PART 1: The Accounting Cycle for a Senice Business Analying Business Transactions You are to record transactions in a two-column general journal. Assume that the period is one month. You will then be able to complete all of the steps in the a When you are analyzing the transactions, think them through by v transactions, specific instructions for recording them are included. However, the T accounts or by writing them down on scratch paper. For unfamiliar type them out for yourself as well. Check off each transaction as it is recorded. June Cury deposited $95.000 in a bank account for the purpose of buying Wis Your Sails, a business offering the use of small sailboats to the publicat al 2 Bought Wind In Your Sails in its entirety for a total price of $216.10 The assets include sailboats, 525,800; fan system, $13,300; pool struct, $140,000, and land, 537,000. Paid $60,000 down and signed a mortgage to 3 Bought additional boats from Louis Manufacturing Co, for $7.200, paying 3 Signed a contract with a vending machine service to lease space for vendig machines. The rental income agreed upon is 10 percent of the sales generated from the machines, with the estimated total rental income payable in advance Cus acc June 30 30 Re: 30 Sa of in code Required 1. Journal Worki 2 Post the 3. Prepar 4. Data Indoor pool with a fan system that provides wind. for the remainder 3 Received and paid bill for newspaper advertising, $350. 3 Received and paid bill for a one-year premium for insurance, $12,000 $3,200 down, with the remainder due in 30 days. b. C d. e. You 5. Jou 6. Pos 7. Pre 8. Pr 9. PE 10. P. 11. 12. 13. 8 Received estimated cash payment for June, $150. 3 Received bill from Quick Printing for promotional handouts, $540. 3 Signed a contract for leasing sailboats from K. Einstein Boat Co. and paid rental fee for June, 5700 5 Paid cash for miscellaneous expenses, $104. Received $2,855 in cash as income for the use of the boats. 9 Bought an addition for the fan system on account from Stark Pool Supply, $745. 15 Paid wages to employees for the period ended June 14, S3,900. 16 Paid on account for promotional handouts already recorded on June 3, 5540. 16 Cury withdrew cash for personal use, $2,500. 16 Bought additional sails from Canvas Products, Inc., $850; payment due in If yo 30 days. 16 Received 56,850 in cash as income for the use of the boats. 19 Paid cash for miscellaneous expenses, $40. 20 Paid cash to Louis Manufacturing Co, as part payment on account, $1,300. 22 Received $8,260 in cash for the use of the boats. 23 Received a reduction in the outstanding bill from Louis Manufacturing Ca for a boat received in damaged condition, $380. 24 Received and paid telephone bill, $324. 29 Paid wages for period June 15 through 28, 54,973. 30 Paid cash to Stark Pool Supply to apply on account, $475. 30 Received and paid electric bill, $345. 30 Paid cash as an installment payment on the mortgage, $1,848. Of this amount $497 represents a reduction in the principal and the remainder is interest. 30 Received and paid water bill, 5590. 30 Bought additional boats from Riddle and Son for $5,320, paying $1,550 down, with the remainder due in 30 days