BluJay Aviation: Episodes 3, 4, & 5

Episode 3: Wren and Brad set up their business in January. Follow each of the initial transactions for BluJay Aviation in their accounting system.

Episode 4: It's now the end of February, and the owners get together to discuss their first month of operation. Follow along as Wren and Brad record BluJay's transactions for the month, including any necessary adjustments.

Episode 5: In this episode of BluJay Aviation, Wren and Brad go over the accounting transactions for March and BluJay's financial statements for the first quarter.

Watch BluJay Aviation - Episodes 3 , 4, & 5, and then complete both quizzes.

Note: Download the spreadsheets to view them instead of using the preview.

Journal Entries Example Trans. No. Account Name 1 Fuel Expense Accounts Payable (To record fuel expense) Debit Credit 720 720 1200 800 2 Cash Accounts Receivable Sales Revenue (To record sales revenue) 2,000 2,100 3 Cash Unearned Revenue (To record Unearned Revenue) 2,100 500 4 Rent Expense Prepaid Rent (To record expense incurred in February) 500 300 5 Insurance Expense Prepaid Insurance (To record expense incurred in February) 300 750 6 Depreciation Expense Accumulated Depreciation (To record expense incurred in February) 750 Drag the words into the correct boxes - In transaction one, we debit and credit unearned revenue insurance expense accounts receivable - In transaction two, we debit and cash and credit accounts payable rent - In transaction three, we debit and credit fuel expense accumulated depreciation - Transactions one, four, five, and six are depreciation expense prepaid rent - In transaction four we debit expense and prepaid insurance credit sales revenue cash - In transaction five we debit and credit adjusting journal entries cash - In transaction six we debit and credit - Adjusting entries never involve