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harra harra
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6 years ago
Given the following transactions in the month of July for Kootenay Outdoor Adventures, prepare journal entries; and, a trial balance and balance sheet  as of July 31, 2013.

a)  Owner, Bill Thompson invested $35,000 cash and equipment with a value of $67,500 into the business.
b)  Purchased supplies on account, $250.
c)  Rented office space paying one month's rent, $950.
d)  Performed guide service on account, $4,500.
e)  Purchased a truck by paying $4,000 cash and signing a promissory note for the balance of $29,800.
f)  Performed guiding service and immediately collected $2,900 cash.
g)  Owner, Bill Thompson withdrew $900 for personal use.
Textbook 
Accounting, Volume 1, Canadian Edition

Accounting, Volume 1, Canadian Edition


Edition: 9th
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HanoiHanoi
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Cash      35,000
Equipment   67,500
   Thompson, capital      102,500
Owner invested cash and equipment in the business.

Supplies   250
   Accounts payable       250
Purchased supplies on account.

Rent expense   950   
   Cash      950
Paid cash for one month's rent.

Accounts receivable   4,500
   Service revenue      4,500
Performed service on account.

Truck    33,800
   Cash      4,000
   Notes payable      29,800
Purchased a truck with cash and a promissory note.

Cash   2,900
   Service revenue      2,900
Performed service for cash.

Withdrawals   900
   Cash      900
Owner withdrew cash for personal use.


   Kootenay Outdoor Adventures
   Trial Balance
   July 31, 2013

   Debit   Credit
Cash    $32,050
Accounts receivable   4,500
Supplies   250
Equipment   67,500
Truck   33,800
Accounts payable      $   250
Note payable      29,800
Bill Thompson, Capital      102,500
Bill Thompson, Withdrawals   900
Service revenue      7,400
Rent expense         950    _______
Total   $139,950   $139,950

Kootenay Outdoor Adventures
Balance Sheet
July 31, 2013

Assets:   Liabilities and Owner's Equity:

Cash    $32,050   Accounts payable    $250
Accounts receivable   4,500   Notes payable   29,800
Supplies   250        Total liabilities    $30,050
Equipment   67,500   
Truck   33,800   Bill Thompson, capital    108,050
   $138,100      $138,100
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harra Author
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6 years ago
Thanks for your help!!
vanna2014
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Yesterday
Thanks
erimis
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2 hours ago
Thanks
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