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Preparing adjusting entries and preparing an adjusted trial balance This problem continues the Canyon Canoe Company situation from Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts that you prepared in Chapter 2 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. (Hint: See Dec. 1 transaction from Chapter 2) 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. (Hint: The building was purchased on December 1.) 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, 2019. 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 $o. 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 $O. i. Interest expense accrued on the notes payable, $50 Requirements . Journalize and post the adjusting entries using the T-accounts that you completed in Chapter 2. In the T-accounts, denote each adjusting amount as Adj. and an account balance as Balance. 2. Prepare an adjusted trial balance is of December 31, 2018

CC COMPANY Trial Balance December 31, 2008 Balance Account Title Debit (S Credit (S Cash Common Stock Prepaid Rent Canoes Accounts Payable Office Supplies Canoes Rental Revenue Wages Dividends Utilities Expense Utilities Payable Telephone Expense Telephone Payable Accounts Receivable Land Building Notes Payable Unearned Revenue 12,125 136,000 4,200 12,000 3,050 1.250 12,400 3,300 450 445 295 500 325 5,750 85,000 35,000 7,200 750 160,020160.020 Total

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1,085 31-Dec Supplies expense (1250 -165) 109 110 Supplies 1,085 T record supplies consumed during the Year) 112 11331-Dec Rent expense 114 115 116 117 31-Dec Depreciation Expense - Building 118 119 120 121 31-Dec Unearned Revenue(750-400) 122 123 124 125 31-Dec Wages Expense 126 127 128 129 31-Dec Accounts receivable 130 131 1,200 1,200 Prepaid Rent To record expired insurance) 2500 2500 Accumulated Depreciation -Building To record depreciation expense) 400 400 Canoes Rental Revenue To record revenue earned during the Year) 1,250 1,250 Wages Payable ((To record accrued salaries & wages) 1,850 Canoes Rental Revenue 1,850 To record revenueearned during the year)133 31-Dec Depreciation Expense - Canoes 134 135 136 137 31-Dec Depreciation Expense - Canoes 138 139 140 141 31-Dec Interest Expense 142 143 144 145 146 147 148 149 150 151 152 153 154 800 Accumulated Depreciation -Canoes 800 To record depreciation expense) 600 Accumulated Depreciation -Canoes 600 To record depreciation expense) 50 Interest Payable 50 (To record accrued interest expense) Cash Accounts receivable Bal 12125 Bal 5750 1,850 7,600 Adj 12125 Prepaid Rent Canoes Bal 4200 1,200 Adj Bal 12000 3,000 12000Accounts Payable Office Supplies 3050 Bal Bal 1250 1,085 Adj 3050 165 Canoes Rental Revenue 12400 Bal 2,250 Adj Wages Bal 3300 Adj 1,250 4,550 14,650 Dividend Utilities expense Bal 450 Bal 445 450 445 Utilities Payable Telephone Payable 295 Bal 325 Bal 295 325 Telephone expense Land Bal 500 Bal 85000 500 850000 Buildin Notes Payable Bal 7200 Bal 35000 7200 Unearned revenue Adj 750 Bal 350 0 Adiusted Trial Balance Particulars DebitCredit Cash Accounts Receivable Prepaid Rent office supplies Land Canoes Accumulated Depreciation -Canoes Building Accumulated Depreciation -Building Accounts Payable Notes Payable 12125 7,600 3,000 165 0 1400unearned Revenue Wages Payable Interest Payable Utilities payable Telephone Payable Common Stock Canoes Rental Revenue Dividends Wages Utilities Expense Telephone Expense Supplies expense Rent expense Depreciation Expense - Building Depreciation Expense - Canoes Interest Expense Total 05 350 1,250 50 295 325 136000 14,650 206 08 09 210 211 12 213 214 215 216 4,550 1,085 1,200 217 218 1400 50 21 167070 167070

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