Question

Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slides...

Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slides for parties and corporate events. The company also has obtained the use of an abandoned ice rink located in a local shopping mall, where its rental products are displayed and available for casual hourly rental by mall patrons. The following transactions occurred during the first month of operations.


1. Jessica contributed $55,000 cash to the company on June 1 in exchange for its common stock.
2. Purchased inflatable rides and inflation equipment on June 2, paying $31,950 cash.
3. Received $6,550 cash from casual hourly rentals at the mall on June 3.
4. Rented rides and equipment to customers for $12,050. Received cash of $3,000 on June 4 and the rest is due from customers.
5.

Received $2,750 from a large corporate customer on June 5 as a deposit on a party booking for July 4.

6.

Began to prepare for the July 4 party by purchasing various party supplies on June 6 on account for $660.

7. On June 7, paid $7,850 in cash for renting the mall space this month.
8. On June 8, prepaid next month’s mall space rental charge of $7,850.
9. Received $1,350 on June 9 from customers on accounts receivable.
10. Paid $2,240 for running a television ad on June 10.
11. Paid $4,550 in wages to employees on June 30 for work done during the month.

If you are completing this requirement manually, set up appropriate T-accounts. All accounts begin with zero balances. Summarize the journal entries from requirement 1 in the T-accounts referencing each transaction in the accounts with the transaction number. Show the unadjusted ending balances in the T-accounts.

Prepare an unadjusted trial balance for the end of June.
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Answer #1

JOURNAL ENTRIES romssetion Number Debit S5ooo O Cash - Stock 55000 @ Equipments Cash 31950 31950 Cash 6 SSC Revenue 6SSO @ a2240 Advertising 2240 Cash Co Woges ossh ossh Cash T-A/C Cash AIC e Balance of 319 So ssood 7850 200 6550 7850 2750D 2240 135Equipments 31954 Brasol End balance 21950 319so Revenue Ale Beg. balance End balance, 18600 65so 12oso 1B 500 Uneord Resume bPrepaid Rent and . balance 8 Los du 7850 17850! End bal. 17850 Adertising and I of balann A 2240 End balance 22rol wages. ledPage No. FUN FLATABLES Date. Gredit UNADJUSTED TRIAL BALANCE FOR JUNE 301 Cash 14210 Account Receivable JE 7700 Subblies 1028

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