Instructions Journalize the transactions. Do not provide explanations. Record journal entries. E2.9 (LO 2), AP On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month. 1. Stockholders invested $24,000 in the business in exchange for common stock. 2. Obtained a bank loan for $7,000 by issuing a note payable. 3. Paid $11,000 cash to buy equipment. 4. Paid $1,200 cash for April office rent. 5. Paid $1,450 for supplies. 6. Purchased $600 of advertising in the Daily Herald, on account. 7. Performed services for $18,000: cash of $2,000 was received from customers, and the balance of $16,000 was billed to customers on account. 8. Paid $400 cash dividend to stockholders. 9. Paid the utility bill for the month, $2,000. 10. Paid Daily Herald the amount due in transaction (6). 11. Paid $40 of interest on the bank loan obtained in transaction (2). 12. Paid employees' salaries and wages, $6,400. 13. Received $12,000 cash from customers billed in transaction (7).

Instructions Journalize the transactions. Do not provide explanations. Record journal entries. E2.9 (LO 2), AP On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month. 1. Stockholders invested $24,000 in the business in exchange for common stock. 2. Obtained a bank loan for $7,000 by issuing a note payable. 3. Paid $11,000 cash to buy equipment. 4. Paid $1,200 cash for April office rent. 5. Paid $1,450 for supplies. 6. Purchased $600 of advertising in the Daily Herald, on account. 7. Performed services for $18,000: cash of $2,000 was received from customers, and the balance of $16,000 was billed to customers on account. 8. Paid $400 cash dividend to stockholders. 9. Paid the utility bill for the month, $2,000. 10. Paid Daily Herald the amount due in transaction (6). 11. Paid $40 of interest on the bank loan obtained in transaction (2). 12. Paid employees' salaries and wages, $6,400. 13. Received $12,000 cash from customers billed in transaction (7).

Name: InstructionsJournalize the transactions. Do not provide explanations.
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Description: InstructionsJournalize the transactions. Do not provide explanations.Record journal entries.E2.9 (LO 2), AP On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month.1. Stockholders inves

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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i.2
The bank statement for Jeffrey Co. indicates a balance of $8,785 on October 31. After the journals for October had been posted, the cash account had a balance of $8,998. a. Cash sales of $945 had been erroneously recorded in the cash receipts journal as $495. b. Deposits in transit not recorded by bank, $778. c. Bank debit memo for service charges, $40. d. Bank credit memo for note collected by bank, $23,985 plus $885 interest. e. Bank debit memo for $756 NSF (not sufficient funds) check from Calin Sams, a customer. f. Checks outstanding, $1,860. Record the appropriate journal entries that would be necessary for Jeffrey Co. Record the entry that increases cash first. If an amount box does not require an entry, leave it blank.
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On 31 July the Pass book of BAC LLC reported balance of RO 8750. Cheques deposited in bank awaiting clearance were RO 12,400 and the value of cheques issued but not yet presented in the bank was RO 11,480. There was a credit in the bank for insurance claim amounting to RO 2,500 and debit was made for the Loan instalment for RO 5,500. The balance as per the cash book is.
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The following information pertains to Moon designing Company. 1. Cash balance per bank, July 31, $8,000. 2. July bank service charge not recorded by the depositor $37. 3. Cash balance per books, July 31, $8,021. 4. Deposits in transit, July 31, $1,500. 5. Bank collected $900 note for Moon in July, plus interest $36, less fee $20. The collection has not been recorded by Moon, and no interest has been accrued. 6. Outstanding checks, July 31, $600. Required (a) Prepare a bank reconciliation at July 31. (b) Journalize the adjusting entries at July 31 on the books of Moon designing Company.