Transaction Analysis and Journal Entries Recorded Directly in T Accounts (Appendix) Three friends organized Rapid City Roller Rink on October 1. The following trammactions occurred during the firnt mone October 1: Received contribution of $22,000 from each of the three principal oners of the newe business in October 2, Purchased land valued at %15000 and a building valued at $75000, The-agrwd to accept exchange for shares of stock down payment of $9,000 and a five year promissory note for the balance. down and agreeing to pay for the remainder in 60 days. October 31 Purchased new tables and chairs for the lounge at the roller rink at a cest of $25,000, paying $5,000 October 91 Purchased 100 pairs of roller skates for cash at $35 per pai October 121 Purchased food and drinks for $2.500 on an open account. The company has 30 days to pay for the concession supplies. October 131 Sold tickets for cash of $400 and took in $750 at the concession stand October 17 Ranted out the roller rink to local community group for $750. The community group is to pay o October 171 Rented out the roller rink to a local community group for $750. The community group is to pay one half of the bill within five working days and has 30 days to pay the remainder October 23: Received 50% of the amo t billed to the com munity October 241 Sold tickets for cash of $500 and took in $1.200 at the concession stand. October 261 The three friends, acting on behalf of Rapid City Roller Rink, paid a dividend of $250 on the shanes of stock onned by each of them, or $750 in total October 27 Paid $1.275 for utilities October 30s Paid wages and salaries of $2.250. October 31: Sold tickets for cash of $700 and took in $2.300 at the concession stand Required 1. Complate the table be o to summarise the preceding transactons as dhey aFect the accounting equaionseref Transaction Analysis and Journal Entries Recorded Directly in T Accounts (Appendix) Three friends organized Rapid City Roller Rink on October 1. The following trammactions occurred during the firnt mone October 1: Received contribution of $22,000 from each of the three principal oners of the newe business in October 2, Purchased land valued at %15000 and a building valued at $75000, The-agrwd to accept exchange for shares of stock down payment of $9,000 and a five year promissory note for the balance. down and agreeing to pay for the remainder in 60 days. October 31 Purchased new tables and chairs for the lounge at the roller rink at a cest of $25,000, paying $5,000 October 91 Purchased 100 pairs of roller skates for cash at $35 per pai October 121 Purchased food and drinks for $2.500 on an open account. The company has 30 days to pay for the concession supplies. October 131 Sold tickets for cash of $400 and took in $750 at the concession stand October 17 Ranted out the roller rink to local community group for $750. The community group is to pay o October 171 Rented out the roller rink to a local community group for $750. The community group is to pay one half of the bill within five working days and has 30 days to pay the remainder October 23: Received 50% of the amo t billed to the com munity October 241 Sold tickets for cash of $500 and took in $1.200 at the concession stand. October 261 The three friends, acting on behalf of Rapid City Roller Rink, paid a dividend of $250 on the shanes of stock onned by each of them, or $750 in total October 27 Paid $1.275 for utilities October 30s Paid wages and salaries of $2.250. October 31: Sold tickets for cash of $700 and took in $2.300 at the concession stand Required 1. Complate the table be o to summarise the preceding transactons as dhey aFect the accounting equaionseref
