Canyon Canoe Company is a company that rents canoes for use on local lakes and rivers. Owner Amber decided that she will create anew corporation, Canyon Canoe Company. The business began operations on January 1, 2020.Use the attached excel file for this exercise.Use the following accounts for this exercise:1100 Cash; 1200 Accounts Receivable; 1400 Office Supplies; 1700 Canoes; 2100 Accounts Payable; 3100 Amber Wilson, Capital; 3200Amber Wilson, Withdrawals; 4000 Canoe Rental Revenue; 5100 Rent Expense; 5200 Salaries Expense; 5300 Utility Expense; and 5400Telephone Expense.1. Record the Following Transactions for Canyon Canoe Company for the month of January 2020 in the Transaction Journal:January 1Amber Wilson invested $16,000 cash in the business by opening a bankaccount in the name of Canyon Canoe Company.2 The company leased a building and paid $1,200 for the first month's rent.3 The company purchased canoes for $4,800 on account.4 The company purchased office supplies on account, $750.7 The company earned $1,400 cash for the rental of canoes.13 The company paid $1,500 cash for salaries.15 Amber Wilson withdrew $50 cash from the business for personal use.16 The company received a bill for $150 for utilities, which will be paid later.20The company received a bill for $175 for cellphone expenses. The bill will bepaid later.22 The company rented canoes to Early Start Daycare on account, $2,000.26Canyon Canoe Company paid $1,500 of the amount owed for the January 3purchase that was made on account.28The company received $950 from Early Start Daycare as partial payment for thecanoe rental on January 22.30 Amber Wilson withdrew $150 cash from the business for personal use.2. Enter Ledger Entries for the accounts and calculate balances:1100 Cash; 1200 Accounts Receivable; 1400 Office Supplies; 1700 Canoes; 2100 Accounts Payable; 3100 Amber Wilson, Capital; 3200Amber Wilson, Withdrawals; 4000 Canoe Rental Revenue; 5100 Rent Expense; 5200 Salaries Expense; 5300 Utility Expense; and 5400Telephone Expense.3. Prepare Trial Balance of Canyon Canoe Company.4. Prepare Income Statement for the month of January, 2020 and Balance Sheet as of January 31, 2020 of Canyon Canoe Company.

Name: Canyon Canoe Company is a company that rents canoes for use on local
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Description: Canyon Canoe Company is a company that rents canoes for use on local lakes and rivers. Owner Amber decided that she will create anew corporation, Canyon Canoe Company. The business began operations on January 1, 2020.Use the attached excel file for

Journal entry records the accounting transactions of a business in a journal book. All the business…

Business

Accounting

Canyon Canoe Company is a company that rents canoes for use on local lakes and rivers. Owner Amber decided that she will create a new corporation, Canyon Canoe Company. The business began operations on January 1, 2020. Use the attached excel file for this exercise. Use the following accounts for this exercise: 1100 Cash; 1200 Accounts Receivable; 1400 Office Supplies; 1700 Canoes; 2100 Accounts Payable; 3100 Amber Wilson, Capital; 3200 Amber Wilson, Withdrawals; 4000 Canoe Rental Revenue; 5100 Rent Expense; 5200 Salaries Expense; 5300 Utility Expense; and 5400 Telephone Expense.

Canyon Canoe Company is a company that rents canoes for use on local lakes and rivers. Owner Amber decided that she will create a new corporation, Canyon Canoe Company. The business began operations on January 1, 2020. Use the attached excel file for this exercise. Use the following accounts for this exercise: 1100 Cash; 1200 Accounts Receivable; 1400 Office Supplies; 1700 Canoes; 2100 Accounts Payable; 3100 Amber Wilson, Capital; 3200 Amber Wilson, Withdrawals; 4000 Canoe Rental Revenue; 5100 Rent Expense; 5200 Salaries Expense; 5300 Utility Expense; and 5400 Telephone Expense.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 33P

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