Question

Chart of Accounts: No. Account Cash Accounts Receivable No. 101 106 Account Guiding Revenue Store Sales 403 404 Fly Rod Inventory Supplies for guides Prepaid Insurance Prepaid Rent Trucks Rafts Accumulated Depreciation - Accumulated Depreciation- Accounts Payable Wages Payable Interest Payable Unearned Guiding Revenue Notes Payable Common Stock, $5 par value Retained Earnings Dividends 119 125 128 131 153 155 163 165 201 210 212 236 240 307 318 319 COGS Depreciation Expense - Trucks Depreciation Expense – Rafts Wages Expense Interest Expense Insurance Expense Rent Expense Supplies Expense Advertising Expense Telephone Expense Repairs Expense Income Summary 502 613 615 623 633 637 638 652 655 677 684 901
Record Journal entries for the month ended June 30th 2015(adjusting entries are provided)

Answer 1

Q. No.	Date	Particulars	Debit	Credit
			Amount ($)	Amount ($)
a)	Jun-01	Prepaid Insurance	12240
		To Cash		12240
		(Entry passed at the time of purchase of insurance)
	Jun-30	Insurance expense	510
		To Prepaid Insurance		510
		(Being entry for 1 month insurance premium adjusted: $12240/24)
b)	Jun-02	Trucks	12500
		To Cash		12500
		(Entry passed at the time of purchase of Truck)
	Jun-30	Depreciation expense - truck	183.33
		To Accumulated depreciation - Truck		183.33
		Depreciation for 1 year shall be (12500-1500)/5. For Depreciation of 1 month, the same shall be divided by 12
c)	Jun-02	Rafts	12000
		To Cash		12000
		(Entry passed at the time of purchase of Rafts)
	Jun-30	Depreciation expense - Rafts	333.33
		To Accumulated depreciation - Rafts		333.33
		Depreciation for 1 year shall be 12000/3. For Depreciation of 1 month, the same shall be divided by 12
e)	Jun-03	Prepaid Rent	3600
		To Cash		3600
		(Entry passed at the time of paying rent for 3 months)
	Jun-30	Rent expense	1200
		To Prepaid Rent		1200
		(Being entry for 1 month rent adjusted: $3600/3)