This Quiz: 100 ps por lison decides to create a new sole proprietorship. Golden Lake Company, or GLC for short Golden Lake Company is a service-based company that reds canoes for use on local completed the following transactions in that first month (Click the icon to view the November transactions) Click the icon to view the transaction anys chart from November n addition, Golden Lake Company completed the following transactions for December (Olick the icon to view the December transactions) Read the requirements and rivers. The business began operations on November 1, 2018 a conserto the Requirement 1. Journalzo the transactions for both November and December, using the following accounts Cash Acounts Recea Ofice Supplies Prepaid Rent Land Bung Canoe Accounts Pay Les Payable show Pa Uneamed Revenue, Notes Payable Weld Capital Weld, Withdrawals Cance Rental Revenue, and Expense Uses Expense Wipes Expense and Telephone Expense. Explanations are not regard (nt For Nombor transaction analysis chart for November.) (Record debits first, then credits Exclude explanations from journal entries Nov. 1: Received $25,000 cash to begin the company and gave capital to Alson Weld Date Nov. 1 Accounts Debit Credit More Info - X Nov. 2: Signed a lease for a building and paid $1,800 for the first month's rent Date Nov, 2 Accounts Nov 3 Purchased canoes for $4,100 on account Date Nov. 3 Accounts Raved $25,000 cash to begin the company and gene iptal to Alon Now, Nov. 2 Signed a se building and paid $1,600 for the first most Nov. 3 Purchased t $4,100 an account Nov. 4 Purchased ofor Debit Credit Nos 7 Eaned Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question account $500 1800 cash for real af cares Nov. 13 Paid $1,100 cash for wage Nov. 15 Weld withdrew $150 cash from the busi Nov. 10 Received at Received Nov. 20 coun Nov 22 Rot $120 tv uites he separate payate account $100 for oel phone spans (Use sparate payable s Le Lake on account $2.000 Nov. 26 Pat $2,300 on acount related to the November 3 p Nov. 28 Roceed $1,300 from Lise Laks for cane ndalon Niveber 22 Nov 30 Weld with 5400 hon e banes Pr Dane Nov. 3: Purchased canoes for $4,100 on account. Date Nov. 3 Accounts Debit Credit Nov. 4: Purchased office supplies on account, $500. Date Nov. 4 Accounts Nov. 7: Earned $1,800 cash for rental of canoes. Date Nov. 7 Debit Credit Accounts Debit Credit Nr 13 Daid $1 100 each for wanae Choose from any list or enter any number in the input fields and then continue to the next question. Read the requirements. Nov. 13: Paid $1,100 cash for wages. Date Nov. 13 Accounts Debit Credit Nov. 15: Weld withdrew $150 cash from the business. Date Nov. 15 Accounts Debit Credit Nov. 16: Received a bill for $120 for utilities. (Use separate payable account.) Date Nov. 16 Accounts Debit Credit Read the requirements. Nov. 20: Received a bill for $100 for cell phone expenses. (Use separate payable account.) Date Nov. 201 Accounts Nov. 22: Rented canoes to Little Lake on account, $2,900. Date Nov. 22 Accounts Nov. 26: Paid $2,300 on account related to the November 3 purchase. Date Nov. 26 Accounts Debit Credit Debit Credit Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Read the requirements. Nov. 28: Received $1,300 from Little Lake for canoe rental on November 22. Date Nov. 28 Accounts Nov. 30: Weld withdrew cash of $400 from the business. Date Nov. 30 Accounts Debit Credit Debit Credit Dec. 1: Alison contributed land on the river (worth $105,000) and a small building to use as a rental office (worth $124,000) in exchange for capital Date Dec. 1 Accounts Debit Credit Den 4. Dronaid SE 100 for the month on the when the man the Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later Type here to search 1 of 1 son decides to create a new sole proprietorship, Golden Lake Company, or GLC for short. Golden Lake Company is a service-based company that rents canoes for use on local lakes and rivers. TH ompleted the following transactions in that first month (Click the icon to view the transaction analysis chart from November) (Click the icon to view the November transactions.) addition, Golden Lake Company completed the following transactions for December (Click the icon to view the December transactions.) Read the requirements Dec. 1: Alison contributed land on the river (worth $105,000) and a small building to use as a rental office (worth $124,00 Date Dec. 1 Accounts Debit Credit Dec. 1: Prepaid $5,400 for three months' rent on the warehouse where the company stores the canoes Date Dec. 1 Accounts Dec. 2: Purchased canoes signing a note payable for $6.720 Date Dec. 2 Accounts More Info Dec. 1 Alison contributed land on the river (worth $105,000) and a small building to use as a rental office (worth $124,000) in exchange for capital Dec. 1 Prepaid $5,400 for three months rent on the warehouse where the company stores the canoes Dec. 2 Purchased canoes signing a notes payable for $6,720 Dec. 4 Debit Credit Purchased office supplies on account for $700 Dec. 9 Received $5,000 cash for canoe rentals to customers Dec. 15 Dec. 16 Rended canoes to customers for $3,700, but will be paid next month Received a $900 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, 2.200 Received bills for the telephone (3270) and us (5310) which will be Debit Credit Dec. 20 paid later Dec. 31 Paid wages of $2,100 Choose from any list or enter any number in the input fleids and then continue to the next queston Save for Later Type here to search Dec. 31 Weld withew 3500 ch thom the banese Pre Done Read the requirements. Date Dec. 2 Accounts Debit Credit Dec. 4: Purchased office supplies on account for $700. Date Accounts Dec. 4 Dec. 9: Received $5,000 cash for canoe rentals to customers. Date Dec. 9 Accounts Debit Credit Debit Credit Dec. 15: Rented canoes to customers for $3,700, but will be paid next month. Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Dec. 15: Rented canoes to customers for $3,700, but will be paid next month. Date Dec. 15 Accounts Debit Credit Dec. 16: Received a $900 deposit from a canoe rental group that will use the canoes next month. Date Dec. 16 Accounts Debit Credit Dec. 18: Paid the utilities and telephone bills from last month. (Prepare a single compound journal entry.) Date Accounts Debit Credit Dec. 18 Choose from any list or enter any number in the input fields and then continue to the next question. (Click the icon to view the December transactions.) Read the requirements. Dec. 19: Paid various accounts payable, $2,200. Date Dec. 19 Accounts Debit Credit Dec. 20: Received bills for the telephone ($270) and utilities ($310) which will be paid later. (Prepare a single compound journal entry, using sepa Date Dec. 20 Dec. 31: Paid wages of $2,100, Date Dec. 31 Accounts Debit Credit Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later E mis Question: 100 pts 1 of 1 This Quiz 1 Alison decides to create a new sole proprietorship, Golden Lake Company, or GLC for short. Golden Lake Company is a service-based company that reits canoes for use on local lakes and rivers. The business began operatione on Novembe completed the following transactions in that first month (Click the icon to view the transaction analysis chart from November) (Click the icon to view the November transactions.) addition, Golden Lake Company completed the following transactions for December Click the icon to view the December transactions) Read the requirements Dec 31 Weld withdrew cash of $500 from the business Date Dec. 31 Accounts Debit Credit TT Requirement 2. T-accounts have been opened for you. Post the journal entries to the T-accounts, and calculate account balances Use the Wansaction dates as posting when For the account balances, use a Ta" posting once on the p side of each account to show the ending balances of the accounts Cash Accounts Payable Canoe Rental Revenue Choose from any list or enter any number in the input Saids and then continue to the next question Gave for Later Type here to search) Click the icon to view the December transactions.) ead the requirements. Accounts Receivable Utilities Payable Rent Expense Office Supplies Telephone Payable Wages Expense Prepaid Rent Unearned Revenue Utilities Expense Canoes Notes Payable Telephone Expense Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Type here to search Land Weld, Capital Building Weld, Withdrawals Requirement 3. Prepare a trial balance as of December 31, 2018. Golden Lake Company Trial Balance December 31, 2018 Account Title Balance Debit Credit continue to the next question. Lake Company is a service-based compan (Click the icon to view the November transactions.) In addition, Golden Lake Company completed the following transactions for December. (Click the icon to view the transaction analysis chart from November.) (Click the icon to view the December transactions.) Read the requirements. Total Requirement 4. Prepare the income statement of Golden Lake Company for the two months ended December 31, 2018. (If a box is not used in the Golden Lake Company Income Statement Two Months Ended December 31, 2018 Net Income Requirement 5. Prepare the owner's equity for the two months ended December 31, 2018 Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal (Enter a "0" for any zero balances.) Golden Lake Company Choose from any list or enter any number in the input fields and then continue to the next question (Click the icon to view the November transactions.) Service-based company that rents canoes (Click the icon to view the transaction analysis chart from November.) addition, Golden Lake Company completed the following transactions for December. (Click the icon to view the December transactions.) Read the requirements. Requirement 5. Prepare the owner's equity for the two months ended December 31, 2018. Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Enter a "0" for any zero balances.) Golden Lake Company Statement of Owner's Equity Two Months Ended December 31, 2018 Weld, Capital, November 1, 2018 Weld, Capital, December 31, 2018 Requirement 6. Prepare the balance sheet as of December 31, 2018. (If a box is not used in the statement leave the box empty, do not select a label or enter a zero) Golden Lake Company Balance Sheet December 31, 2018 Assets Liabilities Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Type here to search Weld, Capital, December 31, 2018 Requirement 6. Prepare the balance sheet as of December 31, 2018. (If a box is not used in the statement leave the box empty; do not sele Golden Lake Company Balance Sheet December 31, 2018 Assets Liabilities Owner's Equity Requirement 7. Calculate the debt ratio for Golden Lake Company at December 31, 2018. (Round the debt ratio to the nearest tenth percent, XX + Debt ratio Choose from any list or enter any number in the input fields and then continue to the next question Save for Later Type here to search O