Four transactions for Jacob's Charters

DATE TRANSACTION

Aug 1 Jacob C invested $25,000 in cash, plus supplies (fishing gear with a useful life of more than a year) with a fair market value of $10,000 to start the business. 4 Jacob purchased a small fishing charter boat for $150,000, he paid cash $10,000 with check #100 and the remainder will be paid over the next 10 years 14 Jacob takes out his first fishing charter party for $1,200 and the party paid him with check #8706 20 Purchased boat fuel (expense) for $250 and charged it to his Cabela's credit card Record the transactions in a general journal, post them to the appropriate ledger accounts and complete the worksheet.