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Score: 0 of 30 pts 3 of 4 (2 complete) HW Score: 0.84%, 1.34 of 160 pts E3-20 (similar to) Golden Lake Company completed the following transactions in November and December and prepared the following unedusted 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.) Required Requirement 1. Journalice and post the adjusting entries in the Taccounts, denote each adjusting amount as Ady and an account balance as Balance Begin by joumalizing the acusting entries (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 2. A December 31 the office suppliers on hand totalted 5200 Date Accounts and Explanation Debit Credit Doc 31 Ada D) comp November and December Transactions - X riew te at lew asines View alize al as B e adja y table +Office 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 $1,250 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 5730 deposit from a canoe rental group that will use the canoes next month 18 Paid the utilities and telephone bills from last month torente Print Done Final CD TDAHA FARSA Darend O Company cond icon to view November and December Transactions o at Decem - icon to view 31, the busines icon to view 1. Journalize a malizing the adje at 31 the office as Balance table.) 7 Eamed $2,000 cash for rental of cances 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." 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 exchants for capital 1 Prepaid $4,500 for three months' rent on the warehouse where the company stores the cances 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 ($270) and utilities ($280) which will be paid later 31 Paid salaries of $2,100 31 Ward withdrew cash of $400 from the business any list or ente Print Done sing Final Check catatan har O w . mlar to) Unadjusted trial balance - X ted trial balance at December 31, 2020 umpany completed the follow con to view the November con to view the unadjuste the business gathers the con to view the additional Unadjusted Trial Balance December 31, 2020 Balance Account Title Debit Credit Cash $ 12782 ccount balance as Balance Journalize and post the ad alizing the adjusting entries ar 31 the office supplies on ha 6.700 e journal entry table. Acco 31 Accounts receivable Once supplies Prepaid rent Land Building Canoes Accounts payable Utilities payable Telephone payable Unoamned revenue Note payable 1.450 4500 120,000 90 000 12.400 1 s incon 4000 280 270 730 7400 227.000 A Ward capital many list or enter any number Print Done Final Check HO o 3 II 12 complete) HW Score: 0.84%, 1.34 of 160 pts $ Unadjusted trial balance med trial balance at December 31, 2020 pleted the follow the November the unadjuste ss gathers the the additional 120.000 90,000 12 400 $ and post the ad justing entries 4000 280 count balance as Balance journal entry table.) 270 supphes on hal Acco Land Building Canoes Accounts payable Utilities payable Telephone payable Unearned revenue Note payable A Ward, capital A Ward, withdrawals Canoe rental revende Rent expense Salaries expense Utilities expense Telephone expense Total 730 7.400 227.000 490 Incorrect: 14 100 1500 3 100 415 440 $ 253 780 $ 253,780 enter any number Print Done Final Check Eit LO mpleted the w the Nov balance at Decer Additional information w the una hess gathed w the addi ze and post balance as Balance adjusting en hal entry table.) Mice supplies a. Al 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 unearned 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 earned $1,890 of canoe rental revenue that has not been recorded or received Q. 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 $0. 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 1. Interest expense of $90 has accrued on the note payable Print Done or enter any ng Clear All Final Check BAD Darat o N in November and December and prepared the following unadjusted trial balanc November and December transactions.) unadjusted trial balance.) athers the following information for the adjusting entries additional information.) * Required - X balance a apost ting en upplies hal entry to 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 office supplies on account ter any number in the input fields and then click Check Answer Clear All Final C

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