Question

Business Events and Transactions for August 2019: The following transactions that occurred during the first week of August are to pay the outstanding liabilities from July 31" • August 1 Pay the July accrued interest to the bank. Also make a $40,000 payment on the bank note principal • August 5 Sunhurst Country Club, LLC paid its outstanding accrued July payroll of $7,000 plus an additional $1,000 for salaries incurred between August 1 and August 5. • August 7 Sunhurst Country Club, LLC paid the outstanding accounts payable at July 31, 2019. Since no purchase discounts were available, the full amount owed was paid. Record the following transactions on August 31st that occurred during the month af August. • Total Rental Fees for golf clubs, carts, etc collected in cash for the month were $24,500 • Total Green Fee revenues collected in cash for the month were $211,000 • The golf course had 25 more people sign up for Golf lessons beginning the first week of September. The cost remains $650 for six weeks of lessons Golf course maintenance expenses for the month of August paid in cash were $127,500. Total Salary Expenses for the month of August was $12,000; of that amount $9,000 was paid during the month of August and the remaining $3,000 will be paid next month. • Total Utility Expense (water, sewer, electrical) was paid in cash for $45,100. Purchase and Sale of Inventory Items during August: The golf course officially opened the Pro Shop on August 1, 2019. Journal Entries are needed for the transactions involving Inventory sold in the Pro Shop. The weekly inventory sales and purchases information is contained on the Inventory Purchases and Sales Worksheet tab in the Excel workbook Remember all inventory purchases are on credit (Accounts Payable) and all sales are on credit (Accounts Receivable) The cash collected or paid related to inventory will be recorded during September 2019 The sales and inventory transaction involve 3 types of entries: 1. Record the total purchases for the month of August. All inventory purchases are acquired on Jam A nd EAF ARARABE

Answer 1

As per the HOMEWORKLIB POLICY, I have answered first 4 sub parts

	Journal
	In the books of
S No	Particulars	Dr/Cr.	Dr ($)	Cr ($)
1-Aug	Accrued Interest A/c	Dr	x
	To Bank A/c	Cr		x
	(Being accrued interest paid)
1-Aug	Bank Note A/c	Dr	40,000
	To Bank A/c	Cr		40,000
	(Being bank note paid)
5-Aug	Outstanding Salaries A/c	Dr	7,000
	Salaries Expense A/c	Dr	1,000
	To Bank A/c			8,000
	(Being outstanding salaries and current salaries paid)
7-Aug	Accounts Payable A/c	Dr	x
	To Bank A/c	Cr		x
	(Being accounts payable paid)
	Bank A/c	Dr	24,500
	To Rental Income A/c	Cr		24,500
	(Being rental income received)
	Bank A/c	Dr	211,000
	To Green fee Revenue A/c	Cr		211,000
	(Being green fee revenue received)
	Maintenance Expense A/c	Dr	127,500
	To Bank A/c	Cr		127,500
	(Being maintenance expenses paid)
	Salaries Expense A/c	Dr	12,000
	To Salary paid in advance A/c	Cr		9,000
	To Salary Payable A/c	Cr		3,000
	(Being salaries expense recorded)
	Utility Expense A/c	Dr	45,100
	To Bank A/c	Cr		45,100
	(Being Utility expenses paid)