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Pictures of problem attached. Trial balance under pictures. TRIAL BALANCE Account Title Debit Credit Cash 12,125 Common Stock 136000 Prepaid Rent 4,200 Canoes 12,000 Accounts
Pictures of problem attached. Trial balance under pictures.
TRIAL BALANCE | ||
Account Title | Debit | Credit |
Cash | 12,125 | |
Common Stock | 136000 | |
Prepaid Rent | 4,200 | |
Canoes | 12,000 | |
Accounts Payable | 3050 | |
Office Supplies | 1,250 | |
Canoes Rental Revenue | 12400 | |
Wages | 3,300 | |
Dividends | 450 | |
Utilities Expense | 445 | |
Utilities Payable | 295 | |
Telephone Expense | 500 | |
Telephone Payable | 325 | |
Account Receivable | 5,750 | |
Land | 85000 | |
Building | 35,000 | |
Notes Payable | 7200 | |
Unearned Revenue | 750 | |
TOTALS | 160,020 | 160,020 |
Date | Account and Explanation | DR | CR |
1-Nov | Cash | 16,000 | |
Common Stock | 16,000 | ||
Issued common stock | |||
2-Nov | Prepaid Rent | 1,200 | |
Cash | 1,200 | ||
Paid rent in advance | |||
3-Nov | Canoes | 4,800 | |
Accounts Payable | 4,800 | ||
Purchased canoes on account | |||
4-Nov | Office Supplies | 750 | |
Accounts Payable | 750 | ||
Purchased office supplies on account | |||
7-Nov | Cash | 1,400 | |
Canoes Rental Revenue | 1,400 | ||
Received canoes rental income | |||
15-Nov | Dividends | 50 | |
Cash | 50 | ||
Paid Divdends | |||
16-Nov | Utilities Expense | 150 | |
Utilities Payable | 150 | ||
Accrued utility liability | |||
20-Nov | Accounts Payable | 175 | |
Telephone Payable | 175 | ||
Accrued telephone liability | |||
22-Nov | Accounts Receivable | 3,000 | |
Canoes Rental Revenue | 3,000 | ||
Earned canoes rental revenue | |||
26-Nov | Accounts Payable | 1,000 | |
Cash | 1,000 | ||
Paid cash on account | |||
28-Nov | Cash | 750 | |
Accounts Receivable | 750 | ||
Paid cash on account | |||
1-Dec | Land | 85,000 | |
Building | 35,000 | ||
Common Stock | 120,000 | ||
Received land and building in exchange of common stock | |||
1-Dec | Prepaid Rent | 3,000 | |
Cash | 3,000 | ||
Paid rent in advnace | |||
2-Dec | Canoes | 7,200 | |
Notes Payable | 7,200 | ||
Purchased canoes with notes payble | |||
4-Dec | Office Supplies | 500 | |
Accounts Payable | 500 | ||
Purchased office supplies on account | |||
9-Dec | Cash | 4,500 | |
Canoe Rental Revenue | 4,500 | ||
Received canoes rental income | |||
16-Dec | Cash | 750 | |
Unearned Revenue | 750 | ||
Collected cash for future services | |||
18-Dec | Utilities Payable | 150 | |
Telephone Payable | 175 | ||
Cash | 325 | ||
Paid utility and telephone liability | |||
19-Dec | Accounts Payable | 2,000 | |
Cash | 2,000 | ||
Paid accounts payable | |||
20-Dec | Telephone Expense | 325 | |
Utilities Expense | 295 | ||
Telephone Payable | 325 | ||
Utilities Payable | 295 | ||
Accrued utilities and telephone expense | |||
30-Dec | Wages Expense | 1,800 | |
Cash | 1,800 | ||
Paid wages expense |
|
Canyon Canoe Company | ||||||
Balance Sheet | ||||||
December 31, 2018 | ||||||
Assets | Liabilities | |||||
Cash | 12,125 | Accounts Payable | 3,050 | |||
Accounts Receivable | 5,750 | Unearned Revenue | 750 | |||
Office Supplies | 1,250 | Utilities Payable | 295 | |||
Prepaid Rent | 4,200 | Telephone Payable | 325 | |||
Canoes | 12,000 | Notes Payable | 7,200 | |||
Land | 85,000 | Total Liabilities | 11,620 | |||
Building | 35,000 | |||||
Stockholder's Equity | ||||||
Common Stock | 136,000 | |||||
Retained Earnings | 7,705 | |||||
Total Assets | 155,325 | Total Stockholder's Equity | 143,705 | |||
Total Liabilities and Stockholder's Equity | 155,325 |
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