Some of the January transactions of City flights are listed belowJan 3 Paid $3,520 rent for hangar space during January.Jan 4 Placed advertising in local newspaper for publication duringJanuary. The agreed price of $860 was payable within 10 days after theend of the month.Jan 7 The business City Flights took a loan from the bank of amount$20,000. The loan has to be paid back to the bank as Accounts payable.Jan 15 0. Wright the owner withdrew $7,500 cash for personal use.Jan 16 Paid salaries to employees for services rendered in first half ofJanuary $13,200.Jan 25 Provided transportation for executives of the Hurley Corporation along time credit customer. Sent bill for $ 470 due within 30 days.Jan 29 Received a bill from Western Oil Company for fuel used inJanuary amounting to $4,360 and payable by February 10.Jan 31 Paid $3,372 to Steven Motors for repair and maintenance workduring January.Instructions :Prepare Journal entries from the above business transactions.

Journal: Journal is considered as a book of original entry because all the transactions that have…

Answered: Prenare lournal entrie s from the ab…

Business

Accounting

Prenare lournal entrie s from the ab ove b usines s tra

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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Question

100%

Some of the January transactions of City flights are listed below
Jan 3 Paid $3,520 rent for hangar space during January.
Jan 4 Placed advertising in local newspaper for publication during
January. The agreed price of $860 was payable within 10 days after the
end of the month.
Jan 7 The business City Flights took a loan from the bank of amount
$20,000. The loan has to be paid back to the bank as Accounts payable.
Jan 15 0. Wright the owner withdrew $7,500 cash for personal use.
Jan 16 Paid salaries to employees for services rendered in first half of
January $13,200.
Jan 25 Provided transportation for executives of the Hurley Corporation a
long time credit customer. Sent bill for $ 470 due within 30 days.
Jan 29 Received a bill from Western Oil Company for fuel used in
January amounting to $4,360 and payable by February 10.
Jan 31 Paid $3,372 to Steven Motors for repair and maintenance work
during January.
Instructions :
Prepare Journal entries from the above business transactions.

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