Homework Help is Here – Start Your Trial Now!
Business
Accounting
(a) Prepare journal entries to record each of YH Curling School's February transactions. (Hint: use the revenue account Fees Earned, for all revenue earned in February.)

(a) Prepare journal entries to record each of YH Curling School's February transactions. (Hint: use the revenue account Fees Earned, for all revenue earned in February.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
100%

Can some one help me with the journal I'm really stuck :(

P2-9A Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the following balances in its general ledger at January 31, 2014: Cash, $2,100; Accounts Receivable, $720; Equipment, $12,400; Accounts Payable, $1,470; and D. Scoffin, Capital, $13,750. The following events and transactions occurred during February 2014. Received and paid a $430 advertising bill. Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the first two weeks of February. 3 Collected $4,240 cash for February's curling lessons. 4 Collected all of the accounts receivable at January 31 in cash. Paid $970 of the accounts payable at January 31. 14 Paid his part-time assistant $400. 15 Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the last two weeks of February. Provided $1,475 of coaching services to curlers preparing for a tournament. The curlers will Feb. 1 23 раy him on March 2. Paid $185 cash for his Internet bill for February. This is a business, not a personal, expense. Received $2,830 cash for curling lessons in March. 27 Withdrew $575 cash. Used the cash to pay his Visa bill. Paid his part-time assistant $400. Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the first two weeks of March. 26 27 28 28 Instructions (a) Prepare journal entries to record each of YH Curling School's February transactions. (Hint: use the revenue account Fees Earned, for all revenue earned in February.) (b) Open ledger accounts for each of the accounts listed in the trial balance, and enter the January 31, 2014, balances. Use T accounts. (c) Post the journal entries to the accounts in the ledger. (d) Prepare a trial balance as at February 28, 2014.
Transcribed Image Text:P2-9A Derek Scoffin owns and operates YH Curling School on evenings and weekends. The company had the following balances in its general ledger at January 31, 2014: Cash, $2,100; Accounts Receivable, $720; Equipment, $12,400; Accounts Payable, $1,470; and D. Scoffin, Capital, $13,750. The following events and transactions occurred during February 2014. Received and paid a $430 advertising bill. Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the first two weeks of February. 3 Collected $4,240 cash for February's curling lessons. 4 Collected all of the accounts receivable at January 31 in cash. Paid $970 of the accounts payable at January 31. 14 Paid his part-time assistant $400. 15 Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the last two weeks of February. Provided $1,475 of coaching services to curlers preparing for a tournament. The curlers will Feb. 1 23 раy him on March 2. Paid $185 cash for his Internet bill for February. This is a business, not a personal, expense. Received $2,830 cash for curling lessons in March. 27 Withdrew $575 cash. Used the cash to pay his Visa bill. Paid his part-time assistant $400. Paid the YH Curling Club $1,050 rent for use of the ice for lessons during the first two weeks of March. 26 27 28 28 Instructions (a) Prepare journal entries to record each of YH Curling School's February transactions. (Hint: use the revenue account Fees Earned, for all revenue earned in February.) (b) Open ledger accounts for each of the accounts listed in the trial balance, and enter the January 31, 2014, balances. Use T accounts. (c) Post the journal entries to the accounts in the ledger. (d) Prepare a trial balance as at February 28, 2014.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS