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Requirements:

1. Journalize and Post the adjusting entries using the T-accounts

2. Prepare an adjusted trial balance as of December 31, 2018

November 3: Purchased Canoes for $4,800 on account.

December 2: Purchased Canoes signing a notes payable for $7,200.

At December 31, the business gathers the following information for the adjusting entries:

a. Office supplies on hand, $165

b. Rent of one month has been used (1000.00).

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.

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, 2013.

f. Canyon Canoes 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 $0.

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.

Unadjusted Trial Balance

Account	Debit	Credit
Cash	$12,125
Accounts Recievable	$5,750
Office Supplies	$1,250
Prepaid Rent	$3,000
Land	$85,000
Building	$35,000
Canoe	$12,000
Accounts Payable		$3,050
Utilities Payable		$325
Telephone Payable		$295
Unearned Revenue		$750
Notes Payable		$7,200
Wilson, Capital		$136,000
Wilson, Withdrawl	$450
Canoe Rental Revenue		$12,400
Rent Expense	$1,200
Utilities Expense	$475
Wages Expense	$3,300
Telephone Expense	$470
TOTALS:	$160,020	$160,020

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