7. 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, 2023. 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.
7. 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, 2023. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:7. 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,
2023.
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.
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