In June 2011, Wendy Winger organized a corporation to provide aerial photography services. Thecompany, called Aerial Views, began operations immediately. Transactions during the month ofJune were as follows: June 1 The corporation issued 60,000 shares of capital stock to Wendy Winger in exchangefor $60,000 cash. June 2 Purchased a plane from Utility Aircraft for $220,000. Made a $40,000 cash downpayment and issued a note payable for the remaining balance. June 4 Paid Woodrow Airport $2,500 to rent office and hangar space for the month. June 15 Billed customers $8,320 for aerial photographs taken during the first half of June. June 15 Paid $5,880 in salaries earned by employees during the first half of June. June 18 Paid Hannigan’s Hangar $1,890 for maintenance and repair services on thecompany plane. June 25 Collected $4,910 of the amounts billed to customers on June 15. June 30 Billed customers $16,450 for aerial photographs taken during the second halfof the month. June 30 Paid $6,000 in salaries earned by employees during the second half of the month. June 30 Received a $2,510 bill from Peatree Petroleum for aircraft fuel purchased in June.The entire amount is due July 10. June 30 Declared a $2,000 dividend payable on July 15.The account titles used by Aerial Views are: Cash Retained= EarningsAccounts Receivable- Dividends Aircraft= Aerial Photography RevenueNotes= Payable Maintenance Expense Accounts Payable= Fuel Expense Dividends Payable= Salaries Expense capital stock =rent expense Solve the problem on MS Excel Use proper formatting for Journal, Ledger and Trial Balance. Give proper titles to Journal, Ledger and Trial Balance

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16EA: Discuss how each of the following transactions for Watson, International, will affect assets,...

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In June 2011, Wendy Winger organized a corporation to provide aerial photography services. Thecompany, called Aerial Views, began operations immediately. Transactions during the month ofJune were as follows:

June 1

The corporation issued 60,000 shares of capital stock to Wendy Winger in exchangefor $60,000 cash.

June 2

Purchased a plane from Utility Aircraft for $220,000. Made a $40,000 cash downpayment and issued a note payable for the remaining balance.

June 4

Paid Woodrow Airport $2,500 to rent office and hangar space for the month.

June 15

Billed customers $8,320 for aerial photographs taken during the first half of June.

June 15

Paid $5,880 in salaries earned by employees during the first half of June.

June 18

Paid Hannigan’s Hangar $1,890 for maintenance and repair services on thecompany plane.

June 25

Collected $4,910 of the amounts billed to customers on June 15.

June 30

Billed customers $16,450 for aerial photographs taken during the second halfof the month.

June 30

Paid $6,000 in salaries earned by employees during the second half of the month.

June 30

Received a $2,510 bill from Peatree Petroleum for aircraft fuel purchased in June.The entire amount is due July 10.

June 30

Declared a $2,000 dividend payable on July 15.The account titles used by Aerial Views are:

Cash Retained= EarningsAccounts Receivable- Dividends Aircraft= Aerial Photography RevenueNotes= Payable Maintenance Expense Accounts Payable= Fuel Expense Dividends Payable= Salaries Expense capital stock =rent expense

Solve the problem on MS Excel

Use proper formatting for Journal, Ledger and Trial Balance.
Give proper titles to Journal, Ledger and Trial Balance.

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