Ask Experts Questions for FREE Help !
    m_castillo06's Avatar
    m_castillo06 Posts: 3, Reputation: 1
    New Member

    Feb 15, 2009, 11:40 AM
    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.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member

    Feb 15, 2009, 02:14 PM

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

Not your question? Ask your question View similar questions


Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.

Check out some similar questions!

Journal and Trial Balance don't match [ 3 Answers ]

I have prepared entries in a journal but when I transfer the figures over to the trial balance sheet the numbers are way off and don't balance. I don't know how to figure out what I have done wrong. Where do I start?

Need to know about T accounts and unadjusted trial balance? [ 6 Answers ]

Ok, listen I'm taking my first accounting class and we have our second assignment and since I'm taking distance learning classes I don't really have the opportunity to ask my instructor for help. I hope any of you can help me figure out how to write an account balance for T accounts and Unadjusted...

Jounal entry, t-accounts,and trial balance [ 1 Answers ]

I am currently taking accounting but I am lost... I have no idea what I'm doing and I have 2 problems which have to be turned in and I really need help... Problem 1: Rosa partridge started the creative frames shop in a small shopping center. In the first weeks of operation, the company...

T-Accounts and Adjusting Trial Balance [ 2 Answers ]

Kate Sue is the owner of Frame Inc. See entries for the month of December 31, 2008 Dec 1 Laura invested $2000 in her business bank account 3 Paid $300 for two months rent in advance for an office 5 Received $860 for sales for which only 795 is earned 9 Purchase framing supplies for $200 in...

What accounts belong on a Trial Balance Worksheet? [ 1 Answers ]

These are the accounts I have used, as you can see my balances don't equal and after checking all the math, I'm convinced I must be using too many accounts. Can you tell me if I should be omitting any of these: Cash - Checking 1262 DR. Cash - Savings 3300 DR. A.R. - Bronson ...

View more questions Search