The answer has been presented in the supporting sheets. The detailed accounting equations has been presented in detail. The income statement and balance sheet has been constructed. For detailed answers refer to the supporting sheets.
Problem 3-2 Transaction Analysis and Financial Statements Just Rolling Along Inc. was organized on May 1,...
Just Rolling Along Inc. was organized on May 1, 2007, by two college students who recog nized an opportunity to make money while spending their days at a beach along Lake Michi- gan. 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 $9,000 from each of the two principal owners of the new business in exchange for shares...
Problem 3-2 Transaction Analysis and Financial Statements Just Rolling Along Inc. was organized on May 1, 2007, by wo college students who recog nized an opportunity to make money while spending their days at a beach along Lake Michi- gan. The two entrepreneurs plan to rent bicycles and in-line skates to weekend visitors to the lakefront. The following uransactions occurred during the first month of operations: May 1: Received contribution of $9,000 from each of the two principal owners of...
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...
Transaction Analysis and Financial Statements Best Rolling Along inc. was organized on May 1 by two college students who recognised 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 $13,000 from each of the two principal cers of the new business in exchange...
OBOOK 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 $11,500 from each of the two principal owners of the new business in...
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 bicydles 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...
Transaction Analysis and Financial Statements Just Rolling Along Inc. was organized on May 1 by two college students who recognized an opportunity to make Michigan. The two entrepreneurs plan to rent bicycles and in-line skates to weekend visitors to the lakefront. Th operations: May 1: May 5: May 9: May 1: Received contribution of $12,000 from each of the two principal owners of the new business in exchar shares of stock. Purchased ten bicycles for $325 each on an open...
Problem 3-2 problem 3-8 lers Billed in (3) Cash is deposited in the bank night depositony 6. Employees are paid weekly paychecks Vendors noted in (2) are paid for the supplies delivered 8. Required Idend not be recorded in the accounts of the company. For each event identify the names of at least two accounts that would be affected. each event as internal (I) or external (E) and indicate whether each event would or i ccounts of the company. For...
Excercise 3-1,3-2,3-8 On June 1, Campbell Corpua in the amount of $50,000. Using the formats sho to record this transaction in a general journal and pos accounts. The entry will be recorded on page 7 of the general journal. Use what numbers you like in the general ledger. Assume that none of the accounts to be debited ost it to the appiupiaie geheral whatever a If at a later date, you wanted to review this transaction, would you examine ledger...
Prepare a journal entry for each item listed Prepare an income statment for the month ended May 31,2015 Prepare a balance sheet at may 31, 2015 7. Hart Concerts Inc. was organized on May 1, 2016, by two students majoring in education. The two entrepreneurs provided entertainment for children's birthday parties to supplement their college career. The following transactions occurred during the first month of operations: May 1: Received contribution of $6,000 from each of the two principal owners of...