so confused. any help appreciated. thank you
1-4 please or 1-6 if you have time
Received $16,000 cash to begin the company and issued common stock to Nov. 1 Amber and Zack. Nov. 2 Signed a lease for a building and paid $1,200 for the first month's rent. Nov. 3 Purchased canoes for $4,800 on account. Nov. 4 Purchased office supplies on account, $750. Nov. 7 Earned $1,400 cash for rental of canoes. Nov. 13 Paid $1,500 cash for wages. Nov. 15 Paid $50 dividends to stockholders. Nov. 16 Received a bill for $150 for utilities. (Use separate payable account) Received a bill for $175 for cell phone expenses. (Use separate payable Nov. 20 account.) Nov. 22 Rented canoes to Early Start Daycare on account, $3,000. Nov. 26 Paid $1,000 on account related to the November 3, 2018, purchase. Received $750 from Early Start Daycare for canoe rental on November 22, Nov. 28 2018 Nov. 30 Paid $100 dividends to stockholders Amber and Zack contributed land on the river (worth $85,000) and a small building to use as a rental office (worth $35.000) in exchange for common stock Dec. 1 Dec. 1 Dec. 1 Dec. 2 Dec. 4 Dec. 9 Dec. 15 Amber and Zack contributed land on the river (worth $85,000) and a small building to use as a rental office (worth $35,000) in exchange for common stock. Prepaid $3,000 for three months' rent on the warehouse where the company stores the canoes. Purchased canoes signing a notes payable for $7,200. Purchased office supplies on account for $500. Received $4,500 cash for canoe rentals to customers. Rented canoes to customers for $3,500, but will be paid next month. Received a $750 deposit from a canoe rental group that will use the canoes next month. Paid the utilities and telephone bills from last month. Paid various accounts payable, $2,000. Received bills for the telephone ($325) and utilities ($295) which will be paid later. Paid wages of $1,800. Paid cash dividend to stockholders, $300. Dec. 16 Dec 18 Dec. 19 Dec. 20 Dec. 31 Dec. 31 Data used for the adjusting entries at December 31 follows: a. Office supplies on hand, $165 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 5 years and the residual value is $5,000. (Hint: The building was purchased on December 1.) d. $400 of uneared revenue has now been earned. e. The employee who has been working the rental booth has earned $1,250 in wages that will be paid January 15, 2019, f. Canyon Canoe has earned $1,850 of canoe rental revenue that has not been recorded or received. 9. 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 so. bi 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 so i. Interest expense accrued on the notes payable, $50. Canyon Canoe Company Unadjusted Trial Balance December 31, 2018 Balance Account Title Debit Credit Cash $ 12,125 Accounts Receivable Office Supplies Prepaid Rent Land 5,750 1.250 3,000 85,000 35,000 12,000 $ 3,050 295 325 750 Building Canoes Accounts Payable Utilities Payable Telephone Payable Unearned Revenue Notes Payable Common Stock Dividends Canoe Rental Revenue Rent Expense Wages Expense Utilities Expense Telephone Expense 74200 136.000 450 12.400 1.200 3.300 445 500 Total S 160,020 $ 160,020 Canyon Cance Company Adjusted Trial Balance December 31, 2018 Balanco Account Title Debit Credit Cash $ 12,125 7,600 165 2,000 85.000 35,000 500 12,000 350 Accounts Receivable Office Supplies Prepaid Rent Land Building Accumulated Depreciation Building Canoes Accumulated Depreciation-Canoes Accounts Payable Wages Payable Utilities Payable Telephone Payable Unearned Revenue Interest Payable Notes Payable Common Stock Dividends 3,050 1.250 295 325 350 50 7.200 136.000 450 Cance Rental Revenue 14,650 2 200 4.550 445 Rent Expense Wages Expense Us Expense Telephone Expense Suppense Den Expense Building Depec Expenses 500 1.085 500 350 60 SEX 5 164 0205 020 Date Debit Credit Dec 1,085 Adj. (a) 1,085 Dec 1.000 Adj. (b) 1,000 Dec 500 Adj. (c) 500 Dec 400 Adj. (a) 400 Dec. 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 31 Accounts Receivable Canoe Rental Revenue To accrue canoe rental revenue. 31 Depreciation Expense-Canoes Accumulated Depreciation Canoes To record depreciation on cances 31 Depreciation Expense Canoes Accumulated Depreciation Canoes To record depreciation on canoes 31 Interest Expense Interest Payable To accrue interest expense 1.250 Adj. (e) 1.250 Dec 1.850 Ad.) 1,850 Dec. 200 Adj(9 200 Dec 150 Adj. (5) 150 Dec. 50 Ad 50 1. Complete the worksheet at December 31, 2018. Use the trial balances and adjusting entries provided. 2. Prepare an income statement for the two months ended December 31, 2018. Use the worksheet prepared in Requirement 1 or the adjusted trial balance provided 3. Prepare a statement of retained earnings for the two months ended December 31, 2018. 4. Prepare a classified balance sheet (report form) at December 31, 2018. Assume the note payable is long-term. 5. Journalize and post the closing entries at December 31, 2018. T-accounts for Income Summary and Retained earnings have been opened for you. Determine the ending balance for each account. Denote each closing amount as Clos, and each account balance as Bal. 6. Prepare a post-closing trial balance at December 31, 2018. Canyon Canon Company began operations on November 1, 2018. The November and December transactions and the information used to prepare the adjusting entries at December 31, 2018 1 Click the icon to view the November and December transactions and the December 31 adjustment data) Canyon Cance Company propered an unadjusted trial balance at December 31, adjusting entries for the wa morte ended December 31, and an agusted trial balance at December 31 bollow (Click the icon to view the adjusted trane) Click the icon to view the funny jumal tien) Click the icon to view the adjusted trial balance) Read the remet Requirement 1. Complete the worst of December 31, 2016. Une the trial balance and adjusting artis provided Complete the worshtore section at a time, beginning with the United Trace When completing the Adjustments composer reference song with her mot componds to the letter of the agents an. Do not for any los Canyon Cance Company Worksheet December 31, 2018 Unad Trial Balance Account Debe Credit che Canyon Cance Company began operations on November 1, 2018. The November and December transactions and the information used to prepare the adjusting entries at December 31, 2018 follows: (Click the icon to view the November and December transactions and the December 31 adjustment data.) Canyon Cance 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: (Click the icon to view the unadjusted trial balance.) (Click the icon to view the adjusting journal entries.) (Click the icon to view the adjusted trial balance) Read the requirements Requirement 1. Complete the worksheet at December 31, 2018. 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, entor a posting reference along with each debitor credit amoun that corresponds to the letter of the adjusting entry (a, b, G., oto) (Leave unused calls blank. Do not entor a "0" for any zero balances.)
