Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Accounting Cycle Land & Sky Travel and Tours is a travel agency that offers international and local travel packages. The company is owned and operated

image text in transcribed

image text in transcribed

Accounting Cycle Land \& Sky Travel and Tours is a travel agency that offers international and local travel packages. The company is owned and operated by William Bullet. The closing balances at the end of June 2022 and the chart of accounts are shown below. \begin{tabular}{|c|l|} \hline Jul 30 & The owner withdrew $7,200 cash for personal use. \\ \hline Jul 31 & Paid $1,360 cash for the bank loan which included $1,000 principle and $360 interest. \end{tabular} At the end of July, the following adjustment had to be journalized to properly report the balances of the company's accounts: Required: a) Enter the opening balances from the June 2022 balance sheet into the general ledger accounts. b) Prepare the journal entries for the month of July and post them to the appropriate general ledger accounts. c) Create the trial balance in the worksheet, and then complete the remaining section of the worksheet. d) Create the income statement, statement of owner's equity and the classified balance sheet. e) Prepare the journal entries for the adjustments and post them to the appropriate general ledger accounts. f) Prepare the journal entries to close the books for the month of July 2022 (use the income summary account), and post the journal entries to the appropriate general ledger accounts. g) Create the post-closing trial balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Knowledge Audit A Complete Guide

Authors: The Art Of Service - Knowledge Audit Publishing

2021 Edition

1867424010, 978-1867424017

More Books

Students also viewed these Accounting questions

Question

Differentiate 3sin(9x+2x)

Answered: 1 week ago

Question

Compute the derivative f(x)=(x-a)(x-b)

Answered: 1 week ago

Question

Classify delivery styles by type.

Answered: 1 week ago