Transaction Analysis and Financial Statements

Transaction Analysis and Financial Statements Just Rolling Along Inc. was organized on May 1 by two college students who recognized an opportunity to make money while spending their days at a beach along Lake Michigan. The two entrepreneurs plan to rent bicycles and in-line skates to weekend visitors to the lakefront. The following transactions occurred during the first month of operations: May 1: Received contribution of $9,500 from each of the two principal owners of the new business in exchange for shares of stock. May 1: Purchased ten bicydes for $275 each on an open account. The company has 30 days to pay for the bicycles. May 5: Registered as a vendor with the city and paid the $20 monthly fee. May 9: Purchased 15 pairs of in-line skates at $140 per pair, 15 helmets at $35 each, and 15 sets of protective gear (knee and elbow pads and wrist guards) at $30 per set for cash. May 10: Purchased $105 in miscellaneous supplies on account. The company has 30 days to pay for the supplies. May 15: Paid $125 bill from local radio station for advertising for the last two weeks of May. May 17: Customers rented in-line skates and bicycles for cash of $2,140. May 24: Billed the local park district $1,400 for in-line skating lessons provided to neighborhood children. The park district is to pay one-half of the bill within five working days and the rest within 30 days. May 29: Received 50% of the amount billed to the park district. May 30: Customers rented in-line skates and bicycles for cash of $2,750. May 30: Paid wages of $150 to a friend who helped over the weekend. May 31: Paid the balance due on the bicycles. Required: May dages of $150 to a friend who helped over the world May 31: Pad the balance due on the bicycles Recured 1. Care the below to warn the preceding transactions as they eat the accounting equation Enter banadians in the same If an account is unalluded by a ansaction, and is the minus siste indicate decreases JUST ROLLING ALONG INC. TRANSACTIONS FOR THE MONTH OF MAY Seh ere Equity Retained Earnings May Bance May 15 May 13 JUQUQUQUUUUUUUUUL ht To Expan a clasified balance sheet at May 31 Just Rolig Along Bace Shut Tyne here to search How