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If you could provide an answer for A) B) C) D) that would be great ! On June 1, 2019 John Lane organized and began
If you could provide an answer for A) B) C) D) that would be great ! On June 1, 2019 John Lane organized and began to operate an air taxi service to provide air transportation from a major city to a number of small towns not served by scheduled airlines, The transactions for the month of June were as follows: June 1.) John Lane deposited $500,000 cash in a bank account in the name of the business, Lane Air Service June 2) Purchased an aircraft for $356,000 and spare parts for 42,000 paying cash for both. June 4) Paid $540 cash for rental of a building. June 5) Purchase a 2-year liability insurance policy for 6,000 dated June 1, 2019 June 10) Cash receipts from passenger fare revenues for the first 10 days amounted to $10,320.00 June 14) Paid $750 to Motor maintenance service for maintenance and repair service June 15) Paid $2,880 in salaries to employees for the first half of June. June 20) Cash receipts from passenger fare revenues from June Ist-10th amounted to $12,250,00 June 30) Cash receipts from passenger fare revenues from June 11th-30th amounted to $20,000.00 June 30) Lane withdrew $2,000 from business for personal use June 30) Received a fuel bill from Phillips Oil company in the amount of $14,548.00 for the month of June the payment is due July 15th ADJUSTMENTS June 30) Insurance has expired for the month of June June 30) The aircraft depreciates at $300 per month June 30) The spare parts depreciates at $100 per month. INSTRUCTIONS: a) Journalized the above transactions for the month of June on the first page. b) Journalized the adjusting entries on the second page. c Post ALL entries to the General Ledger d) Prepare an adjusted trail balance
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that would be great !
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