Emily Lee grew up in Vancouver and loves to be a tourist in her own city In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are transactions for the month of May 2020, the first month of operations. May 2 Emily moved $6,250 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $1,188 into the business. May 3 Purchased supplies, including a microphone, and brochures for $795 cash. May 4 Purchased a printer for $180 on account. May 5 Purchased a one-year insurance policy for $1,920 cash. May 6 Emily withdrew $376 for a Mother's Day gift. May & Interviewed and hired one employee to assist with leading tours, May 10 Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $2,255 of cash for future tour bookings. May 15 Led three tours of Stanley Park and received $830 cash. May 25 Led four tours of Granville Island, for $1,150. The customers on this tour had prepaid on May 10. The following information is known at May 31, 2020. The laptop has an estimated life of three years. The printer has an estimated life of three years. There are $265 of supplies that are not used. A portion of the insurance policy has expired. Wages of $510 were unpaid and unrecorded. Required 1-a. Prepare journal entries for the May transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Emily Lee grew up in Vancouver and loves to be a tourist in her own city In order to make money to pay for university, she opened a walking tour company, Very Vancouver. The following are transactions for the month of May 2020, the first month of operations. May 2 Emily moved $6,250 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $1,188 into the business. May 3 Purchased supplies, including a microphone, and brochures for $795 cash. May 4 Purchased a printer for $180 on account. May 5 Purchased a one-year insurance policy for $1,920 cash. May 6 Emily withdrew $376 for a Mother's Day gift. May & Interviewed and hired one employee to assist with leading tours, May 10 Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $2,255 of cash for future tour bookings. May 15 Led three tours of Stanley Park and received $830 cash. May 25 Led four tours of Granville Island, for $1,150. The customers on this tour had prepaid on May 10. The following information is known at May 31, 2020. The laptop has an estimated life of three years. The printer has an estimated life of three years. There are $265 of supplies that are not used. A portion of the insurance policy has expired. Wages of $510 were unpaid and unrecorded. Required 1-a. Prepare journal entries for the May transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
None
Transcribed Image Text:Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a
walking tour company. Very Vancouver. The following are transactions for the month of May 2020, the first month of operations.
May 2 Emily moved $6,250 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth
$1,188 into the business.
May 3 Purchased supplies, including a microphone, and brochures for $795 cash.
May 4 Purchased a printer for $180 on account.
May 5 Purchased a one-year insurance policy for $1,920 cash.
May 6 Emily withdrew $376 for a Mother's Day gift.
May & Interviewed and hired one employee to assist with leading tours.
May 10 Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $2,255 of cash for future
tour bookings.
May 15 Led three tours of Stanley Park and received $830 cash.
May 25 Led four tours of Granville Island, for $1,150. The customers on this tour had prepaid on May 10.
The following information is known at May 31, 2020.
The laptop has an estimated life of three years.
The printer has an estimated life of three years.
There are $265 of supplies that are not used.
A portion of the insurance policy has expired.
Wages of $510 were unpaid and unrecorded.
Required
1-a. Prepare journal entries for the May transactions. (If no entry is required for a transaction/event, select "No journal entry
required" in the first account field.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education