Outdoor Adventure 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:

Outdoor Adventure 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:

Complete the worksheet at December 31, 2024. Use the trial balances and adjusting entries provided. Complete the worsheet 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 adjusting entry (a., b., c., etc.)

Nov. 1 Received $25,000 cash to begin the company and issued common stock to Anya and Zeus. Nov. 2 Signed a lease for a building and paid $1,400 for the first month's rent. Nov. 3 Purchased canoes for $4,320 on account. Nov. 4 Purchased office supplies on account, $900. Nov. 7 Earned $1,100 cash for rental of canoes. Nov. 13 Paid $1,100 cash for wages. Nov. 15 Paid $100 dividendsto stockholders. Nov. 16 Received a bill for $160 for utilities. (Use separate payable account.) Nov. 20 Received a bill for $130 for cell phone expenses. (Use separate payable account.) Nov. 22 Rented canoes to School's Out on account, $3,500. Nov. 26 Paid $2,400 on account related to the November 3, 2024, purchase. Nov. 28 Received $1,700 from School's Out for canoe rental on November 22, 2024. Nov. 30 Paid $250 dividends to stockholders, Dec. 1 Anya and Zeus contributed land on the river (worth $60,000) and a small building to use as a rental office (worth $241,000) in exchange for common stock Print Done Dec. 1 Dec. 1 Dec. 2 Dec. 4 Dec. 9 Dec. 15 Anya and Zeus contributed land on the river (worth $60,000) and a small building to use as a rental office (worth $241,000) in exchange for common stock. Prepaid $4,200 for three months' rent on the warehouse where the company stores the canoes. Purchased canoes signing a notes payable for $8,160. Purchased office supplies on account for $1,100. Received $4,600 cash for canoe rentals to customers. Rented canoes to customers for $4,000, but will be paid next month. Received a $600 deposit from a canoe rental group that will use the cances next month. Paid the utilities and telephone bills from last month. Paid various accounts payable, $2,400. Received bills for the telephone ($290) and utilities ($230) which will be paid later. Paid wages of S1,600. Paid cash dividend to stockholders, $500. Dec. 16 Dec. 18 Dec. 19 Dec. 20 Dec. 31 Dec. 31 Data used for the adjusting entries at December 31 follows: finn nota hand CEO Print Done 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 20 years and the residual value is $25,000. (Hint: The building was purchased on December 1.) d. $100 of unearned revenue has now been earned. e. The employee who has been working the rental booth has earned $750 in wages that will be paid January 15, 2025. f. Outdoor Adventure has earned $1,100 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, $120. Print Done Outdoor Adventure Company Unadjusted Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash $ 18,760 5,800 2,000 Accounts Receivable Office Supplies Prepaid Rent Land Building 4,200 60,000 241,000 Canoes 12,480 $ 1,520 Accounts Payable Utilities Payable Telephone Payable 230 290 600 Unearned Revenue 8.160 Notes Payable Print Done Tepalu ETTE ZUU Land 60,000 Building 241,000 Canoes 12,480 $ 1,520 Accounts Payable Utilities Payable Telephone Payable 230 290 Unearned Revenue 600 Notes Payable 8,160 Common Stock 326,000 Dividends 850 Canoe Rental Revenue 13,200 1,400 Rent Expense Wages Expense Utilities Expense 2,700 390 420 Telephone Expense $ 350,000 $ 350,000 Total Print Done Date Debit Credit Dec. 1,750 Adj. (a) 1.750 Dec 1,400 Adj. (b) 1.400 Dec. 900 Adj. (c) Accounts and Explanation 31 Supplies Expense Office Supplies To record office supplies used. 31 Rent Expense Prepaid Rent To record rent expense. 31 Depreciation Expense-Building Accumulated Depreciation ---Building To record depreciation on building. 31 Unearned Revenue Canoe Rental Revenue To record revenue earned that was collected in advance. 31 Wages Expense Wages Payable To accrue wages expense. Annnunte Dansunkia 900 100 Dec. Adj. (d) 100 Dec 750 Adj. (e) 750 Dan Print Done Adj. (d) 100 750 Dec. Adj. (0) 750 Dec 1,100 Adj. (6) 1,100 Canoe Rental Revenue To record revenue earned that was collected in advance. 31 Wages Expense Wages Payable To accrue wages expense. 31 Accounts Receivable Canoe Rental Revenue To accrue canoe rental revenue. 31 Depreciation Expenser 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 Dec. Adj. (9) 180 180 Dec 170 170 Adj. (h) 120 Dec Adj. (6) 120 Print Done Outdoor Adventure Company Adjusted Trial Balance December 31, 2024 Balance Account Title Debit Credit Cash 18,760 6,900 250 Accounts Receivable Office Supplies Prepaid Rent Land 2,800 60,000 241,000 Building Accumulated Depreciation Building $ 900 Canoes 12,480 350 1,520 Accumulated DepreciationCanoes Accounts Payable Wages Payable Utilities Pavable 750 230 Print Done 230 290 Utilities Payable Telephone Payable Uneamed Revenue Interest Payable Notes Payable 500 120 8.160 Common Stock 326,000 Dividends 850 Canoe Rental Revenue 14,400 Rent Expense 2,800 3,450 390 420 Wages Expense Utilities Expense Telephone Expense Supplies Expense Depreciation Expense-Building Depreciation Expense does 1,750 900 350 120 Interest Expense $ 353,220 $ 353, 220 Total Print Done