Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Camino al Mar, a wedding coordination business, started on March 1, 2020. Use the information provided to complete the exercise. to. Record the

Camino al Mar, a wedding coordination business, started on March 1, 2020. Use the information provided to complete the exercise.

    to. Record the following transactions in the journal.

    b. Records the transfer to the ledger. Using T accounts

    c. Prepare the trial balance.



Transaction Date

 March 1 $12,000 cash was invested to start the business.

 March 3 A business vehicle was purchased for $13,000 on credit.

March 3 Decorating materials were purchased for a total of $4,500.

March 4 A $1,000 prepaid insurance policy was paid effective March 1.

March 5 A service was provided to a customer (fee earned) in the amount of $2,500.

March 10 Credit paid to purchased vehicle of $600.

March 15 Salaries were paid to employees for $1,650.

March 16 A wedding decoration was made on credit for $3,000.

March 18 A decoration was made for a fifteen-year-old in cash for $2,800.

March 20 The customer who had the work done on March 16 paid $1,100.

March 21 Gasoline for the business vehicle was paid $70.

March 22 Decorated for a bachelorette party for $1,000.

March 25 Gasoline for the business vehicle was paid $30.

March 28 Paid for advertising expenses (advertising expense) $700.

March 29 A withdrawal for personal use was made in the amount of $300.

March 30 Salaries were paid to employees for $1,650.

Step by Step Solution

3.46 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

a Recording the transactions in the journal Date Account Titles and Explanation Debit Credit Mar 1 Cash 12000 Capital 12000 Mar 3 Vehicle 13000 Accounts Payable 13000 Mar 3 Decorating Materials 4500 A... 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

Using Financial Accounting Information The Alternative to Debits and Credits

Authors: Gary A. Porter, Curtis L. Norton

7th Edition

978-0-538-4527, 0-538-45274-9, 978-1133161646

More Books

Students also viewed these Accounting questions

Question

Are credit cards part of the money supply? Why, or why not?

Answered: 1 week ago