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Canyon Canoe Company began operations on November 1, 2024. The November and December transactions and the information used to prepare the adjusting entries at December 31, 2024 follows: Click the icon to view the November and December transactions and the December 31 adjustment data.) Canyon Canoe Company prepared an unadjusted trial balance at December 31, adjusting entries for the two months ended December 31, and an adjusted trial balance 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, 2024. Use the trial balances and adjusting entries provided. Complete the worksheet one section at a time, beginning with the Unadjusted Trial Balance columns. When completing the Adjustments column, enter a posting reference along with each debit or credit amoun that corresponds to the letter of the adjusting entry (a., b., c., etc.) (Leave unused cells blank. Do not enter a "0" for any zero balances. Abbreviations used: Accum. = Accumulated; Depr. = Depreciation) Canyon Canoe Company Worksheet December 31, 2024 Unadjusted Trial Balance Account Title Debit Credit Enter any number in the edit fields and then click Check Answer More Info -X Nov. 1 Nov. 2 Nov. 3 Nov. 4 Nov. 7 Nov. 13 Nov. 15 Received 516,000 cash to begin the company and gave capital to Amber Wilson Signed a lease for a building and paid $1,200 for the first month's rent Purchased canoes for $4,800 on account Purchased office supplies on account, $750. Earned $1,400 cash for rental of canoes Paid $1,500 cash for wages Wilson withdrew $50 cash from the business Received a bill for $150 for utilities (Use separate payable account.) Received a bill for $175 for cell phone expenses. (Use separate payable account.) Rented canoes to Early Start Daycare on account, $3,000 Paid $1,000 on account related to the November 3 purchase Received $750 from Early Start Daycare for canoe rental on November 22 Wilson withdrew S100 cash from the business Nov. 16 Nov. 20 Nov. 22 Nov. 26 Nov. 28 Nov. 30 Dec. 1 Dec. 1 Dec. 2 Dec. 4 Dec. 9 Dec. 15 Amber contributed land on the river (worth $85,000) and a small building to use as a rental office (worth $35,000) in exchange for capital 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 (S325) and utilities ($295) which will be paid later Paid wages of $1 800 Wilson withdrew S300 cash from the business 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, S165 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 five years and the residual value is $5,000 (Hint: The building was purchased on December 1.) d. $400 of unearned 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, 2025 f. Canyon Canoe has earned $1,850 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 4 years and the residual value is so h. 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 $0. i. Interest expense accrued on the notes payable, $50 Print Done Reference Canyon Canoe Company Unadjusted Trial Balance December 31, 2024 d. ng Balance Account Title Debit Credit Cash $ 12,125 5,750 1,250 Accounts Receivable Office Supplies Prepaid Rent Land 3,000 85,000 Building 35,000 12,000 Canoes $ 3,050 295 Accounts Payable Utilities Payable Telephone Payable Unearned Revenue 325 750 7 200 136,000 450 Notes Payable Wilson, Capital Wilson, Withdrawals Canoe Rental Revenue Rent Expense Wages Expense Utilities Expense 12,400 1,200 3,300 445 500 Telephone Expense $ 160,020 $ Total 160,020 Print Done Reference Canyon Canoe Company Adjusted Trial Balance December 31, 2024 Intel djus Balance Account Title Debit Credit Cash S 12,125 7,600 Accounts Receivable Office Supplies 165 Prepaid Rent 2,000 Land Building 85,000 35,000 S 500 Accumulated Depreciation Building Cano 12,000 350 3,050 1,250 295 325 350 50 7,200 136,000 Accumulated Depreciation-Canoes Accounts Payable Wages Payable Utilities Payable Telephone Payable Unearned Revenue Interest Payable Notes Payable Wilson, Capital Wilson, Withdrawals Canoe Rental Revenue Rent Expense Wages Expense Utilities Expense Telephone Expense Supplies Expense Depreciation Expense-Building Depreciation Expense-Canoes Interest Expense 450 14,650 2.200 4.550 445 500 1,085 500 350 50 S 164,020 S 164,020 Total Print Done umal ennes Relerence provided completing the Adjust C, etc) (Leave Date Debit Credit Dec 1,035 Adi (a) 1,005 1.000 Dec Adi (b) 1000 Dec Accounts and Explanation 31 Supplies Expense Office Supplies To record office supplies used 31 Rent Expense Prepaid Rent To record rente pense 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 odvance 31 Wages Expense Wages Payable 500 Adi (c) 500 Dec 400 Adi (d) 400 1250 Dec Adi (0) 1.250 To accrue wages expense Dec 31 Accounts Receivable 1,850 Adj 1 850 Dec 200 Adj (9 200 Canoe Rental Revenue To accrue canoe rental revenue 31 Depreciation Expense-Canoes Accumulated Depreciation-Canoes To record depreciation on canoes 31 Depreciation Expense-Canoes Accumulated Depreciation-Canoes To record depreciation on canoes 31 Interest Expense Interest Payable Dec Adj. (h) 150 150 Dec Adj 0) 50 50 To accrue interest expense. Print Done Requirements 1. Complete the worksheet at December 31, 2024. Use the trial balances and adjusting entries provided. 2. Prepare an income statement for the two months ended December 31, 2024. Use the worksheet prepared in Requirement 1 or the adjusted trial balance provided 3. Prepare a statement of owner's equity for the iwo months ended December 31, 2024 4. Prepare a classified balance sheet (report form) at December 31, 2024. Assume the note payable is long-term 5. Joumalize and post the closing entries al December 31, 2024. T-accounts for Income Summary and Wilson, Capital have been opened for you. Determine the ending balance for each account. Denole each closing amount as Clos and each account balance as Bal 6. Prepare a post-closing trial balance at December 31, 2024 Print Done Canyon Canoe Company Worksheet December 31, 2024 Unadjusted Trial Balance Account Title Debit Credit Cash Accounts Receivable Office Supplies Prepaid Rent Land Building Accum. Depr.-Building Canoes Accum Depr.-Canoes Accounts Payable Wages Payable Utilities Payable Telephone Payable Unearned Revenue Interest Payable Notes Payable Wilson Capital Wilson Withdrawals Canoe Rental Revenue Prepaid Rent Land Building Accum Depr.-Building Canoes Accum. Depr.-Canoes Accounts Payable Wages Payable Utilities Payable Telephone Payable Unearned Revenue Interest Payable Notes Payable Wilson, Capital Wilson, Withdrawals Canoe Rental Revenue Rent Expense Wages Expense Utilities Expense Telephone Expense Supplies Expense Dept. Expense-Building Depr Expense-Canoes Interest Expense Enter any number in the edit fields and then click Check