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
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Lisa Anderson is the sole owner of Wildhorse Vista Park, a public camping ground near the Crater Lake National Recreation Area. Lisa has compiled the following financial information as of December 31, 2022. Revenues during 2022—camping fees $198,408 Fair value of equipment $198,408 Revenues during 2022—general store 92,118 Notes payable 85,032 Accounts payable 15,589 Expenses during 2022 212,580 Cash on hand 32,596 Accounts receivable 24,801 Original cost of equipment 149,515 A) Determine Lisa Anderson’s net income from Wildhorse Vista Park for 2022. [I got $48,893 but am unsure if correct] B) Prepare a balance sheet for Wildhorse Vista Park as of December 31, 2022.
Mr. Sojo opened up a merchandising business on October 1, 2019 with a cash investment of P50,000. The following activities were given: Cash received from customers 205,000.00 Cash borrowed from the bank 150,000.00 Utilities, salaries, supplies and rent paid 115,000.00 Cash paid to the bank 50,000.00 Cash purchase for equipment 100,000.00 Cash purchase for furniture 25,000.00 Equipment bought on credit 150,000.00 Additional investment 200,000.00 Withdrawal 40,000.00 Additional information;1. Supplies amounted to 20% of the…
The following events pertain to Outdoor Entertainment Incorporated which specializes in hosting outdoor music festivals across the nation: Borrowed $116,000 cash from a local bank to assist in funding the next outdoor festival. Paid $33,000 cash for supplies related to the festival. Received $158,000 cash for ticket sales related to the festival. Paid $53,200 in cash for employee salaries. Required: Record each of the following Outdoor Entertainment Incorporated events in T-accounts
ElecBooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit or credit balances. Amounts in the list of accounts are rounded to the nearest thousand dollars. Assume the year ended on September 30, 2020. Accounts Payable $ 311 Accounts Receivable 221 Accrued Liabilities 384 Accumulated Depreciation 330 Cash 337 Contributed Capital 181 Depreciation Expense 370 General and Administrative Expenses 387 Income Tax Expense 332 Interest Revenue 122 Long-Term Debt 226 Other Current Assets 101 Other Long-Lived Assets 551 Other Operating Expenses 227 Prepaid Expenses 124 Property and Equipment 2,232 Retained Earnings 1,535 Selling Expenses 2,695 Service Revenues 6,669 Short-Term Bank Loan 506 Store Operating Expenses 2,256 Supplies…
After researching the different forms of business organization, Natalie Koebel decides to operate “Cookie Creations” as a corporation. She then starts the process of getting the business running. In November 2022, the following activities take place. Nov. 8 Natalie cashes her U.S. Savings Bonds and receives $520, which she deposits in her personal bank account. 8 She opens a bank account under the name “Cookie Creations” and transfers $500 from her personal account to the new account in exchange for common stock. 11 Natalie pays $65 to have advertising brochures and posters printed. She plans to distribute these as opportunities arise. (Hint: Use Advertising Expense.) 13 She buys baking supplies, such as flour, sugar, butter, and chocolate chips, for $125 cash. 14 Natalie starts to gather some baking equipment to take with her when teaching the cookie classes. She has an excellent top-of-the-line food processor and mixer…
Make a journal entry with this. Bambinini Artsy is a sole proprietorship small business firm. During the month of September 2021, the company completed the following transactions: Sep. 1 Hyvie Lyn Banan, the owner of the company, transferred cash from personal gcash account to the account of the business, P1000. 10 Purchased journal kit inclusions for cash, P750 12 Purchased packaging materials for P250, paying P100 cash and giving a note payable for the balance. 18 Received cash from customers for three mini ephemera kits sold, P159 21 Received cash from customers for three mini ephemera kits sold, P159 25 Received cash from customers for three mini ephemera kits and one customize journal kit sold, P300 28 Hyvie Lyn Banan withdrew cash for personal use, P120 29 Received cash from customers for mined detsash items and one hiraya manawari journal kit sold, P267
Ms. Maryam opened training services company in January 2020. She plans to prepare the monthly financial statement dated 31 January 2020. During this month period he completed the following transaction.January 1. Ms. Maryam invested cash OMR 50,000, Equipment value OMR 5,000 January 2. Ms. Maryam went to Malaysia and paid the cost from her own money.January 3. Paid for advertisement published in the newspaper OMR 300. January 4. Completed work for a client and immediately collected cash OMR 5,000. January 8. Hired an accountant and promised to give him OMR 750.January 10. Purchased Computer OMR 1000 on credit.January 12. Purchased supplies OMR 8,000 cash. January 14. Ms. Maryam withdraw OMR 2,000 from the business bank account for personal use. January 15. Performed a service for a customer who promised to pay later in this month OMR 500. January 17. Received cash OMR 6,000 from a client for the service to be provided for the month of February and March 2020. January 18. Collected OMR…
Mr. Doh Ghong started his business named “Ghong Services on January 01, 2020. The following transactions took place during the month: January Ghong invested P100,000 from his personal savings for his newly opened business. 08 Bought Equipment, P30,000 cash. 15 Applied for a business loan from BPI, and received P50,000 cash. 20 Purchased Furnitures, P25,000 on account. 25 Mr. Ghong bought Supplies, P5,000 cash. 31 Withdrew P5,000 cash for personal use. PREPARE STATEMENT OF FINANCIAL POSITION AS OF JANUARY 31, 2020.
This problem is based on the transactions for the Take Wings Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. Dec. 1 On December 1, John Fox forms a consulting business, named Take Wings. Take Wings receives $62,000 cash from John Fox as an owner contribution. Dec. 2 Take Wings pays $4,100 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. Dec. 3 Take Wings pays $46,000 cash for equipment. Dec. 4 Take Wings purchases $9,550 of supplies on credit from a supplier, CalTech Supply. Dec. 5 Take Wings provides consulting services and immediately collects $5,800 cash. Dec. 6 Take Wings pays $2,600 cash for December rent. Dec. 7 Take Wings pays $1,100 cash for employee salary. Dec. 8 Take Wings provides consulting services of $3,700…
IT IS URGENT Sharon Samson starts a plumbing service called Reliable Waterworks. Selected transactions are described as follows: A) Sharon deposits $7,000 into a new checking account for the business, recording the capital contribution. B) Reliable pays $4,000 cash for equipment to be used for plumbing repairs. C) Reliable borrows $15,000 from a local bank and deposits the money in the checking account. D) Reliable pays $600 rent for the first month. E) Reliable pays $400 cash for plumbing supplies to be used on various jobs in the future. F) Reliable completes a plumbing repair project for a local lawyer and receives $1,300 cash. G) Sharon takes a cash withdrawal of $2,500. After all of the transactions, what is the amount of total liabilities? A)15,000 B)4,000 C)19,000 D)4.400
This problem is based on the transactions for the Kind Matters Company in your text. Prepare journal entries for each transaction and identify the financial statement impact of each entry. The financial statements are automatically generated based on the journal entries recorded. December 1 On December 1, Jim Kennedy forms a consulting business, named Kind Matters. Kind Matters receives $42,000 cash from Jim Kennedy as an owner contribution. December 2 Kind Matters pays $3,100 cash for supplies. The company's policy is to record all prepaid expenses in asset accounts. December 3 Kind Matters pays $38,000 cash for equipment. December 4 Kind Matters purchases $8,050 of supplies on credit from a supplier, CalTech Supply. December 5 Kind Matters provides consulting services and immediately collects $4,800 cash. December 6 Kind Matters pays $1,600 cash for December rent. December 7 Kind Matters pays $1,300 cash for employee salary. December 8 Kind Matters provides…
SP2. In September 2019, Kate incorporated Kate's Cards after investigating different organizational forms, and began the process of getting her business up and running. The following events occurred during the month of September 2019: 1. Kate deposited $10,000 that she had saved into a newly opened business checking account. She received common stock in exchange. 2. Kate designed a brochure that she will use to promote her greeting cards at local stationary stores. 3. Kate paid Fred Simmons $50 to critique her brochure before undertaking her final design and printing. 4. Kate purchased a new iMac computer tablet, specialized graphic arts software, and commercial printer for the company, paying $4,800 in cash. She decided to record all of these items under the same equipment account. 5. Kate purchased supplies such as paper and ink for $350 at the local stationary store. She opened a business account with the store and was granted 30 days credit on all purchases, including the one she…