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  • Chapter 3 Questions (16 Editions)

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    Nimra Azher
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    1. The document records various general journal entries between June 1-30 that include issuing stock, purchasing an aircraft partly with cash and notes payable, revenue and expense transactions, and paying dividends. 2. Key transactions include issuing $60,000 in stock for cash, purchasing an aircraft for $220,000 with $40,000 cash and $180,000 notes payable, recognizing $8,320 and $16,450 in aerial service revenue, and paying $2,000 in dividends. 3. A trial balance, income statement, and balance sheet are provided for reference as of June 30, with the trial balance showing equal balances as required.

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    1. The document records various general journal entries between June 1-30 that include issuing stock, purchasing an aircraft partly with cash and notes payable, revenue and expense transactions, and paying dividends. 2. Key transactions include issuing $60,000 in stock for cash, purchasing an aircraft for $220,000 with $40,000 cash and $180,000 notes payable, recognizing $8,320 and $16,450 in aerial service revenue, and paying $2,000 in dividends. 3. A trial balance, income statement, and balance sheet are provided for reference as of June 30, with the trial balance showing equal balances as required.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    9 views4 pages

    Chapter 3 Questions (16 Editions)

    Uploaded by

    Nimra Azher
    1. The document records various general journal entries between June 1-30 that include issuing stock, purchasing an aircraft partly with cash and notes payable, revenue and expense transactions, and paying dividends. 2. Key transactions include issuing $60,000 in stock for cash, purchasing an aircraft for $220,000 with $40,000 cash and $180,000 notes payable, recognizing $8,320 and $16,450 in aerial service revenue, and paying $2,000 in dividends. 3. A trial balance, income statement, and balance sheet are provided for reference as of June 30, with the trial balance showing equal balances as required.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    Date General Journal Dr Cr Cash

    1-Jun Cash 60,000 Dr


    Capital stock 60,000 60,000

    2-Jun Air Craft 220,000


    Cash 40,000
    Notes Payable 180,000

    4-Jun Rent expense 2,500 Accounts Receivable


    Cash 2,500 Dr

    15-Jun accounts receivable 8,320


    ariel service revenue 8,320
    Dr
    15-Jun salaries expense 5,880
    cash 5,880

    18-Jun Maintenance Expense 1,890


    cash 1,890 Dr

    25-Jun Cash 4,910


    accounts receivable 4,910

    30-Jun accounts receivable 16450 Dr


    ariel service revenue 16,450

    30-Jun salaries expense 6,000


    cash 6,000 Land
    Dr
    30-Jun Fuel Expense 2,510
    Accounts payable 2,510

    30-Jun Dividends 2,000


    Dividends Payable 2,000 Dr

    Trail Balance
    June 30 2011
    Dr Cr
    Cash
    Accounts Receivable
    Aircraft
    Notes Payable
    Accounts Payable
    Dividends Payable
    Capital Stock
    Retained Earnings
    Dividends
    Aerial Photography Revenue
    Maintenance Expense
    Fuel Expense
    Salaries Expense
    Rent Expense

    e
    Total asset 0
    Total liabilities 0
    owner's equity 0
    0

    d icome statement
    for June 30 2011
    .
    0
    0
    0
    0

    Balance sheet
    May 31 2011
    Asset Liabilities & Owner's equity
    Cash 0 Liabilities
    Accounts Receivable 0
    Aircraft 0
    0
    0 Owner's equity
    0 Capital Stock
    0 Retained Earning

    0 Total Liabilities & Owner's equity


    Cash Notes Payable
    Cr Dr Cr

    Dr Cr

    Accounts Receivable
    Cr
    Capital Stock
    Dr Cr
    60,000
    Cr 60,000

    Dr Cr

    Cr

    Dr Cr
    0
    Cr 0
    Salary Expense
    Dr Cr

    Cr

    Cr

    `
    abilities & Owner's equity

    0
    0

    0
    0

    es & Owner's equity 0

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