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E3-20 (similar to) Golden Lake Company completed the following transactions in November and December and prepared the following unadjusted trial balance at December 31, 2020 (Click the icon to view the November and December transactions) (Click the icon to view the unadjusted trial balance.) Al December 31, the business gathers the following information for the adjusting entries Click the icon to view the additional information) Requited Requirement 1. Journalize and post the adjusting entries. In the accounts, denote each adjusting amount as Ad and an account balance as Botanico Begin by journalizing the adjusting entries (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) a. Al December 31 the office supplies on hand totalled $200 Accounts and Explanation Debit Credit 30 Ad Date Doc x November and December Transactions te as ta Nov 1 Received $17,000 cash to begin the company and gave capital to Amy Ward 2 Signed a lease for a building and paid $1,500 for the first month's rent 3 Purchased canoes for $5,000 on account. 4 Purchased office supplies on account, $800. 7 Eamed $2,000 cash for rental of canoes 13 Paid $1,000 cash for salaries. 15 Ward withdrew $44 cash from the business 16 Received a bill for $135 for utilities. (Use separate payable account) 20 Received a bill for $170 for cellphone expenses. (Use separate payable account.) 22 Rented canoes to Toddler Town on account, $3,500. 26 Paid S1,250 of the amount owed for the November 3 purchase that was made "on account" 28 Received $800 from Toddler Town for canoe rental on November 22 30 Ward withdrew cash of $49 from the business Dec. 1 Ward contributed land on the river (worth $120,000) and a small building to use as a rental office (worth $90,000) in exchange for capital 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 $7,400 4 Purchased office supplies on account for $650 9 Received $4 600 cash for canoe rentals to customers 15 Rented canoes to customers for $4.000 but will be paid next month 16 Received a $730 deposit from a canoe rental group that will use the canoes next month 18 Paid the utilities and telephone bills from last month inte Print Done Fing In asenn ar startar at Dinh Darama 7 Eamed $2,000 cash for rental of canoes. 13 Paid $1,000 cash for salaries 15 Ward withdrew $44 cash from the business. 16 Received a bill for $135 for utilities (Use separate payable account) 20 Received a bill for $170 for cellphone expenses. (Use separate payable account) 22 Rented canoes to Toddler Town on account, $3,500 26 Paid $1,250 of the amount owed for the November 3 purchase that was made "on account." I 28 Received $800 from Toddler Town for canoe rental on November 22 30 Ward withdrew cash of $49 from the business as ta Dec 1 Ward contributed land on the river (worth $120,000) and a small building to use as a rental office (worth $90,000) in exchange for capital 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 $7,400 4 Purchased office supplies on account for $650 9 Received $4,600 cash for canoe rentals to customers 15 Rented canoes to customers for $4,000 but will be paid next month 16 Received a $730 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 $1,200. 20 Received bills for the telephone (5270) and utilities ($280) which will be paid later 31 Paid salaries of $2,100. 31 Ward withdrew cash of $400 from the business ente Unadjusted trial balance ited trial bal Golden Lake Company Unadjusted Trial Balance December 31, 2020 Balance adi ccount balanc Debit Credit s. $ e journal entr hal Account Title Cash Accounts receivable Office supplies Prepaid rent Land Acco 12,782 6,700 1,450 4,500 120,000 90,000 12.400 $ 4.000 Building Canoes Accounts payable Utilities payable Telephone payable Unearned revenue 280 270 730 Unadjusted trial balance Hed trialb Jo ber stel he nal Land 120,000 Building 90,000 Canoes 12,400 $ 4,000 e ad ccount balai 280 hes 270 le journal er on hal 730 Acco 7 400 Accounts payable Utilities payable Telephone payable Uneared revenue Note payable A Ward, capital A Ward, withdrawals Canoe rental revenue Rent expense Salaries expense Utilities expense Telephone expense 227 000 493 14.100 1.500 3.100 415 440 $ 253,780 S Total 253.780 number Print Done the fa Nobodnoconabodabod the follow cal . Additional information ma mer ddi ost bala en nale plies a. At December 31 the office supplies on hand totalled $200. b. Prepaid rent of one month has been used. (Hint: See the second Dec. 1 transaction.) c. Determine the amortization on the building using straight-line amortization Assume the useful life of the building is ten years and the residual value is $6,000. (Hint: The building was purchased on December 1.) d. $450 of uneared revenue has now been earned. (Assume that the initial unearned revenue was recorded as a liability.) e. The employee who has been working the rental booth has earned $1,200 in salaries that will be paid January 15, 2021. f. Golden Lake has eamed $1,890 of canoe rental revenue that has not been recorded or received. g. Determine the amortization on the canoes purchased on November 3 using the straight-line method Assume the useful life of the canoes is four years and the residual value is SO h. Determine the amortization on the canoes purchased on December 2 using the straight-line amortization method Assume the useful life of the canoes is four years and the residual value is SO i. Interest expense of S90 has accrued on the note payable Print Done any no Clear All 5171 Dar gathers the following information for the adjusting entries e additional information.) d post * Required - X balance Sting en hal entry supplies 1. Journalize and post the adjusting entries. In the T-accounts, denote each adjusting amount as Adj, and an account balance as Balance 2. Prepare an adjusted trial balance as of December 31, 2020. Print Done

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