Ask Me Help Desk

Ask Me Help Desk (https://www.askmehelpdesk.com/forum.php)
-   Accounting (https://www.askmehelpdesk.com/forumdisplay.php?f=19)
-   -   Journal entry, t accounts, trial balance (https://www.askmehelpdesk.com/showthread.php?t=317593)

  • Feb 15, 2009, 11:40 AM
    m_castillo06
    Journal entry, t accounts, trial balance
    Problem #2

    Marcus stahl won a concession to rent bicycles in the local park during the summer. In the month of may, stahl completed the following transactions for his bicycle rental business.

    May 3-began business by placing $14400 in a business checking account.
    May 6-purchased supplies on account for $300.
    May 7- purchased ten bicycles for $5000, paying $2400 down and agreeing to pay the rest in 30 days.
    May9- received $940 in cash for rentals during the first week of operations.
    May 10- purchased a small shed to hold the bicycles and to use for other operations for $5800 in cash.
    May 11- paid $800 in cash for shipping and installation costs to place the shed at the park entrance.
    May 14- received $1000 in cash for rentals during the second week of operation.
    May 15- hired a part time assistant to help out on weekends at $8 per hour.
    May 16- paid a maitenence person $150 to clean the grounds.
    May 18- paid the assistant $160 for a weekends work.
    May 19- paid $300 for the supplies purchased on may 6.
    May 20- paid a $110 repair bill on bicycles.
    May 21- received $1100 in cash for rentals during the third week of operations.
    May 23- paid the assistant $160 for a weekends work.
    May 24- billed a company $220 for bicycle rentals for an emplyees outing.
    May 26- paid the $200 fee for may to the park district for the right to the bicycle concession.
    May 28- received $820 in cash for rentals during the week.
    May 30- paid the assistant $160 for a weekends work.
    May 31- transferred $1000 to a personal checking account.

    Please provide journal entry, t-accounts and trial balance if u can in much detail.
  • Feb 15, 2009, 02:14 PM
    pready

    Do your work first, then if you have a specific question we will try to help you.

  • All times are GMT -7. The time now is 12:59 PM.