Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journal Entries Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of

image text in transcribed

Journal Entries Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts: Cash Equipment (3) 15,000 Dividends (9) 1,500 (1) 40,000 (2) 4,000 (7) 13,100(3) 5,000 (4) 6,175 (6) 6,000 (9) 1,500 Accounts Receivable Accounts Payable (6) 6,000(3) 10,000 Service Revenue (5) 20,500 (5) 20,500 (7) 13,100 Supplies (2) 4,000 (8) 2,200 Common Stock (1) 40,000 ) Operating Expenses (4) 6,175 (8) 2,200 Prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted. If an amount box does not require an entry, leave it blank. (1) Cash 40,000 Common Stock 40,000 (2) Supplies Accounts Payable x (3) Accounts Payable x Common Stock x Dividends x (4) Service Revenue x Operating Expenses X X (5) Accounts Payable x 00000000000000000 i bo DVD II II II II II II (6) Common Stock x (7) Dividends x (8) Service Revenue x (9) Operating Expenses x

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

Front Office Operations And Night Audit Workbook

Authors: Patrick J. Moreo, Gail Sammons, Jim Dougan, James Dougan

1st Edition

0133987698, 978-0133987690

More Books

Students also viewed these Accounting questions