Prepare Journal entries for all the transactions? Apr. 1 Night invested cash in business, $90,000.1Paid insurance premium for six-month camping season, $9,000.2Paid rent for lodge and campgrounds for the month of April, $40,000.2Deposited registration fees, $35,000.2Purchased 10 fishing boats on account for $60,000. The boats have estimated useful lives of five years, at whichtime they will be donated to a local day camp. Arrangements were made to pay for the boats in July.3Purchased food supplies from Acme Super Market on account, $7,000.5Purchased office supplies from Gordon Office Supplies on account, $500.7Deposited registration fees, $38,600.10Purchased food supplies from Acme Super Market on account, $8,200.10Paid wages to fishing guides, $10,000.14Deposited registration fees, $30,500.16Purchased food supplies from Acme Super Market on account, $9000.17Paid wages to fishing guides, $10,000.18Paid postage, $150.Deposited registration fees, $35,600.24Purchased food supplies from Acme Super Market on account, $8,500.21

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Business

Accounting

Prepare Journal entries for all the transactions?

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter3: Processing Accounting Information

Section: Chapter Questions

Problem 3.5DC

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Answer the following questions:1. Assume that Rolf Dorman invests $20,000 in cash in a new pool cleaning business onJanuary 1, 2020 and for the first month of operations, engaged in the followingtransactions:a. January 1, 2020 – invested $20,000 in cashb. January 1, 2020 – paid $1,500 in cash for renting an office space downtown. Thepayment covers one quarter’s rent from January to March 2020.c. January 2, 2020 – received a contract to clean the public pool downtown for thenext six months. The contract will earn Rolf $650 per month and he is expected toperform the service every 30th of the month.d. January 5, 2020 – Rolf made some refurbishments in his rented space. He boughtfurniture and fixtures amounting to $2,500 on credit. The credit terms is 2/10,n/eom. He also bought some office equipment amounting to $3,000 on credit withterms n/eom. Rolf has decided to depreciate the furniture & fixtures using straightline method, assuming no salvage value and a useful life of five years.…
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Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the followingtransactions were completed.Mar. 1: Invested $15,000 cash in the business.Mar. 1: Purchased used Lorry for $6,000, paying $3,000 cash and the balance onaccount.Mar. 3: Purchased cleaning supplies for $1,500 on account.Mar. 5: Paid $1,200 cash on one-year insurance policy effective March 1.Mar. 14: Billed customers $4,800 for cleaning services.Mar. 18: Paid $1,500 cash on amount owed on Lorry and $500 on amount owed oncleaning supplies.Mar. 20: Paid $2,000 cash for employee salaries.Mar. 21: Collected $2,800 cash from customers billed on March 14.Mar. 28: Billed customers $2,500 for cleaning services.Mar. 31: Paid advertising expenses of $500.Mar. 31: Withdrew $1000 cash for personal use. Requirements: d) Journalize the following adjustments and prepare an adjusted Trial Balance:(i) Earned but unbilled revenue at March 31 was $500.(ii) Depreciation on equipment for the month was $200.(iii) One-twelfth…
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