Question

Please fill in the blanks for requirement 2 for Accounts Payable and Common Stock. The answers in the boxes currently are NOT correct.

Save Homework: Chapter 2 homework Score: 0.3 of 1 pt 1 of 1 (1 complete) CP2-42 (similar to) HW Score: 29.55%, 0.3 of 1 pt Question Help Anna and Zed decide that they will create a new corporation, Wonder Wilderness Company or WWC for short Wonder Wilderness Company is a service based company that rents canoes for use on local lakes and rivers. The business began operations on November 1, 2018 and completed the following transactions in that first (Click the icon to view the November transactions.) Click the icon to view the transaction analysis chart from November) In addition, Wonder Widemess Company completed the following transactions for December Click the icon to view the December transactions) Read the requirements Requirement 1. Journalize the transactions for both November and December, using the following accounts Cash: Accounts Receivable: Office Supplies, Prepaid Rent Land Building Canoes, Accounts Payable: Utilities Payable Telephone Payable: Uneamed Revenue; Notes Payable, Common Stock Dividends, Canoe Rental Revenue: Rent Expense: Utilities Expense Wages Expense and Telephone Expense Explanations are not required (Hint For November transactions refer to the transaction analysis chart for November) (Record debit first, then credits Exclude explanations from journal entries) Nov 1 Received $20,000 cash to begin the company and issued common stock to Anna and Zed Accounts Debit Credit Nov 1 20.000 Common Stock 20.000 Nov 2 Signed a lease for a building and paid $1.500 for the first month's rent Date Accounts Debit Credit Nov 2 (Rent Expenso 1600 1 500 Nov. 3. Purchased canoes for $7 200 on account Accounts Deble Credit Nov 3 7200 Accounts Payable 7.200 Choose from any list or enter any number in the input helds and then click Check Answer 13 parts 13 remaining Clear All

Answer 1

Requirement 2. Passing of the Journal Entries in the T-Accounts: Nov. 1 Common Stock Cash $ 20,000 Dec. 31 Balance c/f $ 20,000 $ $ 20,000 20,000 $ Common Stock Nov. 1 Cash 20,000 20,000 20,000 Dec. 31 Balance c/f $ $ $ 20,000 Accounts Payable Nov. 3 Canoes $ 7,200 $ 7,200 $ 7,200 Dec. 31 Balance c/f $ 7,200 Nov. 3 Accounts Payables $ Canoes 7,200 Dec. 31 Balance c/f 7,200 $ $ $ 7,200 7,200