Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Super Dallas Recreation Inc. (Super Dallas) rents and sells boats and related water sports equipment. During July 2022 Super Dallas engaged in the following transactions:

image text in transcribed

Super Dallas Recreation Inc. ("Super Dallas") rents and sells boats and related water sports equipment. During July 2022 Super Dallas engaged in the following transactions: A. July 2: Received $ 31,800 in cash from customers for July rentals. B. July 3: Purchased on credit five new pairs of water skis for $ 180 cach to replace inventory sold in July. C. July 6: Paid wages in July in cash to employees in the amount of $ 9,500. Of this amount, $1,500 had been accrued at the end of June. D. July 9: Paid August and July office rent in cash in the amount of $ 1,500 for each month. E. July 12: Purchased a new Ford truck for $ 38,700. Super Dallas paid $1,000 cash down and received a loan from Royal Bank for $ 37,700 to pay the balance. F. July 13: An amount of $ 1,100 was collected on an outstanding account receivable. G. July 16: Paid in cash an account payable outstanding at June 30 in the amount of $ 970. H. July 27: Super Dallas paid in cash the monthly telephone bill for July of $ 165 1. July 28: The sole shareholder of Super Dallas purchased a new home for his family in cash at a cost of $445,000 J. July 29: Super Dallas received $ 145,000 from a customer as full payment for a boat to be shipped to the customer in August K. July 31: Super Dallas paid an advertising bill for August advertising in cash in the amount of $ 1,350. Required Prepare the journal entries to record, in the same chronological order as above, the July transactions in the general ledger of Super Dallas along with a brief descriptionarrative to support the entry if necessary. If no journal entry is required for the item, please indicate "No J/E Required" in the account column. Record your journal entries on the following two pages

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Information Technology Security Audit Guidebook NIST SP 800-171

Authors: Mark A Russo CISSP-ISSAP CISO

1st Edition

1726674908, 978-1726674904

More Books

Students also viewed these Accounting questions

Question

Enhance the basic quality of your voice.

Answered: 1 week ago

Question

Describe the features of and process used by a writing team.

Answered: 1 week ago