PART TWO - Journal entries and financial statements Queenstown Aircraft Ltd. Presented teow s the umadused rial lstan and tons toar After Adjustment Cr Before Adjustment Cr Dr. Dr Cash Accounts Receivable Prepaid Insurance Machinery Accum. Depn-Machinery Accounts Payable Notes Payable Interest Payable Salaries and Wages Payable Unearned Sales Revenue Share Capital-Ordinary Retained Eamings Dividends Sales Revenue Salaries and Wages Expense Utilities Expense Insurance Expense Depreciation Expense Interest Expense Totals 50,000 2,800 3,600 18,000 1.200 2800 10,000 6,000 7.200 46,800 3,200 8.000 2,100 1,800 500 (a) On September 1 (b) On September 1, sold Xmas air tickets (departure date: December 20 - December 30), sales (c) On September 1, borrowed $100,000 from TSB Bank by issuing a 6% note payable due in 60 days. (e) The depreciation for the track machinery is $24,000 per year paid contents insurance for one year. $120.000 to $600,000 (0 On September 30, salaries for September is paid, $26.000. Required 1. prepare the journal entry to record the initial transaction and then prepare the adjusting entry required on September 30, the end of the fiscal year 2. prepare the ledger account (T account) for CASH 3. Finish the adjusted trial balance prepare the income statement retained earnings statement, and the balance sheet PART TWO - Journal entries and financial statements Queenstown Aircraft Ltd. Presented teow s the umadused rial lstan and tons toar After Adjustment Cr Before Adjustment Cr Dr. Dr Cash Accounts Receivable Prepaid Insurance Machinery Accum. Depn-Machinery Accounts Payable Notes Payable Interest Payable Salaries and Wages Payable Unearned Sales Revenue Share Capital-Ordinary Retained Eamings Dividends Sales Revenue Salaries and Wages Expense Utilities Expense Insurance Expense Depreciation Expense Interest Expense Totals 50,000 2,800 3,600 18,000 1.200 2800 10,000 6,000 7.200 46,800 3,200 8.000 2,100 1,800 500 (a) On September 1 (b) On September 1, sold Xmas air tickets (departure date: December 20 - December 30), sales (c) On September 1, borrowed $100,000 from TSB Bank by issuing a 6% note payable due in 60 days. (e) The depreciation for the track machinery is $24,000 per year paid contents insurance for one year. $120.000 to $600,000 (0 On September 30, salaries for September is paid, $26.000. Required 1. prepare the journal entry to record the initial transaction and then prepare the adjusting entry required on September 30, the end of the fiscal year 2. prepare the ledger account (T account) for CASH 3. Finish the adjusted trial balance prepare the income statement retained earnings statement, and the balance sheet
