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Required: 1. Prepare the journal entries for the April transactions. 2. Set up the following ledger accounts and post all the journal entries: cash; accounts receivables; supplies; container; bicycles; accounts payable; Leon, capital; Leon, drawings; rental revenues; wages expense; maintenance expense; repairs expense; and concession fee expense. 3. Prepare a trial balance. Date Particulars Debit Amount P Credit Amount P April. 2 Cash 120,000 K.L Capital April. 3 Supplies 120,000 1500 Accounts Payable 1500 April. 4 Bicycles 25,000 Cash 12,000 Accounts Payable ($2,500 - $1,200) 13,000 April. 5 Shed 29,000 Cash 29,000 April. 6 Shed 4,700 Cash 4,700 April. 8 Cash 4,000 Rental Income 4,000 April. 09 April. 10 No entry is required as it is not a financial transaction Maintenance Expense 750 Cash 750 April. 13 Cash 5,000 Rental Income 5,000 April. 16 Wages Expense 450 Cash 450 April. 17 Accounts Payable 1,500 Cash 1,500 April. 18 Repair Expenses 550 Cash 550 April. 20 Cash 5,500 Rental Income 5,500 April. 22 Wages Expense 480 Cash 480 April. 23 Accounts Receivable 1,100 Rental Income 1,100 April. 25 Concession Fees Expense 3,000 Cash 3,000 April. 27 Cash 4,100 Rental Income 4,100 April. 29 Wages Expense Cash 480 480 April. 30 K.L, Withdrawals 5,000 Cash 5,000

Required: 1. Prepare the journal entries for the April transactions. 2. Set up the following ledger accounts and post all the journal entries: cash; accounts receivables; supplies; container; bicycles; accounts payable; Leon, capital; Leon, drawings; rental revenues; wages expense; maintenance expense; repairs expense; and concession fee expense. 3. Prepare a trial balance. Date Particulars Debit Amount P Credit Amount P April. 2 Cash 120,000 K.L Capital April. 3 Supplies 120,000 1500 Accounts Payable 1500 April. 4 Bicycles 25,000 Cash 12,000 Accounts Payable ($2,500 - $1,200) 13,000 April. 5 Shed 29,000 Cash 29,000 April. 6 Shed 4,700 Cash 4,700 April. 8 Cash 4,000 Rental Income 4,000 April. 09 April. 10 No entry is required as it is not a financial transaction Maintenance Expense 750 Cash 750 April. 13 Cash 5,000 Rental Income 5,000 April. 16 Wages Expense 450 Cash 450 April. 17 Accounts Payable 1,500 Cash 1,500 April. 18 Repair Expenses 550 Cash 550 April. 20 Cash 5,500 Rental Income 5,500 April. 22 Wages Expense 480 Cash 480 April. 23 Accounts Receivable 1,100 Rental Income 1,100 April. 25 Concession Fees Expense 3,000 Cash 3,000 April. 27 Cash 4,100 Rental Income 4,100 April. 29 Wages Expense Cash 480 480 April. 30 K.L, Withdrawals 5,000 Cash 5,000

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 15PA: Prepare journal entries to record the following transactions. Create a T-account for Accounts...
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Set up the Journal Ledger and Trial Balance.
Required: 1. Prepare the journal entries for the April transactions. 2. Set up the following ledger accounts and post all the journal entries: cash; accounts receivables; supplies; container; bicycles; accounts payable; Leon, capital; Leon, drawings; rental revenues; wages expense; maintenance expense; repairs expense; and concession fee expense. 3. Prepare a trial balance. Date Particulars Debit Amount P Credit Amount P April. 2 Cash 120,000 K.L Capital April. 3 Supplies 120,000 1500 Accounts Payable 1500 April. 4 Bicycles 25,000 Cash 12,000 13,000 Accounts Payable ($2,500 - $1,200) April. 5 Shed 29,000 Cash 29,000 April. 6 Shed 4,700 Cash 4,700 April. 8 Cash 4,000 Rental Income 4,000 No entry is required as it is not a financial transaction Maintenance Expense April. 09 April. 10 750 Cash 750 April. 13 Cash 5,000 Rental Income 5,000 April. 16 Wages Expense 450 Cash 450 April. 17 Accounts Payable 1,500 Cash 1,500 April. 18 Repair Expenses 550 Cash 550 April. 20 Cash 5,500 Rental Income 5,500 April. 22 Wages Expense 480 Cash 480 April. 23 Accounts Receivable 1,100 Rental Income 1,100 April. 25 Concession Fees Expense 3,000 Cash 3,000 April. 27 Cash 4,100 Rental Income 4,100 April. 29 Wages Expense 480 Cash 480 April. 30 K.L, Withdrawals 5,000 Cash 5,000
Transcribed Image Text:Required: 1. Prepare the journal entries for the April transactions. 2. Set up the following ledger accounts and post all the journal entries: cash; accounts receivables; supplies; container; bicycles; accounts payable; Leon, capital; Leon, drawings; rental revenues; wages expense; maintenance expense; repairs expense; and concession fee expense. 3. Prepare a trial balance. Date Particulars Debit Amount P Credit Amount P April. 2 Cash 120,000 K.L Capital April. 3 Supplies 120,000 1500 Accounts Payable 1500 April. 4 Bicycles 25,000 Cash 12,000 13,000 Accounts Payable ($2,500 - $1,200) April. 5 Shed 29,000 Cash 29,000 April. 6 Shed 4,700 Cash 4,700 April. 8 Cash 4,000 Rental Income 4,000 No entry is required as it is not a financial transaction Maintenance Expense April. 09 April. 10 750 Cash 750 April. 13 Cash 5,000 Rental Income 5,000 April. 16 Wages Expense 450 Cash 450 April. 17 Accounts Payable 1,500 Cash 1,500 April. 18 Repair Expenses 550 Cash 550 April. 20 Cash 5,500 Rental Income 5,500 April. 22 Wages Expense 480 Cash 480 April. 23 Accounts Receivable 1,100 Rental Income 1,100 April. 25 Concession Fees Expense 3,000 Cash 3,000 April. 27 Cash 4,100 Rental Income 4,100 April. 29 Wages Expense 480 Cash 480 April. 30 K.L, Withdrawals 5,000 Cash 5,000
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