Rough and Rugged began operations on November 1, 2011. The transactions for November have already been...

Rough and Rugged began operations on November 1, 2011. The transactions for November have already been recorded and posted to the T-Accounts Record the transactions in a journal using correct journal entry format. Post the journal entries to the ledger (T-Accounts).

Nov 1- Jamie contributed capital of $16,000 to begin the company.

Nov 2- signed a leased for a building and paid $1,200 for the first month's rent.

Nov 3- purchased canoes for $4,800 on account.

Nov 4-purchased office supplies on account, 750

nov 7- earned $1,400 cash for rental of canoes.

Nov 13- paid $1,500 cash for wages.

nov 15- jamie withdrew $50 cash from the business

Nov 16-received a bill for $150 for utilities (use separate payable account).

Nov 20-received a bill for $175 for cell phone expenses. (use separate payable account.)

Nov 22- rented canoes to early start daycare on account, $3,000.

Nov 26-paid $1,000 on account related to the november 3, 2018 purchase.

Nov 28- received $750 from early start daycare for canoe rental on november 22, 2018.

Nov 30- Jamie withdrew $100 cash from the business.

Expert Solution

Answer 1.

Adjusting Entry
Date	Particulars	Dr. Amt.	Cr. Amt.

1-Nov	Cash	16,000.00
	Jamie, Capital		16,000.00
	(To record the capital contributed)

2-Nov	Rent Expense	1,200.00
	Cash		1,200.00
	(To record the rent paid)

3-Nov	Canoes	4,800.00
	Accounts Payable		4,800.00
	(To record the canoes purchased)

4-Nov	Office Supplies	750.00
	Accounts Payable		750.00
	(To record the office supplies purchased)

7-Nov	Cash	1,400.00
	Rental Revenue - Canoes		1,400.00
	(To record the rent revenue eatned)

13-Nov	Salaries & Wages Expense	1,500.00
	Cash		1,500.00
	(To record the wages paid)

15-Nov	Jamie, Withdrawls	50.00
	Cash		50.00
	(To record the cash withdrawl)

16-Nov	Utilities Expense	150.00
	Utilities Payable		150.00
	(To record the utilities expense)

20-Nov	Cell Phone Expense	175.00
	Cell Phone Payable		175.00
	(To record the cellphone expense)

22-Nov	Accounts Receivable	3,000.00
	Rental Revenue - Canoes		3,000.00
	(To record the rent revenue eatned)

26-Nov	Accounts Payable	1,000.00
	Cash		1,000.00
	(To record the cash paid)

28-Nov	Cash	750.00
	Accounts Receivable		750.00
	(To record the cash received)

30-Nov	Jamie, Withdrawls	100.00
	Cash		100.00
	(To record the cash withdrawl)

Answer 2.

Cash				Accounts Receivable				Office Supplies
1-Nov	16,000.00	1,200.00	2-Nov	22-Nov	3,000.00	750.00	28-Nov	4-Nov	750.00
7-Nov	1,400.00	1,500.00	13-Nov
28-Nov	750.00	50.00	15-Nov
		1,000.00	26-Nov
		100.00	30-Nov


End. Bal.	14,300.00			End. Bal.	2,250.00			End. Bal.	750.00

Canoes				Cell Phone Payable				Accounts Payable
3-Nov	4,800.00					175.00	20-Nov	26-Nov	1,000.00	4,800.00	3-Nov
										750.00	4-Nov


End. Bal.	4,800.00			End. Bal.		175.00		End. Bal.		4,550.00

Utilities Payable				Jamie, Capital				Jamie, Withdrawls
		150.00	16-Nov			16,000.00	1-Nov	15-Nov	50.00
								30-Nov	100.00


End. Bal.		150.00		End. Bal.		16,000.00		End. Bal.	150.00

Rental Revenue - Canoes				Utilities Expense				Salaries & Wages Expense
		1,400.00	7-Nov	16-Nov	150.00			13-Nov	1,500.00
		3,000.00	22-Nov


End. Bal.		4,400.00		End. Bal.	150.00			End. Bal.	1,500.00

Rent Expense				Cell Phone Expense
2-Nov	1,200.00			20-Nov	175.00



End. Bal.	1,200.00			End. Bal.	175.00

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