General journal and ledger with explanation
Not what you're looking for?
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.
Purchase this Solution
Solution Summary
The solution provide General journal and ledger with explanation for Danny & Mary Jane for their first month of business.
Solution Preview
Memo:
Being 1st month of the business, the business generated revenue of $8400. Rent & Insurance has been prepaid in advance for 6 months. The advertisement ...
Purchase this Solution
Free BrainMass Quizzes
Understanding Management
This quiz will help you understand the dimensions of employee diversity as well as how to manage a culturally diverse workforce.
Managing the Older Worker
This quiz will let you know some of the basics of dealing with older workers. This is increasingly important for managers and human resource workers as many countries are facing an increase in older people in the workforce
Marketing Research and Forecasting
The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.
Academic Reading and Writing: Critical Thinking
Importance of Critical Thinking
SWOT
This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.