November and December Transactions November Aika White invested $19,000 cash to begin the company, and gave owner's 1 equity to Aika White. 2 The company leased a building and paid $1,350 for the first month's rent. 3 The company purchased canoes for $3,960 on account. 4 The company purchased office supplies on account, $700. 7 The company earned $2,100 cash for rental of canoes. 13 The company paid $1,200 cash for salaries. 15 Aika White withdrew $44 cash from the business for personal use. 16 The company received a bill for $135 for utilities, which will be paid later. 20 The company received a bill for $170 for cellphone expenses. The bill will be paid later. 22 The company rented canoes to Tender Time on account, $3,300. 26 Nature Gnome Company paid $1,200 of the amount owed for the November 3 purchase that was made on account. 28 The company received $1,500 from Tender Time for canoe rental on November 22. 30 Aika White withdrew cash of $59 from the business for personal use. December 1 Aika White contributed land on the river (worth $90,000 ) and a small building to use as a rental office (worth $346,000 ) in exchange for owner's equity. 1 The company prepaid $3,600 for three months' rent on the warehouse where the company stores the canoes. (Use the Prepaid Rent account) 2 The company purchased canoes, signing a note payable for $5,040. 4 The company purchased office supplies on account for $300. 9 The company received $4,100 cash for canoe rentals to customers. 15 Nature Gnome Company rented canoes to customers for $4,000 but will be paid next month. a. At December 31 , the office supplies on hand totalled $500. b. Prepaid rent of 1 month has been used. (Hint: Total is for 3 months.) c. Determine the amortization on the building using straight-line amortization. Assume the useful life of the building is 20 years and the residual value is $10,000. (Hint: The building was purchased on December 1.) d. $370 of unearned revenue has now been earned. (Assume that the initial unearned revenue was recorded as a liability.) e. The employee who has been working the rental booth has earned $1,050 in salaries that will be paid January 15,2024. f. Nature Gnome Company has earned $1,880 of canoe rental revenue that has not been recorded or received. g. Determine the amortization on the canoes purchased on November 3 using the straight-line method. Assume the useful life of the canoes is 3 years and the residual value is $0. h. Determine the amortization on the canoes purchased on December 2 using the straight-line amortization method. Assume the useful life of the canoes is 3 years and the residual value is $0. i. Interest expense of $30 has accrued on the note payable. 1. Nature Gnome has earned $1,880 of canoe rental revenue that has not been recorded or received. 9. Determine the amortization on the canoes purchased on November 3 using the straight-line method. Assume the useful life has been recorded on these canoes to date. Round amortization amounts to the nearest dollar.) Nature Gnome Company completed the following transactions in November and December and prepared the following unadjusted trial balance at December 31,2023. (Click the icon to view the November and December transactions.) (Click the icon to view the unadjusted trial balance.) At December 31 , the business gathers the following information for the adjusting entries. (Click the icon to view the information about the adjusting entries.) Requirement 1. Journalize and post the adjusting entries. In the T-accounts, denote each adjusting amount as Adj. and an account balance as Balance. Begin by journalizing the adjusting entries. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Round amounts to the nearest dollar.) a. At December 31, the office supplies on hand totalled $500. b. Prepaid rent of 1 month has been used. (Hint Total is for 3 months.) a. At December 31 , the office supplies on hand totalled $500. b. Prepaid rent of 1 month has been used. (Hint: Total is for 3 months.) c. Determine the amortization on the building using straight-line amortization. Assume the useful life of the building is 20 years and the residual value is $10,000. (Hint: The building was purchased on December 1.) d. $370 of unearned revenue has now been earned. (Assume that the initial unearned revenue was recorded as a liability.) e. The employee who has been working the rental booth has earned $1,050 in salaries that will be paid January 15,2024. f. Nature Gnome Company has earned $1,880 of canoe rental revenue that has not been recorded or received. g. Determine the amortization on the canoes purchased on November 3 using the straight-line method. Assume the useful life of the canoes is 3 years and the residual value is $0. h. Determine the amortization on the canoes purchased on December 2 using the straight-line amortization method. Assume the useful life of the canoes is 3 years and the residual value is $0. i. Interest expense of $30 has accrued on the note payable. November and December Transactions November Aika White invested $19,000 cash to begin the company, and gave owner's 1 equity to Aika White. 2 The company leased a building and paid $1,350 for the first month's rent. 3 The company purchased canoes for $3,960 on account. 4 The company purchased office supplies on account, $700. 7 The company earned $2,100 cash for rental of canoes. 13 The company paid $1,200 cash for salaries. 15 Aika White withdrew $44 cash from the business for personal use. 16 The company received a bill for $135 for utilities, which will be paid later. 20 The company received a bill for $170 for cellphone expenses. The bill will be paid later. 22 The company rented canoes to Tender Time on account, $3,300. 26 Nature Gnome Company paid $1,200 of the amount owed for the November 3 purchase that was made on account. 28 The company received $1,500 from Tender Time for canoe rental on November 22. 30 Aika White withdrew cash of $59 from the business for personal use. December 1 Aika White contributed land on the river (worth $90,000 ) and a small building to use as a rental office (worth $346,000 ) in exchange for owner's equity. 1 The company prepaid $3,600 for three months' rent on the warehouse where the company stores the canoes. (Use the Prepaid Rent account) 2 The company purchased canoes, signing a note payable for $5,040. 4 The company purchased office supplies on account for $300. 9 The company received $4,100 cash for canoe rentals to customers. 15 Nature Gnome Company rented canoes to customers for $4,000 but will be paid next month. 1. Nature Gnome has earned $1,880 of canoe rental revenue that has not been recorded or received. 9. Determine the amortization on the canoes purchased on November 3 using the straight-line method. Assume the useful life has been recorded on these canoes to date. Round amortization amounts to the nearest dollar.)