**** ( SKIP ALL THE WAY UNTIL REQUIREMENT 5, I ONLY NEED YOU TO DO REQUIREMENT 5 AND 6 PLEASE, THIS IS FOR A FINAL SO PLEASE DO IT WELL, I ONLY NEED YOU TO DO REQUIREMENTS 5 AND 6. ) **** November 1: Received $21,000 cash to begin the company and gave capital to Alison Winter. Date Accounts Debit Credit Novvember 2: Signed a lease for a building and paid $1,500 for the first month's rent. Date Accounts Debit Credit November 3: Purchased conoes for $5,000 on account. Date Accounts Debit Credit November 4: Purchased office supplies on account, $1,200. Date Accounts Debit Credit November 7: Earned $1,100 cash for rental of canoes. Date Accounts Debit Credit November 13: Paid $1,000 cash for wages. Date Accounts Debit Credit November 15: Winter withdrew $150 cash from the business. Date Accounts Debit Credit November 16: Received a bill for $190 for utilities. Date Accounts Debit Credit November 20: Received a bill for $100 for cell phone expenses. Date Accounts Debit Credit November 22: Rented canoes to Adventure Kings on account, $3,400. Date Accounts Debit Credit November 26: Paid $2,600 on account related to the November 3 purchase. Date Accounts Debit Credit November 28: Received $800 from Adventure Kings for canoe rental on November 22. Date Accounts Debit Credit November 30: Winter withdrew cash of $250 from the business Date Accounts Debit Credit December 1: Alison contributed land on the river (worth $85,000) and a small building to use as a rental office (worth $154,000) in exchange for capital Date Accounts Debit Credit December 1: Prepaid $4,500 for three month's rent on the warehouse where the company stores the canoes. Date Accounts Debit Credit December 2: Purchased canoes signing a note payable for $9,120 Date Accounts Debit Credit December 4: Purchased office supplies on account for $400 Date Accounts Debit Credit December 9: Received $4,600 cash for canoe rentals to customers Date Accounts Debit Credit December 15: Rented canoes to customers for $3,700, but it will be paid next month. Date Accounts Debit Credit December 16: Received a $400 deposit from a conoe rental group that will use the canoes next month Date Accounts Debit Credit December 18: Paid the utilities and telephone bills from last month (prepare a single, compound journal entry) Date Accounts Debit Credit December 19: Paid various accounts payable, $3,000 Date Accounts Debit Credit December 20: Received bills for the telephone ($340) and utilities ($310) which will be paid later (Prepare a single compount journal entry, using the separate payable accounts) Date Accounts Debit Credit December 31: Paid wages of $1,900 Date Accounts Debit Credit December 31: Winter withdrew cash of $700 from the business. Date Accounts Debit Credit

Requirement 2. T-accounts have been opened for you. Post the journal entries to the T-accounts, and calculate account balances. Use the transaction dates as posting references. For the account balances, use a "Bal." posting reference on the proper side of each account to show the ending balances of the accounts. Cash Accounts Payable Canoe Rental Revenue Accounts Receivable Utilities Payable Rent Expense Office Supplies Telephone Payable Wages Expense Prepaid Rent Unearned Revenue Utilities Expense Canoes Note Payable Telephone Expense Land Winter, Capital Building Winter, Withdrawals

Requirement 3. Prepare a trial balance as of December 31, 2024 Nature Gnome Company Trial Balance 31-Dec-24 Balance Account Title Debit Credit Total

Requirement 4. Prepare the income statement of Nature Gnome Company for the two months ended December 31, 2024 Nature Gnome Company Income Statement Two Months Ended December 31, 2024 Revenues: Expenses: Total Expenses Net Income

Requirement 5. Prepare the owner's equity for the two months ended December 31, 2024 Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal.

_____________ Nature Gnome Company

______________ Statement of Owner's Equity ______________ Two Months Ended December 31, 2024

Winter, Capital, November 1, 2024 $0

Winter, Capital, December 31, 2024 _________

Requirement 6. Prepare the balance sheet as of December 31, 2024 Nature Gnome Company Balance Sheet 31-Dec-24 Assets

Total Assets ____

Liabilities

Total Liabilities __________

Owner's Equity ________

Total Liabilities And Owners Equity _______