Solution
Great Adventures
Journal Entries
Date |
Account Titles and Explanation |
Ref. Post |
Debit |
Credit |
July 1, 2021 |
Cash |
$10,000 |
||
Common Stock |
$10,000 |
|||
(To record sale of common stock to Suzie) |
||||
July 1, 2021 |
Cash |
$10,000 |
||
Common Stock |
$10,000 |
|||
(To record sale of common stock to Tony) |
||||
July 1, 2021 |
Prepaid Insurance |
$4,800 |
||
Cash |
$4,800 |
|||
(To record prepaid insurance) |
||||
July 2, 2021 |
Legal Fee Expenses |
$1,500 |
||
Cash |
$1,500 |
|||
(To record payment of legal fee) |
||||
July 4, 2021 |
Office Supplies |
$1,800 |
||
Accounts Payable |
$1,800 |
|||
(To record purchase of supplies on account) |
||||
July 7, 2021 |
Advertising Expense |
$300 |
||
Cash |
$300 |
|||
(To record advertising expense) |
||||
July 8, 2021 |
Moutain Bikes |
$12,000 |
||
Cash |
$12,000 |
|||
(To record purchase of 10 mountain bikes) |
||||
July 15, 2021 |
Cash |
$2,000 |
||
Service Revenue |
$2,000 |
|||
(To record cash received for conducting the moutain biking clinic) |
||||
July 22, 2021 |
Cash |
$2,300 |
||
Service Revenue |
$2,300 |
|||
(To record cash received for conducting the mountain biking clinic) |
||||
July 24, 2021 |
Advertising Expense |
$700 |
||
Cash |
$700 |
|||
(To record payment of advertising expense) |
||||
July 30, 2021 |
Cash |
$4,000 |
||
Unearned Revenue |
$4,000 |
|||
(To record unearned revenue) |
||||
Aug 1, 2021 |
Cash |
$30,000 |
||
Long-Term Loan |
$30,000 |
|||
(To record loan taken from the city council) |
||||
Aug 4, 2021 |
Kayaks |
$28,000 |
||
Cash |
$28,000 |
|||
(To record purchase of kayaks) |
||||
Aug 10, 2021 |
Cash |
$3,000 |
||
Unearned Revenue |
$4,000 |
|||
Service Revenue |
$7,000 |
|||
(To record cash received and earned portion of advance received for conducting the kayak clinic) |
||||
Aug 17, 2021 |
Cash |
$10,500 |
||
Service Revenue |
$10,500 |
|||
(To record cash received for conducting the kayak clinic) |
||||
Aug 24, 2021 |
Accounts Payable |
$1,800 |
||
Cash |
$1,800 |
|||
(To record payment for accounts payable) |
||||
Sept 1, 2021 |
Prepaid Rent |
$2,400 |
||
Cash |
$2,400 |
|||
(To record prepaid rent) |
||||
Sept 21, 2021 |
Cash |
$13,200 |
||
Service Revenue |
$13,200 |
|||
(To record cash received for conducting rock climbing clinic) |
||||
Oct 17, 2021 |
Cash |
$17,900 |
||
Service Revenue |
$17,900 |
|||
(To record cash received for orienteering clinic) |
||||
Dec 8, 2021 |
Miscellaneous Expense |
$1,200 |
||
Cash |
$1,200 |
|||
(To record payment for state permit) |
||||
Dec 12, 2021 |
Racing Supplies |
$2,800 |
||
Accounts Payable |
$2,800 |
|||
(To record purchase of racing supplies on account) |
||||
Dec 15, 2021 |
Cash |
$20,000 |
||
Service Revenue |
$20,000 |
|||
(To record racing revenue) |
||||
Dec 16, 2021 |
Salary Expense |
$2,000 |
||
Cash |
$2,000 |
|||
(To record payment of salary) |
||||
Dec 31, 2021 |
Dividends |
$4,000 |
||
Cash |
$4,000 |
|||
(To record payment of $2,000 dividend each to Tony and Suzie) |
||||
Adjusting Entries: |
||||
Dec 31, 2021 |
Depreciation Expense |
$8,000 |
||
Accumulated Depreciation |
$8,000 |
|||
(To record depreciation on mountain bikes and kayaks) |
||||
Dec 31, 2021 |
Insurance Expense |
$2,400 |
||
Prepaid Insurance |
$2,400 |
|||
(To record expired portion of prepaid insurance; 4,800 x 6/12 = $2,400) |
||||
Dec 31, 2021 |
Rent Expense |
$800 |
||
Prepaid Rent |
$800 |
|||
(To record expired portion of prepaid rent; 2,400 x 4/12 = $800) |
||||
Dec 31, 2021 |
Supplies Expense |
$1,500 |
||
Office Supplies |
$1,500 |
|||
(To record cost of supplies used; 1,800 - 300 = $1,500) |
||||
Dec 31, 2021 |
Interest Expense |
$900 |
||
Interest Payable |
$900 |
|||
(To record 6 months interest on loan; 30,000 x 6% x 6/12 = 900) |
||||
Dec 31, 2021 |
Racing Supplies Expense |
$2,600 |
||
Racing Supplies |
$2,600 |
|||
(To record cost of racing supplies used) |
||||
Dec 31, 2021 |
Income Taxes Expense |
$14,000 |
||
Income Taxes Payable |
$14,000 |
|||
(To record income taxes to be paid) |
please complete all 37 transactions in the general journal. Tony and Suzie graduate from college in...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...
Tony and Suzie graduate from college in May 2018 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they’ll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...
Please show work, Thank you! Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...
[The following information applies to the questions displayed below) Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run,...
Great Adventures Problem AP3-1 (GL) Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor...
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon developing a customer base, they'll hold their first adventure races. These races will involve four-person teams that race from one checkpoint to the next using a combination of kayaking, mountain biking, orienteering, and trail running. In the long run, they plan to sell outdoor gear and develop a ropes...