This problem continues to follow Splashed Canoe Company and build on what you have already completed in part 1. Below you will find all of the November transactions that were presented in part 1 along with additional transactions that occurred in December.
Nov. 1	Received $16,500 cash to begin the company and issued common stock to Jenny and Josh.
2	Signed a lease for a building and paid $1,150 for the first months rent.
3	Purchased canoes for $5,800 on account.
4	Purchased office supplies on account, $850.
7	Earned $1,328 cash for rental of canoes.
13	Paid $1,288 cash for wages.
15	Paid $150 dividends to stockholders.
16	Received a bill for $129 for utilities. (Use separate payable account.)
20	Received a bill for $99 for cell phone expenses. (Use separate payable account.)
22	Rented canoes to Early Start Daycare on account, $3,200.
26	Paid $1,500 on account related to the November 3, 2024, purchase.
28	Received $950 from Early Start Daycare for canoe rental on November 22, 2024.
30	Paid $110 dividends to stockholders.
Dec. 1	Jenny and Josh contributed land on the river (worth $95,500) and a small building to use as a rental office (originally purchased for $42,000 but currently worth $38,000) in exchange for common stock.
1	Prepaid $4,500 for three months rent on the warehouse where the company stores the canoes.
2	Purchased canoes signing a note payable for $7,250
4	Purchased office supplies on account for $800.
9	Received $4,200 cash for canoe rentals to customers.
15	Rented canoes to customers for $3,900, but will be paid next month.
16	Received a $950 deposit from a canoe rental group that will use the canoes next month.
18	Paid the utilities and telephone bills from last month.
19	Paid various accounts payable, $2,100.
20	Received bills for the telephone ($99) and utilities ($129) which will be paid later.
31	Paid wages of $1,850.
31	Paid cash dividend to stockholders, $450.
Requirements
REQ1	Journalize the transactions for both November and December.
REQ2	Open a T-Account for each of the accounts and then post all of the journal entries to the T-accounts, and calculate account balances. Formal Posting References not required.
REQ3	Prepare a Trial Balance as of December 31, 2024
REQ4	Prepare the income statement of Splashed Canoe Company for the two months ended December 31, 2024.
REQ5	Prepare the statement of retained earnings for the two months ended December 31, 2024.
REQ6	Prepare the balance sheet for the two months ended December 31, 2024.
REQ7	Calculate the debt ratio for Splashed Canoe Company at December 31, 2024.
**If it helps you to print this Data page so that you can look at it while you are completing journals, please do.

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