Question
Q#2. Sky Travels & Tours owned a Jeep and provides day Jeep tours to tourists along the Tropical Forest. Sky Travels & Tours had the
Q#2. Sky Travels & Tours owned a Jeep and provides day Jeep tours to tourists along the Tropical Forest. Sky Travels & Tours had the following transactions during the first month of business. [13] July 1 Sky Travels & Tours invested Rs: 20,000 cash and Jeep valued at Rs: 90,000 in the business. July 2 Sky Travels & Tours paid Rs: 3,000 cash for office equipment to keep track of business activities. July 3 Sky Travels & Tours bought supplies costing Rs: 2,500 on credit. July 4 Sky Travels & Tours paid Rs: 500 cash for the first months Hut rental. July 5 Sky Travels & Tours paid Rs: 1,800 cash for a six-month insurance policy. July 10 Sky Travels & Tours received Rs: 2,000 cash from clients for his first tour. July 12 Sky Travels & Tours provided an Rs: 3,500 tour on credit; the customer has agreed to pay within 10 days. July 19 Sky Travels & Tours paid for the supplies originally purchased on July 3. July 22 Sky Travels & Tours receives payment on the account from the client entry on July 12. July 25 Sky Travels & Tours received Rs: 2,750 cash for additional tours provided. July 31 Sky Travels & Tours paid his crewmember a salary of Rs: 1,000. Required: Prepare journal entries to record the following transactions with proper narrations and format
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