to prepare the adjusting entries at December 31, 2024 follows: (3) (Click the icon to viow the November and December transactions and the December 31 adjustment data ) Canyon Canoe Company prepared an unadjusted trial balance at December 31 , adjusting entries for the two months ended December 31 , and an adjust trial balance at December 31 as follows (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 reguirements Requirement 1. Complete the worksheet at December 31, 2024. Use the trial balances and adjusting entries provided Complete the worksheet one section at a time, beginning with the Unadjusted Trial Balance columns. When completing the Adjustments column, enter a posting reference along with each debit or credit amoun that corresponds to the letter of the adjusting entry (a, b., c., etc) (Leave unused cells blank. Do not enter a " 0 " for any zero balances. Abbreviations used. Accurn. = Accumulated; Depr. = Depreciation.)
