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On August 1 , Patrick Hill began a guided tour company out of Terrace BC called Hill Climb Tours. The following occurred during the first
On August Patrick Hill began a guided tour company out of Terrace BC called Hill Climb Tours. The following occurred during the first month of operations:
August
Purchased office furniture on account; $
Patrick Hill invested $ cash into her new business.
Collected $ in advance for a month long guided hunt beginning the last week of August.
Paid $ for six months rent for office space effective August
Received $ for a threeday northern lights viewing tour just completed.
Paid $ for hotel expenses regarding the August tour.
Patrick withdrew cash of $ for personal use.
Met with a Japanese tour guide to discuss a $ tour contract.
Paid wages of $
The office furniture has an estimated life of three years and a $ residual value; assume straight line depreciation.
Twothirds of the August advance has been earned.
One month of the Prepaid Rent has been used.
The August telephone bill was not received as of August but amounted to $
Instructions: Using the information above, prepare General Journal entries to record the August transactions in the table below. Select the correct account names from the multiple choice selections as well as enter the correct values for the accounts. Please format the values exactly as they are displayed in for example: $
No Date General Journal
Debit
Enter Value
Credit
Enter Value
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