Required: 1. Prepare the journal entries for the April transactions. 2. Set up the following ledger accounts and post all the journal entries: cash; accounts receivables; supplies; container; bicycles; accounts payable; Leon, capital; Leon, drawings; rental revenues; wages expense; maintenance expense; repairs expense; and concession fee expense. 3. Prepare a trial balance. Date Particulars Debit Amount P Credit Amount P April. 2 Cash 120,000 K.L Capital April. 3 Supplies 120,000 1500 Accounts Payable 1500 April. 4 Bicycles 25,000 Cash 12,000 Accounts Payable ($2,500 - $1,200) 13,000 April. 5 Shed 29,000 Cash 29,000 April. 6 Shed 4,700 Cash 4,700 April. 8 Cash 4,000 Rental Income 4,000 April. 09 April. 10 No entry is required as it is not a financial transaction Maintenance Expense 750 Cash 750 April. 13 Cash 5,000 Rental Income 5,000 April. 16 Wages Expense 450 Cash 450 April. 17 Accounts Payable 1,500 Cash 1,500 April. 18 Repair Expenses 550 Cash 550 April. 20 Cash 5,500 Rental Income 5,500 April. 22 Wages Expense 480 Cash 480 April. 23 Accounts Receivable 1,100 Rental Income 1,100 April. 25 Concession Fees Expense 3,000 Cash 3,000 April. 27 Cash 4,100 Rental Income 4,100 April. 29 Wages Expense Cash 480 480 April. 30 K.L, Withdrawals 5,000 Cash 5,000
Required: 1. Prepare the journal entries for the April transactions. 2. Set up the following ledger accounts and post all the journal entries: cash; accounts receivables; supplies; container; bicycles; accounts payable; Leon, capital; Leon, drawings; rental revenues; wages expense; maintenance expense; repairs expense; and concession fee expense. 3. Prepare a trial balance. Date Particulars Debit Amount P Credit Amount P April. 2 Cash 120,000 K.L Capital April. 3 Supplies 120,000 1500 Accounts Payable 1500 April. 4 Bicycles 25,000 Cash 12,000 Accounts Payable ($2,500 - $1,200) 13,000 April. 5 Shed 29,000 Cash 29,000 April. 6 Shed 4,700 Cash 4,700 April. 8 Cash 4,000 Rental Income 4,000 April. 09 April. 10 No entry is required as it is not a financial transaction Maintenance Expense 750 Cash 750 April. 13 Cash 5,000 Rental Income 5,000 April. 16 Wages Expense 450 Cash 450 April. 17 Accounts Payable 1,500 Cash 1,500 April. 18 Repair Expenses 550 Cash 550 April. 20 Cash 5,500 Rental Income 5,500 April. 22 Wages Expense 480 Cash 480 April. 23 Accounts Receivable 1,100 Rental Income 1,100 April. 25 Concession Fees Expense 3,000 Cash 3,000 April. 27 Cash 4,100 Rental Income 4,100 April. 29 Wages Expense Cash 480 480 April. 30 K.L, Withdrawals 5,000 Cash 5,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Set up the Journal Ledger and Trial Balance .
Transcribed Image Text:Required:
1. Prepare the journal entries for the April transactions.
2. Set up the following ledger accounts and post all the journal entries: cash; accounts receivables; supplies;
container; bicycles; accounts payable; Leon, capital; Leon, drawings; rental revenues; wages expense;
maintenance expense; repairs expense; and concession fee expense.
3. Prepare a trial balance.
Date
Particulars
Debit Amount P
Credit Amount P
April. 2 Cash
120,000
K.L Capital
April. 3 Supplies
120,000
1500
Accounts Payable
1500
April. 4 Bicycles
25,000
Cash
12,000
13,000
Accounts Payable ($2,500 - $1,200)
April. 5 Shed
29,000
Cash
29,000
April. 6 Shed
4,700
Cash
4,700
April. 8 Cash
4,000
Rental Income
4,000
No entry is required as it is not a financial transaction
Maintenance Expense
April. 09
April. 10
750
Cash
750
April. 13
Cash
5,000
Rental Income
5,000
April. 16
Wages Expense
450
Cash
450
April. 17
Accounts Payable
1,500
Cash
1,500
April. 18
Repair Expenses
550
Cash
550
April. 20
Cash
5,500
Rental Income
5,500
April. 22
Wages Expense
480
Cash
480
April. 23
Accounts Receivable
1,100
Rental Income
1,100
April. 25
Concession Fees Expense
3,000
Cash
3,000
April. 27
Cash
4,100
Rental Income
4,100
April. 29
Wages Expense
480
Cash
480
April. 30
K.L, Withdrawals
5,000
Cash
5,000
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