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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

Why Does It Matter?

ECOTOUR EXPEDITIONS, INC., Jamestown, Rhode Island

You probably have never imagined the possibility of being an accountant who could have a direct impact on improving global ecosystems. Accountants who work for Ecotour Expeditions, Inc., an ecotourism company, might manage accounting details for guest air travel and accommodations, tour guide compensation, expedition revenue, and a variety of expenses. What type of accounting transactions would Ecotour Expeditions have? List 3 to 4 transactions and then record the journal entry for each transaction.

Example: Purchase safari jeep with cash, $42,500.

Safari Jeep    42,500

Cash    42,500

To determine

Indicate the type of accounting transactions E Expeditions would record.

Explanation

Transaction: The economic events which bring about any changes in the financial items of a business and can be measured in the monetary units is referred to as a transaction.

The following are the type of transactions that would be accou...

To determine

Indicate 3 to 4 transactions that E Expeditions would record, and journalize those transactions.

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