The following is a list of transactions from Danny and Mary Jane's first month of business:
May 1 Danny and Mary Jane deposited $50,000 into business checking account
May 1 Rented theater building for shows - paid 6 months rent up front - $24,000
May 1 Purchased six-month insurance policy to cover rented building and customers - $3,000
May 1 Paid utility deposits - $250
May 5 Purchased advertisements in local newspapers and radio stations, $2,500
May 6 Purchased stage props and costumes for opening night - $1,200
May 10 Opening night was a success! Danny and MaryJane sold 100 tickets at $10 each
May 15 The remainder of the first week ticket sales totaled $2,000
May 16 Paid workers for first week of services - $1,000
May 22 Second week ticket sales totaled $2,400
May 23 Paid workers for second week of services - $1,000
May 29 Third week ticket sales totaled $3,000
May 30 Paid workers for third week of services - $1,000
Using the journal and ledger forms provided with a trial balance after closing accounts. Journalize and post the first month's transactions. Additionally, in a memo to Danny and Mary Jane, summarize the month's transactions and comment on what they might do to improve for upcoming months.© BrainMass Inc. brainmass.com October 25, 2018, 2:27 am ad1c9bdddf
Being 1st month of the business, the business generated revenue of $8400. Rent & Insurance has been prepaid in advance for 6 months. The advertisement ...
The solution provide General journal and ledger with explanation for Danny & Mary Jane for their first month of business.
Accounting help, I need help and explanation about journalizing.
Please find in attachment the work I need help on. Please do not answer the TRUE or FALSE question.
Kwan Lee began a cleaning service on October 1, 20xx and engaged in the following transactions during his first month of operations. Use the attached forms to do the following:
1. Journalize the entries in the General Journal on pages 3 and 4 using requirements (A) and (B) as follows:
(A) Use explanations in each journal entry.
(B) Before journalizing the entries into the General Journal, go to the General Ledger on pages 5 and 6
and read the names of the accounts. DO IT NOW. Use only those precise account names in your
2. Post the General Journal entries into the General Ledger accounts on pages 5 and 6 using posting references in both the General Journal and in the General Ledger.
3. Prepare the Trial Balance of the ledger accounts in the Trial Balance form on page 2. Although the trial
balance form is on page 2, it must be done last, after journalizing, posting, and calculating account
Oct. 1 Kwan Lee began business by investing $6,000 cash from his personal bank account to the business bank account to start the business;
Oct. 2 Kwan Lee ordered cleaning supplies, $500;
Oct. 3 Kwan Lee purchased cleaning equipment for cash, $1,400;
Oct. 4 He leased a van by making two months lease payments in advance, $600;
Oct. 7 Received the cleaning supplies ordered on October 2 and agreed to pay one half the amount in ten days from now and the rest in 30 days;
Oct. 9 Paid for repairs on the van with cash in the amount of $40;
Oct. 12 Received cash for cleaning carpets, $480;
Oct. 17 Paid half of the amount owed on the supplies purchased on Oct. 7, $250;
Oct. 21 Billed customers for cleaning carpets, $670;
Oct. 24 Paid for additional repairs on the van with cash, $40;
Oct. 27 Received $300 cash from the customers billed on Oct. 21;
Oct. 31 Kwan Lee withdrew $350 from the business for his personal use.