Joel and Chris embarked on their partnership with distinct contributions \\( -\\$ 80,000 \\) cash from Joel. And land valued at \\( \\$ 120,000 \\), along with a small building valued at \\( \\$ 180,000 \\) from Chris. The partnership also assumed a long-term note payable of \\( \\$ 130,000 \\) linked to Chris's land and building. The partners established a profit-sharing arrangement, including annual salary allowances, interest allowances, and equal sharing of remaining profits or losses. Record the initial capital investments, cash withdrawals, and closing entries for 2021 . Calculate their respective capital account balances at the end of the year. Advance Ticket Sales and Revenue Recognition: As part of Sault Tours' offerings, the company secured \\( \\$ 20,000 \\) in advance cash ticket sales for a four-date guided tour in SSM. These tours encompassed a guided waterfront and boardwalk tour, Whitefish Island tour, accommodation at a local inn, and a dinner and guided machine shop tour. Allocate the lump sum advance ticket sales as of October 31, 2021, and subsequently, distribute the revenue earned for each tour date - November 16, 2021, and the subsequent dates. Business Growth and Accounts Receivable Management: Exponsion into Merchandising: In December 2021, Sault Tours extended its offerings by selling camping gears and merchandise to camping enthusiasts tapping into that revenue generation stream. On December 1, 2021, the accounts receivable account had a balance of \\( \\$ 50,000 \\), the bad debt expense account had a balance of \\( \\$ 0 \\), and the allowance for doubtful accounts had a credit balance of \\( \\$ 5,000 \\). Journalize the remaining journal entries for the 2023 year. 2 Deci Sold tents for \\( \\$ 5,000 \\) on accounf with a cost of \\( \\$ 2,500 \\). \\( 20 \\mathrm{Dec} \\) : Determined that the total accounts of HaiwaCap Co. with an accounts receivable balance of \\( \\$ 1,200 \\) and Harmoney \\( \\mathrm{Co} \\). with an accounts receivable balance of \\( \\$ 2,500 \\) were uncollectible and needed to be written off - 23 Dec: Unexpectedly received payment from Harmoney \\( C_{0} \\) for \\( \\$ 2,500 \\) - 31 Dec: Estimated that \10 of accounts receivable recorded to date would be uncollectible. Prepare journal entries, draw and fill in the T-accounts for involved ledgers and determine the ending balance in each. Second Year Operations and Asset Management: The year 2022 ushered in new developments, including sales of camping gear, extension of notes. and interest accruals. As the vear concluded, adjustments were made to record accrued interest. Fixed Asset Evaluation and Vision for the Future: Part of Sault Tours guided tour was a tour to Agawa Bay and the superior lake shores. To be able to provide tours and transport customers from and to the Agawa Bay, Sault Tours needed a bus. An old school bus had been purchased May 3, 2021, for \\( \\$ 13,000 \\) cash, and it was estimated to have a life of 50,000 kilometres and a salvage value of \\( \\$ 1,500 \\). The bus had travelled \\( 18,000 \\mathrm{Km} \\) during the summer and fall of 2021 and was stored during the winter. During the summer of 2022 , the bus had travelled \\( 8,000 \\mathrm{Km} \\) before it was traded in on July 1 for a more fuel-efficient minibus. The new mini-bus, which had a list price of \\( \\$ 15,000 \\), was purchased with a trade-on allowance of \\( \\$ 7,500 \\) on the old bus and cash for the reminder. It was expected to have a life of \\( 100,000 \\mathrm{Kms} \\) and a \\( \\$ 3,000 \\) salvage value. The new minibus was driven \\( 10,000 \\mathrm{Km} \\) over the reminder of the summer and fall of 2022 before being placed in storage for the winter. Post all necessary transactions and adjusting entries for the period between Mary 1, 2021, to Nov 30,2022 During the first operational year, Sault Tours found success in attracting local companies for guided tours, Companies started contracting Sault Tours to offer guided tours to their staff and volunteers as part of these companies' staff and employee wellness efforts and programs, they also attracted lots of voluntary board and conference groups to include a short, guided tour as part of their block schedule tapping into their potential for revenue generation. However, managing accounts receivable presented challenges. Sault Tours adopted a policy where they bill their customers with a 30 -day due date from the date of bill. Sault Tours would perform the guided tour regardless of the payment being received or not at the date of the tour (in case the bill due date was past the tour date). Sault Workforce Analysis Board (SWAB) was one of Sault Tours customers and booked multiple guided tours for their staff and board members during their annual genernl meeting at the Delta Inn hotel. SWAB had an outstanding account in the amount of \\( \\$ 4,800 \\) owing to Sault Tours. On October-1, 2021, Sauit Tours agreed to convert SWAB's account to an \8, 45-day note having a face value of \\( \\$ 4,800 \\). Record SWAB's entries on October 1, 2021, and on the due date. Expansion into Merchandising: In December 2021, Sault Tours extended its offerings by selling camping gears and merchandise to camping enthusiasts tapping into that revenue generation stream. and close the interest income account. Document these events accurately through journal entries: - 16 Nov; sold camping gears and merchandise to Andrew Misaousi for \\( \\$ 22,000 \\) 16 Dec: Accepted a \\( \\$ 22,000,60 \\)-day, \5 note dated this day in granting Andrew Misaousi a time extension on his past-due account. - 31 Dec: Made an adjusting entry to record the accrued interest on the Misaousi note. - 31 Dec: Closed the interest income accpunt. Bank Reconciliation and Financial Precision: The following information was available for the Company for the month ended May 31,2022. - The Book Balance at May 31,2022 was \\( \\$ 6,890.22 \\) - The Bank balance at May 31,2022 was \\( \\$ 8,660.22 \\) - Outstanding cheques amounted to \\( \\$ 6,310 \\). - The May 31 st cash receipts of \\( \\$ 5,600 \\) were deposited but have not yet appeared on the bank statement. - A \\( \\$ 50 \\) debt memorandum for cheques printed by the bank was included with the cancelled cheques. - A customer's note for \\( \\$ 1,110,00 \\) was collected by the bank. Prepare a bank reconciliation for Sault Tours Company at May 31,2022
