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ACCT 201 Principles of Financial Accounting Practice Set 1, Part 1 Put a line between each Chesapeake Bay Kayak Rentals is lo
21 Rented kayaks and paddleboards to customers on account, $2,700 22 Provided paddle board tour and received $980 cash 26 Pal
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Answer #1
Chesapeake Bay Kayak Rentals
Journal entries
Date Account Debit Credit
1-Apr Cash $     32,000
Common Stock $     32,000
2-Apr Rent expense $        1,200
Cash $        1,200
2-Apr Computer Equipment $        2,800
Cash $        2,800
2-Apr No entry
$               -  
3-Apr Kayaks (Equipment) $        6,000
Accounts Payable $        6,000
4-Apr Office Supplies $           340
Accounts Payable $           340
7-Apr Cash $        1,300
Rental Revenue $        1,300
15-Apr Wages expense $        1,200
Cash $        1,200
15-Apr Accounts Receivable $        2,400
Rental Revenue $        2,400
16-Apr Utilities expense $           120
Accounts Payable $           120
20-Apr Advertising expense $           300
Cash $           300
22-Apr Cash $           500
Rental Revenue $           500
25-Apr Telephone expense $           160
Cash $           160
28-Apr Accounts Payable $        1,000
Cash $        1,000
28-Apr Cash $           350
Rental Revenue $           350
30-Apr Cash $        2,400
Accounts Receivable $        2,400
30-Apr Accounts Receivable $        2,100
Rental Revenue $        2,100
30-Apr Wages expense $        1,050
Cash $        1,050
May
1-May Land $   250,000
Building $     80,000
Common Stock $     40,000
Paid in Capital in Excess of Par $   290,000
1-May Prepaid Rent $        4,800
Cash $        4,800
2-May Kayaks (Equipment) $        7,700
Notes Payable $        7,700
2-May Utilities expense $           250
Accounts Payable $           250
4-May Office Supplies $           260
Accounts Payable $           260
4-May Accounts Receivable $        1,800
Rental Revenue $        1,800
5-May Cash $        1,900
Rental Revenue $        1,900
7-May Paddle Boards (Equipment) $        3,600
Accounts Payable $        3,600
8-May Cash $        2,100
Accounts Receivable $        2,100
8-May Cash $        3,750
Rental Revenue $        3,750
8-May Prepaid Insurance $        4,800
Cash $        4,800
9-May Cash $           850
Rental Revenue $           850
11-May Cash $        1,500
Unearned Revenue $        1,500
11-May Accounts Payable $           120
Cash $           120
15-May Wages expense $        1,200
Cash $        1,200
16-May Accounts Payable $        5,000
Cash $        5,000
18-May Accounts Payable $           600
Cash $           600
20-May Advertising expense $           300
Cash $           300
21-May Accounts Receivable $        2,700
Rental Revenue $        2,700
22-May Cash $           980
Rental Revenue $           980
26-May Telephone expense $           180
Cash $           180
28-May Accounts Payable $        3,600
Cash $        3,600
28-May Cash $        6,800
Rental Revenue $        6,800
29-May Notes Payable $        1,100
Cash $        1,100
31-May Wages expense $        1,380
Cash $        1,380

Date Credit Date Debit Date Prepaid Insurance Debit Date Prepaid Rent Credit Chesapeake Bay Kayak Rentals T Accounts Date DebPaid in Capital in Excess of Par Retained Earnings Common Stock 1-Apr $ 32,000 Rental Revenue 7-Apr $ 1,300 15-Apr $ 2,400 22

Chesapeake Bay Kayak Rentals Unadjusted TB
Account Names Debit Credit
Cash      23,640
Accounts Receivable        4,500
Prepaid Insurance        4,800
Prepaid Rent        4,800
Office Supplies            600
Land    250,000
Building      80,000
Accumulated Depreciation-Building               -  
Computer Equipment        2,800
Accumulated Depreciation-Computer Equip               -  
Kayaks (Equipment)      13,700
Accumulated Depreciation-Kayaks               -  
Paddle Boards (Equipment)        3,600
Accumulated Depreciation-Paddle Boards               -  
Accounts Payable            250
Wages Payable               -  
Notes Payable        6,600
Unearned Revenue        1,500
Common Stock      72,000
Paid in Capital in Excess of Par    290,000
Retained Earnings               -  
Rental Revenue      25,430
Advertising expense            600
Depreciation expense               -  
Insurance expense               -  
Rent expense        1,200
Supplies expense               -  
Utilities expense            370
Telephone expense            340
Wages expense        4,830
Totals    395,780    395,780
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