Prepare an income statement for the two months ended December $31,2024.$ Use the adjusted trial balance provided.

$2.$

Prepare a statement of$$ owner's equity for the two months ended December $31,2024.$

$3.$

Prepare a classified balance sheet$($report form$)$ at December $31,2024.$ Assume the note payable is$$ long$-$term.

$4.$

Journalize and post the closing entries at December $31,2024.$T$-$accounts for Income Summary and Walworth$,$ 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.

$5.$

Prepare a$$ post$-$closing trial balance at December $31,2024.$

Nov. $1$

Received $$12,000$ cash to begin the company and gave capital to Avery Walworth.

Nov. $2$

Signed a lease for a building and paid $$1,300$ for the first month's rent.

Nov. $3$

Purchased canoes for $$6,240$ on account.

Nov. $4$

Purchased office supplies on account, $$400.$

Nov. $7$

Earned $$1,700$ cash for rental of canoes.

Nov. $13$

Paid $$1,100$ cash for wages.

Nov. $15$

Walworth withdrew $$300$ cash from the business.

Nov. $16$

Received a bill for $$140$ for utilities. $($Use separate payable account.$)$

Nov. $20$

Received a bill for $$120$ for cell phone expenses. $($Use separate payable account.$)$

Nov. $22$

Rented canoes to Tiny Toon Watch on account, $$3,200.$

Nov. $26$

Paid $$2,200$ on account related to the November $3$ purchase.

Nov. $28$

Received $$1,500$ from Tiny Toon Watch for canoe rental on November $22.$

Nov. $30$

Walworth withdrew $$500$ cash from the business.

Dec. $1$

Avery contributed land on the river $($worth $$90,000)$ and a small building to use as a rental office $($worth $$223,000)$ in exchange for capital.

Dec. $1$

Prepaid $$3,900$ for three months' rent on the warehouse where the company stores the canoes.

Dec. $2$

Purchased canoes signing a notes payable for $$8,160.$

Dec. $4$

Purchased office supplies on account for $$400.$

Dec. $9$

Received $$4,800$ cash for canoe rentals to customers.

Dec. $15$

Rented canoes to customers for $$3,400,$ but will be paid next month.

Dec. $16$

Received a $$450$ 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, $$1,200.$

Dec. $20$

Received bills for the telephone $($$$340)$ and utilities $($$$310)$ which will be paid later.

Dec. $31$

Paid wages of $$1,400.$

Dec. $31$

Walworth withdrew $$600$ cash from the business.

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 fifteen years and the residual value is $ $25$ comma $000.($Hint: The building was purchased on December $1.)$

d$.$

$ $300$ of unearned revenue has now been earned.

e$.$

The employee who has been working the rental booth has earned $ $1$ comma $050$ in wages that will be paid January $15,2025.$

f$.$

Wonder Wilderness has earned $ $1$ comma $900$ of canoe rental revenue that has not been recorded or received.

g$.$

Determine the depreciation on the canoes purchased on November $3$ using$$ straight$-$line depreciation. Assume the useful life of the canoes is $8$ years and the residual value is$$ $$0.$

h$.$

Determine the depreciation on the canoes purchased on December $2$ using$$ straight$-$line depreciation. Assume the useful life of the canoes is $8$ years and the residual value is$$ $$0.$

i$.$

Interest expense accrued on the notes$$ payable, $ $90.$

Wonder Wilderness Company

Unadjusted Trial Balance

December $31,2024$

Balance

Account Title

Debit

Credit

Cash

$$7,690$

Accounts Receivable

$5,100$

Office Supplies

$800$

Prepaid Rent

$3,900$

Land

$90,000$

Building

$223,000$

Canoes

$14,400$

Accounts Payable

$$3,640$

Utilities Payable

$310$

Telephone Payable

$340$

Unearned Revenue

$450$

Notes Payable

$8,160$

Walworth, Capital

$325,000$

Walworth, Withdrawals

$1,400$

Canoe Rental Revenue

$13,100$

Rent Expense

$1,300$

Wages Expense

$2,500$

Utilities Expense

$450$

Telephone Expense

$460$

Total

$$351,000$

$$351,000$

Wonder Wilderness Company

Adjusted Trial Balance

December $31,2024$

Balance

Account Title

Debit

Credit

Cash

$$7,690$

Accounts Receivable

$7,000$

Office Supplies

$250$

Prepaid Rent

$2,600$

Land

$90,000$

Building

$223,000$

Accumulated Depreciation$$Building

$$1,100$

Canoes

$14,400$

Accumulated Depreciation$$Canoes

$215$

Accounts Payable

$3,640$

Wages Payable

$1,050$

Utilities Payable

$310$

Telephone Payable

$340$

Unearned Revenue

$150$

Interest Payable

$90$

Notes Payable

$8,160$

Walworth, Capital

$325,000$

Walworth, Withdrawals

$1,400$

Canoe Rental Revenue

$15,300$

Rent Expense

$2,600$

Wages Expense

$3,550$

Utilities Expense

$450$

Telephone Expense

$460$

Supplies Expense

$550$

Depreciation Expense$$Building

$1,100$

Depreciation Expense$$Canoes

$215$

Interest Expense

$90$

Total

$$355,355$

$$355,355$

Date

Accounts and Explanation

Debit

Credit

Dec.

$31$

Supplies Expense

$550$

Adj. $($a$)$

Office Supplies

$550$

To record office supplies used.

De