Question
Please answer the full question all the others including my last post did not answer it fully Transaction Analysis and Trial Balance BC Back-Country Airlines,
Please answer the full question all the others including my last post did not answer it fully
Transaction Analysis and Trial Balance
BC Back-Country Airlines, Inc., operates leased amphibious aircraft and docking facilities, equipping the firm to transport campers and hunters from British Columbia, Canada, to outpost camps owned by various resorts. On August 1, the firm's trial balance was as follows:
BC BACK-COUNTRY AIRLINES, INC. Unadjusted Trial Balance August 1, 2016 | ||
---|---|---|
Debit | Credit | |
Cash | $83,200 | |
Accounts Receivable | 23,800 | |
Accounts Payable | $2,300 | |
Notes Payable | 3,600 | |
Common Stock | 80,000 | |
Retained Earnings | 21,100 | |
Totals | $107,000 | $107,000 |
During August, the following transactions occurred:
Aug | 1 | Paid August rental cost for aircraft, dockage, and dockside office, $6,600. |
2 | Paid the insurance premium for August, $3,400. | |
3 | Paid for August advertising in various sports magazines, $2,100. | |
4 | Rendered fly-in services for various groups for cash, $17,350. | |
5 | Billed the Canadian Ministry of Natural Resources for services in transporting mapping personnel, $4,500. | |
6 | Received $21,000 on account from clients. | |
7 | Paid $2,300 on accounts payable. | |
8 | Billed various clients for services, $20,000. | |
9 | Paid interest on an outstanding note payable for August, $135. | |
10 | Paid August wages, $15,400. | |
11 | Received invoice for the cost of fuel used during August, $4,200. | |
12 | Paid a cash dividend, $5,100. |
Required
a. Set up accounts for each item in the August 1 trial balance and enter the beginning balances. Also provide similar accounts for the following items: Service Fees Earned, Wage Expense, Advertising Expense, Rent Expense, Fuel Expense, Insurance Expense and Interest Expense. Create journal entries and record the transactions for August in the appropriate T-accounts, using the dates given.
b. Prepare a trial balance as of August 31, 2016.
- Journal Entries
- T-Accounts
- Trial Balance
General Journal | |||
---|---|---|---|
Date | Decription | Debit | Credit |
(1) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record payment of rent expense. | |||
(2) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record payment of insurance premium. | |||
(3) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record payment of advertising expense. | |||
(4) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record service fees earned. | |||
(5) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record service fees earned. | |||
(6) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record collections from customers. | |||
(7) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record payments on accounts payable. | |||
(8) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record service fees earned. | |||
(9) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record payment of interest. | |||
(10) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record payment of wage expense. | |||
(11) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record invoice for fuel used in month. | |||
(12) | AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer |
AnswerAccounts PayableAccounts ReceivableAdvertising ExpenseCashCommon StockDividendsFuel ExpenseInsurance ExpenseInterest ExpenseNotes PayableRent ExpenseRetained EarningsService Fees EarnedWage Expense | Answer | Answer | |
To record payment of dividends. |
Please answer all parts of the question.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started