External Transactions of Eagle Soccer Academy (2) Transaction Date Description (1) Dec. 1 Sell shares of...

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External Transactions of Eagle Soccer Academy (2) Transaction Date Description (1) Dec. 1 Sell shares of common stock for $25

2 Chapter 2 - Handout || Winter 2020 1. Enter the transactions for Eagle Soccer Academy (from the PowerPoint slides) by recor

business accounting

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Answer 1

Answer #1

Journal Entries in the books of Eagle Soccer Academy

			In $
Date	Accounts	Debit	Credit
01-Dec	Cash	25000
	Common Stock		25000
(Being Common Stock sold to Intrdouce in the business)

01-Dec	Cash	10000
	Notes Payable		10000
(Being amount borrowed from local bank)

01-Dec	Equipment	24000
	Cash		24000
(Being Equipment purchased for cash)

01-Dec	Prepaid Rent	6000
	Cash		6000
(Being Rent paid in advance)

06-Dec	Supplies	2300
	Acccounts Payable		2300
(Being Purchase supplies on account / credit)

12-Dec	Cash	4300
	Deferred Revenue		4300
(Being soccer training given to customers for cash)

17-Dec	Accounts Receivable	2000
	Deferred Revenue		2000
(Being soccer training given to customers on account / credit)

23-Dec	Cash	600
	Advances received		600
(Being cash received in advance for soccer training)

28-Dec	Salaries	2800
	Cash		2800
(Being salaries paid in cash)

30-Dec	Dividends	200
	Cash		200
(Being cash dividend paid to shareholders)

31-Dec	Rent Expense	500
	Prepaid Rent		500
(Being Rent expense booked for the december month)

CASH
Particulars	Dr	Particulars	Cr
Common Stock	25000	Equipment	24000
Notes Payable	10000	Prepaid Rent	6000
Deferred Revenue	4300	Salaries	2800
Advances received	600	Dividends	200
		Bal. c / d	6900
Total	39900	Total	39900


Accounts Receivable
Particulars	Dr	Particulars	Cr
Deferred Revenue	2000	Bal. c / d	2000
Total	2000	Total	2000

Supplies
Particulars	Dr	Particulars	Cr
Accounts Payable	2300	Bal. c / d	2300
Total	2300	Total	2300

Prepaid Rent
Particulars	Dr	Particulars	Cr
Cash	6000	Rent Expense	500
		Bal. c / d	5500
Total	6000	Total	6000

Equipment
Particulars	Dr	Particulars	Cr
Cash	24000	Bal. c / d	24000
Total	24000	Total	24000

Accounts Payable
Particulars	Dr	Particulars	Cr
Bal. c / d	2300	Supplies	2300
Total	2300	Total	2300

Notes Payable
Particulars	Dr	Particulars	Cr
Cash	10000	Bal. c / d	10000
Total	10000	Total	10000

Common Stock
Particulars	Dr	Particulars	Cr
Opening	?	Cash	25000
		Closing	?
Total	?	Total	?
Dividends
Particulars	Dr	Particulars	Cr
Cash	200	P & L	200
Total	200	Total	200

Revenue
Particulars	Dr	Particulars	Cr
		Cash	4300
P & L	6300	Accounts Receivable	2000
Total	6300	Total	6300

Expenses
Particulars	Dr	Particulars	Cr
Prepaid Rent	500
Cash - Dividend	200
Cash - Salaries	2800	P & L	700
Total	700	Total	700

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