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. |
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. a. Jessica contributed $44,000 cash to the company on June 1 in exchange for its common...
I just finished this bit i am not sure if it is correct since the numbers in REQ 3 don't equal each other. i am not sure about the others either! Please help!! 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...
PB3-3 Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and Determining Net Income and Net Profit Margin (LO 3-1, LO 3-2, LO 3-3, LO 3-4, LO 3-5] (General Ledger) 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...
my answers may be incorrect. thanks. Saved Help Save& Exit Subm Chapter 3 Homework 6 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 a...
Bounce House Party Supply Ltd. rents bouncy castles and inflatable slides for parties, school fairs, and company picnics. The company also sells party supplies such as balloons, streamers, and piñatas. The company started business in September and had the following transactions in its first month: Analyze and record these transactions. (Enter amounts that decrease account balance using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Indicate whether it is Revenues, Expenses or Dividends declared in...
View Policies Current Attempt in Progress Bounce House Party Supply Ltd.rents bouncy castles and inflatable slides for parties, school fairs, and company picnics. The company also sells party supplies such as balloons, streamers, and piñatas. The company started business in September and had the following transactions in its first month: Date: Sept. 1 1 3 8 11 Bounce House Party Supply Ltd. issued 29,600 common shares for $192,400 cash. The company took out a $118,400 bank loan with an interest...
i need help filling out a ledger and unadjusted trial balance. On June 1, 2019, Kris Storey established an interior decorating business. Eco-Centric Designs. During the month, Kris completed the folowing transactions related to the business: June Kris transferred cash from a personal bank account to an account to be used for the business, $26,350. Paid rent for period of June 1 to end of month, $4,000 Purchased office equipment on account, $12,700. Purchased a van for $32,150 paying $6.900...
Ricky's Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash Accounts Receivable Supplies Equipment Land Buildings S 6,000 Accounts Payable Deferred Revenue (deposits) Notes Payable (long-term) Common Stock Retained Earnings $ 8,000 3,200 40,000 8,000 9,000 25,000 8.000 6,000 22,000 Required 1. Create T-accounts for the balance sheet accounts and for these additional...
Ricky’s Piano Rebuilding Company has been operating for one year. On January 1, at the start of its second year, its income statement accounts had zero balances and its balance sheet account balances were as follows: Cash $ 7,850 Accounts Payable $ 10,300 Accounts Receivable 15,000 Unearned Revenue (deposits) 4,400 Supplies 2,100 Notes Payable 41,500 Equipment 9,500 Common Stock 10,000 Land 8,400 Retained Earnings 5,050 Building 28,400 Following are the January 2013 transactions: a. Received a $690 deposit from a...
Sunny Valley Stables Inc. was established on April 1, 2017. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant financial controller. The following transactions for April 2017 are provided for your review. a. Received contributions from five investors of $210,000 in cash ($42,000 each). b. Built a barn for $146,000; paid half the amount in cash on April 1 and signed a three-year note payable for the...