Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university,

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company. Very Vancouver. The following are transactions for the month of May 2023, the first month of operations. May 2 Emily moved \$8, 150 fron her personal bank account to a business bank account at To Bank. She also invested a laptop worth $792 into the business. May 3 Purchased supplies, including a microphone, and brochures for $645 cash. May 4 Purchased a printer for $252 on account. May 5 Purchased a one-year insurance policy for $1,32 cash. May 6 Enily withdrew $335 for a Mother's Day gift. May 8 Interviewed and hired one enployee to assist with leading tours. May 1e Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $1,955 of cash for future tour bookings. May 15 Led three tours of Stanley Park and received $1,045 cash. May 25 Led four tours of Granville Island, for $1,465. The customers on this tour had prepaid on May 10. The following information is known at May 31, 2023. - The laptop has an estimated life of three years. - The printer has an estimated life of three years. - There are $215 of supplies that are not used. - A portion of the insurance policy has expired. - Wages of $905 were unpaid and unrecorded. Journal entry worksheet Journal entry worksheet Journal entry worksheet 4 Record to close the revenue account. Note: Enter debits before credits. 2. Post the above journal entries to the T-accounts. issignment (10\% of Grade) (6 Prev 1 of 5 Next > 3. Prepare a post-closing trial baiance. (Do not round intermediate caiculations. Hound the final answers to the nearest whole dollar.) 4. Prepare an income statement and statement of changes in equity for the month ended May 31, 2023. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)

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

Payroll Accounting

Authors: Bernard J. Bieg, Judith A. Toland

2013 edition

113396253X, 978-1133962533

More Books

Students also viewed these Accounting questions