QUESTION 1 a) Diana started her business on 1 July 2021. transactions during July 2021 were as follows: Date Particulars 1Commenced business with capital of RM50,000 cash 2 Bought RM300 fixtures and fittings for the shop by cash 3 Purchased goods for resale, RM3,000 on credit from Kembang Trading 15 Goods of RM3,600 sold on credit to Norin 30 Paid RM500 wages for shop assistant by cash 31 RM200 cash taken by Diana for her private use REQUIRED: Record the double entries for all the above transactions. (Narrative is not required). The
Q: On January 1 of the current year, Rhondell Corporation has accumulated E & P of $70,000. Current E &…
A: Earnings and Profits (E&P) is the measure of the ability of a corporation to pay its'…
Q: I b) Electroz Ltd has the following data concerning a model electric car it manufactures:< Variable…
A: Cost Plus Pricing Method :— It is a pricing method in which target price is calculated by adding…
Q: Required information [The following information applies to the questions displayed below.] O'Brien…
A: Absorption Costing Method :— Under this method, product cost is the sum of direct material, direct…
Q: Brief Exercise 6-5 Calculate ending inventory and cost of goods sold using FIFO (LO6-3) During the…
A: calculation ending inventory and cost of goods sold are as follows
Q: 2. Years ago, an apple producer argued that the United States should enact a tariff, or a tariff, or…
A: Imports A commodity or service that was created in another nation and is purchased in one country is…
Q: Milan Ltd. wants to purchase a new machine for its factory operations at a cost of £380,000. This…
A: TVM stands for Time value of money which states the amount of money that is worth more now than the…
Q: ou have the following information for Tamarisk, Inc. for the month ended October 31, 2022. Tamarisk…
A: Lets understand the basics. In FIFO basis entity assumes that, goods purchased first are sold first…
Q: s a fraction in lowest terms or a decimal rounded to the nearest millionth. Employees on Nonfarm…
A: Payroll refers to the form of a defined having the details of the employees of a company who are…
Q: What is the company's lease payment for the last year is reduced to $150,000 instead? 2) What is…
A: Given in the question: Lease term = 15 Years Equipment Life = 20 Years Annual Lease Payments =…
Q: A machine has a first cost of P88,155.25 and has an expected salvage value after 10 years…
A: Depreciation refers to an accounting method used to allocate the cost of a tangible or physical…
Q: The stockholders equity of Acme Corporation at December 31, 2010 consisted of the following: Common…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Which of these is not a correct citation to the Internal Revenue Code? A. All of these are correct…
A: Internal Revenue code is also written as IRC and it is the tax law which is used by the federal…
Q: The product of a company passes through three processes to completion. They are known as A, B, and…
A: Process costing is a method of costing used mainly in manufacturing where units are continuously…
Q: Rizio Co. purchases a machine for $14,800, terms 1/10, n/60, FOB shipping point. Rizio paid within…
A: Net Purchase :— It is purchase price less purchase return less purchase discount. Expenditure…
Q: Why would an external user like absorption costing?
A: Absorption costing is used for calculating per unit cost based on all costs including fixed overhead…
Q: After all of the account balances have been extended to the Income Statement columns of the…
A: Net income is the amount of income earned by an entity after deducting the expenses from the…
Q: What are ethical principles in auditing
A: Financial statement audits or independent reviews and evaluations of a company's financial…
Q: Problem 6-47 (LO 6-3) On June 10, 2021, Huron purchased equipment (seven-year class property) for…
A: Calculation of Huron's cost recovery deduction are as follows
Q: The capital of Fever Grass Ltd. consists of fully paid up ordinary and preference shares. The…
A: Preference shareholder distributions are frequently reduced when a company faces financial…
Q: Capitalization is: A. A corporation's total investments consisting of common stock and preferred…
A: Market cap—or market capitalization—refers to the total value of all a company's shares of stock. It…
Q: IFRS requires annual reviews of long-lived assets (other than goodwill) for reversal indicators. A…
A: Accounting for Impairments From a GAAP perspective, the asset is recorded at its historical cost,…
Q: A summary of selected transactions in ledger accounts appears below for Alberto’s Plumbing Services…
A: After a corporation has paid all of its direct expenses, indirect costs, income taxes, and dividends…
Q: Oki Company pays $294,500 for equipment expected to last four years and have a $30,000 salvage…
A: Journal entries are the basic method for recording financial transactions in the books of accounts.…
Q: Current Assets Non-current Assets Total Liabilities Additional information: 240,000 660,000 120,000…
A: When a Partnership is formed, total assets include all the current and non-current assets of all the…
Q: A major objective of MACRS is to: O A. Ensure that the amount of cost recovery for tax purposes will…
A: Modified Accelerated Cost Recovery System is method of depreciation in taxation. In this method…
Q: l's purchases must be paid for during the following month. Koehl pays herself a salary of $4,800 per…
A: A cash budget refers to a budget prepared by a business to keep in check all the money cash…
Q: Joetz Corporation has gathered the following data on a proposed investment project (Ignore income…
A: The incremental net income anticipated from a potential investment opportunity, divided by the…
Q: I. Broncos Co. reports pretax financial income of $70,000 for 20x1. The following items cause…
A: Note: “Since you have asked multiple questions, we will solve the first question for you. If you…
Q: Bob Jones bought a new log cabin for $60,000 at 5.75% interest for 15 years. Prepare an amortization…
A: The question is based on the concept of Financial Management.
Q: Paul Williams recently joined XYZ2 Limited as the head of the accounting department. Williams spent…
A: Audit involves an independent examination of financial records with a view to provide an opinion on…
Q: A and B form a new partnership. A invests P300,000 in cash for his 30% interest in the capital and…
A: Partnership refers to the agreement which is contractual in nature among two or more than two person…
Q: 1999, Roche, the Swiss pharmaceuticals company provides for the following information relating to…
A: Prepaid expenses refer to expenses which is a form of a current asset since implies that the company…
Q: On 1/1/24, Traverse Company sold 100 components at $700 each. All sales were cash sales. Estimated…
A: Assurance-type warranties. A warranty that cannot be purchased separately and only provides…
Q: What is the definition of assurance and non assurance services
A: Assurance services are much less formal than financial statement attestation services. Non-assurance…
Q: Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows…
A: Companies incur costs and expenses to run their business. Companies spend a small number of expenses…
Q: Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.4% ×…
A: Retirement payments refer to the payment that is to be paid when the person retires following the…
Q: Discuss whether the dividend growth model or the capital asset pricing model should be used to…
A: The dividend growth model and the capital asset pricing model are both methods that can be used to…
Q: e hockey stick sells for $130. Description ning Inventory mase Units 16 61 Ur
A: Answer : FIFO = First in first out Moving weighted average = average base
Q: A machine costing $210,200 with a four-year life and an estimated $19,000 salvage value is installed…
A: Depreciation per annum as per straight line method = (Cost - Salvage value)/Useful life
Q: . Rowell Corp has 50,000 units completed for the month of January, the beginning inventory units…
A: Process costing is used in an organization where a similar kind of product is produced and goods are…
Q: A, B, C are new lawyers and are decided to form a partnership. . A is to contribute cash of P50,000…
A: Journal entries refers to the entries which are passed by the companies at the end of the accounting…
Q: Guillermo's Oil and Lube Company is a service company that offers oil changes and lubrication for…
A: Formula: Direct labor rate variance (LRV)=Standard rate-Actual rate×Actual hours Direct labor…
Q: ignmenty takeAssignmentivan.do?invoker-atakeAssignmentSessionLocator=&inprogress=false eBook…
A: PERPETUAL INVENTORY SYSTEM A perpetual inventory system keeps continual track of your inventory…
Q: Journalize entries for the following related transactions of Greenville Heating & Air Company. Refer…
A: The journal entries are prepared to keep the record of day to day transactions of the business. The…
Q: A machine has a first cost of P94,547.82 and has an expected salvage value after 10 years…
A: Depreciation is an expense which is charged on the non-current assets in order to record the regular…
Q: differences between the organizations in the text boxes inside the circle for each organization and…
A: Answer : Both GASB and FASB have some similarities and differences, as the purpose of both is the…
Q: Problem 2 I-core Company acquired an equipment on January 1, 2008. The asset has an estimated life…
A: Working: 1) Depreciation rate is ascertained by means of straight line depreciation data. 2) After…
Q: 2. Weightless Inc. produces a Bath and Gym version of its popular electronic scale. The anticipated…
A: Production Budget :— This budget is prepared to estimate the number of units to be produced during…
Q: Question 2: On November 1, 2021, Mr. Daniel Kim, an individual stock investor, pays attention to the…
A: The average of the experimental circumstances is subjected to numerous iterations of the multiple…
Q: Income/compensation Jaime an apprentice chef, slices his index finger off during we $5,000 Jaime is…
A: There is need for the taxes to paid on the money received but some are exempted and some are not…
Step by step
Solved in 2 steps
- Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.A business has the following transactions: A. The business is started by receiving cash from an investor in exchange for common stock $10,000. B. Rent of $1,250 is paid for the first month. C. Office supplies are purchased for $375. D. Services worth $3,450 are performed. Cash is received for half. E. Customers pay $1,250 for services to be performed next month. F. $6,000 is paid for a one year insurance policy. G. We receive 25% of the money owed by customers in D. H. A customer has placed an order for $475 of services to be done this coming week. How much total revenue does the company have?The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2.Received 1,000 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 250 to creditors on account. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart, 7,500. 8.Paid for a newspaper advertisement, 200. 11.Received 1,000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27.Paid electric bill, 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019.
- The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 to creditors on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4.Prepare an unadjusted trial balance as of July 31, 2019.Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2019. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement, 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Provided services on account for the period May 115, 9,180. 16. Paid part-time receptionist for two weeks' salary including the amount owed on April 30, 750. 17. Received cash from cash clients for fees earned during the period May 116, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Provided services on account for the period May 1620, 4,820. 25. Received cash from cash clients for fees earned for the period May 1723, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks' salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Received cash from cash clients for fees earned for the period May 2631, 3,300. 31. Provided services on account for the remainder of May, 2,650. 31. Kelly withdrew 10,500 for personal use. Instructions 1.The chart of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2019, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2019, and place a check mark () in the Posting Reference column Journalize each of the May transactions in a two column Journal starting on Page 5 of the journal and using Kelly Consulting's chart of accounts. (Do not insert the account numbers in the journal at this time.) 2.Post the journal to a ledger of four-column accounts. 3Prepare an unadjusted trial balance. 4.At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). a.Insurance expired during May is 275. b.Supplies on hand on May 3 1 are 715. c.Depreciation of office equipment for May is 330. d.Accrued receptionist salary on May 31 is 325. e.Rent expired during May is 1,600. f.Unearned fees on May 31 are 3,210. 5.(Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6.Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7.Prepare an adjusted trial balance. 8.Prepare an income statement, a statement of owner's equity, and a balance sheet. 9.Prepare and post the closing entries. Record the closing entries on Page 8 of the journal. Indicate closed accounts by inserting a line in both Balance columns opposite the closing entry. 10.Prepare a post-closing trial balance.A business has the following transactions: The business is started by receiving cash from an investor in exchange for common stock $20,000 The business purchases supplies on account $500 The business purchases furniture on account $2,000 The business renders services to various clients on account totaling $9,000 The business pays salaries $2,000 The business pays this months rent $3,000 The business pays for the supplies purchased on account. The business collects from one of its clients for services rendered earlier in the month $1,500. What is total income for the month?
- Brief Exercise 2-30 Transaction Analysis Galle Inc. entered into the following transactions during January. Borrowed $50,000 from First Street Bank by signing a new payable. Purchased $25,000 of equipment for cash. (Continued) Paid $500 to landlord for rent for January. Performed services for customers on account, $10,000. Collected $31000 from customers for services performed in Transaction d. Paid salaries of $2,500 for the current month. Required: Show the effect of each transaction using the following model.Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a ) Invested cash in the business, 7,000. (b) Purchased equipment for cash, 900. (c) Purchased equipment on account, 1,500. (d) Paid cash on account for equipment purchased in transaction (c), 800. (e) Withdrew cash for personal use, 1,100. FOOT AND BALANCE T ACCOUNTS Foot and balance the T accounts prepared in Exercise 3-5B if necessary.
- TRANSACTION ANALYSIS Linda Kipp started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side. (a) Invested cash in the business, 5,000. (b) Bought equipment for cash, 700. (c) Bought equipment on account, 600. (d) Paid cash on account for equipment purchased in transaction (c), 400. (e) Withdrew cash for personal use, 900.The transactions completed by PS Music during June 2018 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1. Peyton Smith made an additional investment in PS Musk in exchange for common stock by depositing 5,000 in PS Music s checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 14. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on lage 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2018. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2018. 31. Received 3,000 for serving as a disc jockey for a party. July 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31. Paid dividends, 1,250. PS Musics chart of accounts and the balance of accounts as of July 1, 2018 (all normal balances), are as follows: 11 Cash 3,920 41 Fees Earned 6,200 12 Accounts Receivable 1,000 50 Wages Expense 400 14 Supplies 170 51 Office Rent Expense 800 15 Prepaid Insurance 52 Equipment Rent Expense 675 17 Office Equipment 53 Utilities Expense 300 21 Accounts Payable 250 54 Music Expense 1,590 23 Unearned Revenue 55 Advertising Expense 500 31 Common Stock 4,000 56 Supplies Expense 180 33 Dividends 500 59 Miscellaneous Expense 415 Instructions 1. Enter the July 1, 2018, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column, and place a check mark () in the Posting Reference column. {Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2018.Using the income statement for Adventure Travel Service shown in Practice Exercise 1-4A, prepare a statement of owners equity for the year ended April 30, 2019. Jerome Foley, the owner, invested an additional 60,000 in the business during the year and withdrew cash of 40,000 for personal use. Jerome Foley, capital as of May 1, 2018, was 1,020,000.