National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts: Cash 5/1 75,000 5/2 900 5/11 8,150 5/3 1,600 5/5 6,280 5/9 2,700 5/25 2,500 Equipment 5/3 8,000 Beth Worley, Drawing 5/25 2,500 Accounts Receivable 5/8 12,300 5/11 8,150 Accounts Payable 5/9 2,700 5/3 6,400 Fees Earned 5/8 12,300 Supplies 5/2 900 5/15 660 Beth Worley, Capital 5/1 75,000 Operating Expenses 5/5 6,280 5/15 660 Based upon the T accounts provided, prepare the nine journal entries from which the postings were made.
National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts: Cash 5/1 75,000 5/2 900 5/11 8,150 5/3 1,600 5/5 6,280 5/9 2,700 5/25 2,500 Equipment 5/3 8,000 Beth Worley, Drawing 5/25 2,500 Accounts Receivable 5/8 12,300 5/11 8,150 Accounts Payable 5/9 2,700 5/3 6,400 Fees Earned 5/8 12,300 Supplies 5/2 900 5/15 660 Beth Worley, Capital 5/1 75,000 Operating Expenses 5/5 6,280 5/15 660 Based upon the T accounts provided, prepare the nine journal entries from which the postings were made.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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National Park Tours Co. is a travel agency. The nine transactions recorded by National Park Tours during May 2019, its first month of operations, are indicated in the following T accounts:
| Cash | |||
| 5/1 | 75,000 | 5/2 | 900 |
| 5/11 | 8,150 | 5/3 | 1,600 |
| 5/5 | 6,280 | ||
| 5/9 | 2,700 | ||
| 5/25 | 2,500 |
| Equipment | |||
| 5/3 | 8,000 |
| Beth Worley, Drawing | |||
| 5/25 | 2,500 |
| 5/8 | 12,300 | 5/11 | 8,150 |
| Accounts Payable | |||
| 5/9 | 2,700 | 5/3 | 6,400 |
| Fees Earned | |||
| 5/8 | 12,300 |
| Supplies | |||
| 5/2 | 900 | 5/15 | 660 |
| Beth Worley, Capital | |||
| 5/1 | 75,000 |
| Operating Expenses | |||
| 5/5 | 6,280 | ||
| 5/15 | 660 |
Based upon the T accounts provided, prepare the nine journal entries from which the postings were made.
Expert Solution
Step 1
Journal is a book in which day to day financial events are recorded in chronological order. Journal forms the basis for the further accounting processes.
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