Question

Anyany and Ziggy Zigg y decide that they will create a new corporation, Golden Lake Golden Lake Company, or GLC GLC for short. Golden Lake Golden Lake Company is a service based company that rents canoes for use on local lakes and rivers. The business began operations on Novem November 1, 20182018 and completed the following transactions in that first month. In addition, Golden Lake Golden Lake Company completed the following transactions for December Requirement 1. Journalize the transactions for both November And December using the following accounts: Cash; Accounts Receivable; Office Supplies; PrepaidRent; Land; Building: Canoes; Accounts Payable; Utilities Payable: Telephone Payable: Unearned Revenue Notes Payable; Common Stock; Dividends; Canoe RentalRevenue; Rent Expense; Utilities Expense: Wages Expense; and Telephone Expense. Explanations are not required. November transactions refer to the transaction analysis chart for November November.) (Record debits first, then credits. Exclude explanations from journal entries.) Nov.Nov 1: Received $19 comma 000$19,000 cash to begin the company and issued common stock to Anya And Ziggy Debit Creat Date Accounts Nov. 1

Answer 1

Requirement 1	Journalize the transactions for both November and December
Date	Accounts	Debit	Credit
1-Nov	Cash	$19,000
	Common Stock		$19,000
	(To record common stock issued to Anya and Ziggy)
2-Nov	Rent Expense	$1,500
	Cash		$1,500
	(To record rent paid for first month)
3-Nov	Canoes	$6,720
	Accounts Payable		$6,720
	(To record canoes purchased on account)
4-Nov	Office Supplies	$400
	Accounts payable		$400
	(To record office supplies purchased on account)
7-Nov	Cash	$2,000
	Canoe Rent Revenue		$2,000
	(To record cash received for rental of canoes)
13-Nov	Wages Expense	$1,300
	Cash		$1,300
	(To record cash paid for wages)
15-Nov	Dividend	$500
	Cash		$500
	(To record cash paid for dividend to stockholders)
16-Nov	Utilities expenses	$190
	Utilities payable		$190
	(To record utilities bill)
20-Nov	Telephone expense	$170
	Telephone payable		$170
	(To record telephone bill)
22-Nov	Accounts receivable	$2,500
	Canoe Rent Revenue		$2,500
	(To record canoe rented on account)
26-Nov	Accounts payable	$2,400
	Cash		$2,400
	(To record cash paid for November 3 purchase)
28-Nov	Cash	$1,000
	Accounts receivable		$1,000
	(To record cash received from Adventure kings)
30-Nov	Dividend	$550
	Cash		$550
	(To record cash paid for dividend to stockholders)
1-Dec	Land	$105,000
	Building	$205,000
	Common Stock		$310,000
	(To record land and building contributed in exchange of common stock)
1-Dec	Prepaid rent	$4,500
	Cash		$4,500
	(To record rent paid for three months for warehouse)
2-Dec	Canoes	$8,640
	Notes payable		$8,640
	(To record canoes purchased by signing notes payable)
4-Dec	Office Supplies	$700
	Accounts payable		$700
	(To record office supplies purchased on account)
9-Dec	Cash	$4,700
	Canoe Rental Revenue		$4,700
	(To record cash received from customer for canoes rental)
15-Dec	Accounts receivable	$3,800
	Canoe Rental Revenue		$3,800
	(To record rented canoes on account)
16-Dec	Cash	$350
	Unearned revenue		$350
	(To record cash received for canoes that will be used next month)
18-Dec	Utilities payable	$190
	Telephone payable	$170
	Cash		$360
	(To record utilities and telephone bills paid for last month)
19-Dec	Accounts payable	$2,800
	Cash		$2,800
	(To record various accounts payable paid)
20-Dec	Utilities expenses	$270
	Utilities payable		$270
	(To record utilities bill)
20-Dec	Telephone expense	$300
	Telephone payable		$300
	(To record telephone bill)
31-Dec	Wages expense	$2,300
	Cash		$2,300
31-Dec	Dividend	$650
	Cash		$650
	(To record cash paid for dividend to stockholders)