Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CHAPTER 2 PROBLEMS: SET B P2-18 Frontier Park was started on April 1 by M. Preston. The following selected events Jourialize a s and transactions

image text in transcribed
CHAPTER 2 PROBLEMS: SET B P2-18 Frontier Park was started on April 1 by M. Preston. The following selected events Jourialize a s and transactions occurred during April. Apr. 1 4 Purchased land costing $27,000 for cash. 8 Incurred advertising expense of $1,800 on account. 11 Paid salaries to employees $1,500. 12 Hired park manager at a salary of $4,000 per month, effective May 1. 13 Paid $1,650 cash for a one-year insurance policy. 17 Withdrew $1,000 cash for personal use. 20 Received $6,800 in cash for admission fees 25 Sold 100 coupon books for $25 each. Each book contains 10 coupons that Preston invested $35,000 cash in the business. transactions GLS 30 30 entitle the holder to one admission to the park Received $8,900 in cash admission fees. Paid $900 on balance owed for advertising incurred on April 8. Frontier Park uses the following accounts: Cash, Prepaid Insurance, Land, Accounts Pay- able, Unearned Service Revenue, Owner's Capital, Owner's Drawings, Service Revenue, Advertising Expense, and Salaries and Wages Expense. Instructions Journalize the April transactions. P2-28 Iris Beck is a licensed CPA. During the first month of operations of her business, Journalize transachio the following events and transactions occurred May 1 Beck invested $20,000 cash in her business. and prepare a trial bas (LO 1, 2, 3, 4) 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Tinio Supply Company 7 Paid office rent of $900 cash for the month. 11 12 17 31 31 GL Completed a tax assignment and billed client $3,200 for services performed. Received $3,500 advance on a management consulting engagement. Received cash of $1,200 for services performed for Misra Co. Paid secretary-receptionist $2,000 salary for the month. Paid 60% of balance due Tinio Supply Company. Iris uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable No. 126 Supplies, No. 201 Accounts Payable, No. 209 Owner's Capital, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Unearned Service Revenue, No. 301 Instructions (a) Journalize the transactions. (b) Post to the ledger accounts. (c) Prepare a trial balance on May 31. 2017. P2-35 Tony Vian owns and manages a computer repair service, which had the following Jounnalize trutsuact trial balance on December 31, 2016 (the end of its fiscal year). wnarsactions, post and prrare a triol balanc VIAN REPAIR SERVICE Trial Balance December 31, 2016 Credit Debit

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

Principles Of External Auditing

Authors: Brenda Porter, Jon Simon, David Hatherly

1st Edition

0471962120, 978-0471962120

More Books

Students also viewed these Accounting questions