Thursday
July 24, 2014

Homework Help: College Accounting

Posted by Jaycee on Saturday, January 15, 2011 at 3:31pm.

P2-1A

Frontier Park was started on April 1 by C. J. Mendez and associates. The following selected events and transactions occurred during April.

Apr. 1 Stockholders invested $40,000 cash in the business in exchange for common stock.
4 Purchased land costing $30,000 for cash.
8 Incurred advertising expense of $1,800 on account.
11 Paid salaries to employees $1,500.
12 Hired park manager at a salary of $4,000 per month, effective May 1.
13 Paid $1,500 cash for a one-year insurance policy.
17 Declared and paid a $1,000 cash dividend.
20 Received $5,700 in cash for admission fees.
25 Sold 100 coupon books for $25 each. Each book contains 10 coupons that entitle the holder to one admission to the park.
30 Received $8,900 in cash admission fees.
30 Paid $900 on balance owed for advertising incurred on April 8.

Mendez uses the following accounts: Cash; Prepaid Insurance; Land; Account Payable; Unearned Admission Revenue; Common stock; Dividends; Admission Revenue; Advertising Expense; and Salaries Expense.

Instructions

Journalize the April transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.)

Date Description/Account Debit Credit
Apr. 1

(Issued shares of stock for cash.)
Apr. 4

(Purchased land for cash.)
Apr. 8

(Incurred advertising expense on account.)
Apr. 11

(Paid salaries.)
Apr. 12

(Hired park manager.)
Apr. 13

(Paid for one-year insurance policy.)
Apr. 17

(Declared and paid cash dividend.)
Apr. 20

(Received cash for services provided.)
Apr. 25

(Received cash for future services.)
Apr. 30

(Received cash for services provided.)
Apr. 30

(Paid creditor on account.)

Link to Text 1Link to Text 2

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

College Accounting - P2-1A Frontier Park was started on April 1 by C. J. Mendez ...
Accounting - At the beginning of April, Owl Corporation has a balance of $12,000...
financial accounting - The lake theater opened on april 1.all facilities were ...
Accounting - Journalize the following transactions and omit the explanations. A...
accounting - Part 5 Cash Budgeting Landis Company has the following sales ...
Accounting - The business was started on April 1st. I have the following events ...
Accounting - The business was started on April 1st. I have the following events ...
accounting - RC Corp. uses a job order cost accounting system. During the month ...
accounting - Kudos Leather Goods purchased the following items during the month...
accounting - Kudos Leather Goods purchased the following items during the month...

Search
Members