Comprehensive Problem – Crater Canoe Company
Crater Canoe Company is a service-based company that rents canoes for use on local lakes and
rivers. Amber Wilson graduated from college about 10 years ago with a BS in Business. Because
she loves the outdoors, she has decided to begin a new business that will combine her love of
outdoor activities with her business knowledge. Amber decides that she will create a new sole
proprietorship, Crater Canoe Company or CCC for short. The business began operations on
November 1, 2018.
The transactions for November have already been recorded and posted to the T-Accounts.
Requirements:
Part 1: Financial Statement Preparation:
Now we are at the end of December. The transactions for December are shown below. You will
need to do the following:
a. Record the transactions in a journal using correct journal entry format.
b. Post the journal entries to the ledger (T-Accounts).
c. Total the T-Accounts.
d. Prepare the unadjusted Trial Balance.
e. Record the adjusting journal entries based on the information below. (Post the adjusting
entries to the T-Accounts. In the T-accounts, denote each adjusting amount as Adj. and an
