January 27, 2015

Homework Help: Accounting 1

Posted by big b on Saturday, February 13, 2010 at 3:15am.

May 1 Danny and Mary Jane deposited $50,000 into business checking account
May 1 Rented theater building for shows paid 6 months rent up front - $24,000
May 1 Purchased six-month insurance policy to cover rented building and customers - $3,000
May 1 Paid utility deposits - $250
May 5 Purchased advertisements in local newspapers and radio stations, $2,500
May 6 Purchased stage props and costumes for opening night - $1,200
May 10 Opening night was a success! Danny and MaryJane sold 100 tickets at $10 each
May 15 The remainder of the first week ticket sales totaled $2,000
May 16 Paid workers for first week of services - $1,000
May 22 Second week ticket sales totaled $2,400
May 23 Paid workers for second week of services - $1,000
May 29 Third week ticket sales totaled $3,000
May 30 Paid workers for third week of services - $1,000

Using the journal and ledger forms provided (see link below), journalize and post the first month's transactions. Additionally, in a memo to Danny and Mary Jane, summarize the month's transactions and comment on what they might do to improve for upcoming months.

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