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Arrow-Plain provides sight-seeing tours in vintage biplanes. The company is owned by Alex Bell. The closing balances at the end of October 2018 and the
Arrow-Plain provides sight-seeing tours in vintage biplanes. The company is owned by Alex Bell. The closing balances at the end of October 2018 and the chart of accounts is shown below.
Arrow-Plain Balance Sheet As at October 31, 2018 | |||
Assets | Liabilities | ||
Cash | $7,900 | Accounts Payable | $7,300 |
Accounts Receivable | $6,400 | Unearned Revenue | $3,700 |
Prepaid Insurance | $1,700 | Notes Payable | $20,000 |
Equipment | $40,900 | Total Liabilities | $31,000 |
Owners' Equity | |||
Bell, Capital | $25,900 | ||
Total Assets | $56,900 | Total Liabilities & Owners' Equity | $56,900 |
Account Description | Account # | Account Description | Account # | |
ASSETS | REVENUE | |||
Cash | 101 | Service Revenue | 400 | |
Accounts Receivable | 105 | EXPENSES | ||
Prepaid Insurance | 110 | Advertising Expense | 500 | |
Equipment | 120 | Insurance Expense | 515 | |
LIABILITIES | Interest Expense | 520 | ||
Accounts Payable | 200 | Telephone Expense | 550 | |
Interest Payable | 205 | |||
Unearned Revenue | 210 | |||
Notes Payable | 215 | |||
OWNER'S EQUITY | ||||
Bell, Capital | 300 | |||
Bell, Withdrawals | 310 |
During the month of November, Arrow-Plain had the following transactions.
Do not enter dollar signs or commas in the input boxes.
Date | Account Title and Explanation | PR | Debit | Credit |
2018 | ||||
Nov 3 | Cash | Answer | $6,000 | |
Bell, Capital | Answer | $6,000 | ||
Owner invested cash | ||||
Nov 7 | Cash | Answer | $1,210 | |
Unearned Revenue | Answer | $1,210 | ||
Received deposit for future services | ||||
Nov 13 | Insurance Expense | Answer | $580 | |
Accounts Payable | Answer | $580 | ||
Record insurance bill | ||||
Nov 17 | Interest Expense | Answer | $120 | |
Cash | Answer | $120 | ||
Paid interest bill | ||||
Nov 24 | Accounts Receivable | Answer | $2,160 | |
Service Revenue | Answer | $2,160 | ||
Provide service on account |
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