Question

Date Entry Post Ref. Credit Debit 70,000 101 307 70,000 128 12,240 101 12,240 25,000 25,000 155 153 101 12,000 12,500 24,500 131 3,600 101 3,600 June Cash Common Stock (to record investment) Prepaid Insurance Cash (to record prepayment of insurance) Cash Accounts Payable (to record loan) Rafts Trucks Cash | (to record purchase of Rafts and Truck) Prepaid Rent Cash (to record prepayment of rent 3 months) Unearned Guiding Revenue Cash (to record payment for services not yet performed) FlyRod Inventory Accounts Payable (to record purchase of inventory on account) Supplies for guides Cash (to record purchase of supplies) No entry Cash Guiding Revenue (to record Services performed) Cash Store Sales (to record the sale of a Flyrod) 10 Cash 236 5,000 5,000 1,200 1,200 125 300 300 500 500 1,600 1,600 101 2,500
Create a Trial Balance as of June 30, 2015

Answer 1

Trial Balance

Particulars			Debit	Credit
Cash			$    59,700.00
Prepaid Insurance			$    11,730.00
Prepaid Rent			$      2,400.00
Inventory			$      1,200.00
Accounts Receivable			$      1,250.00
Supplies			$         300.00
Rafts			$    12,000.00
Accumulated Dep - Raft				$         333.33
Trucks			$    12,500.00
Accumulated Dep - Truck				$         183.33
Unearned Guiding Revenue				$      2,500.00
Accounts Payable				$    25,000.00
Common Stock				$    70,000.00
Dividend			$         200.00
Guiding Revenue				$      5,950.00
Sales Revenue				$      2,400.00
Advertising Expense			$           60.00
Depreciation Expense - Truck			$         183.33
Depreciation Expense - Raft			$         333.33
Insurance Expense			$         510.00
Repair Expense			$         200.00
Rent Expense			$      1,200.00
Wages Expense			$      2,450.00
Telephone Expense			$         150.00
Total			$ 106,366.66	$ 106,366.66

Note:

While preparing the trial the balance, I've noticed that the entry made on June 3 for Unearned Guiding Revenue of $ 5000 is incorrect. The correct entry would be:

Particulars				Debit	Credit
Cash				$ 5,000.00
To Unearned Guiding Revenue					$ 5,000.00