Question

PLZ DON'T USE HANDWRITING, TYPE OUT THE ANSWER.

THANK YOU

The following is a list of transactions that have occurred during the month of August. Date- August 12 August 14 August 2- August 2- August 3- August 4- August 52 August 10- August 15+ August 18+ August 22 August 28- August 312 August 312 August 312 Transaction Started the business with $606,840 in cash. Borrowed ($2,275,650) + $150,000 in the form of a note payable. Purchased land with cash for ($1,517,100).- Purchased building with cash for ($758,550). Purchased equipment on account for (S1,011,400). Purchased a 12-month insurance policy for $12,000.- Purchased $150,000 of Food and Beverage Inventory on account. Paid $2.800 in cash for advertisinge Paid a utility bill of $1,500 in cash Received a $1,250 cash deposit for a future banquet Paid $3,500 in cash for china that is expensed immediately Paid $90,000 in wages in cash for August 1-28 work Generated $150,000 in food revenue for the entire month. The guests paid cash. Generated $30,000 in beverage revenue for the entire month. The guests paid cash.- You withdraw $1,200 from the business for personal use.

Required:
1. Prepare journal entries in good form for the transactions above.
2. Post the journal entries into T-accounts (make sure you have a total amount for each account).

Again, PLZ TYPE THE ANSWER

Answer 1

Company Journal Enteries Date Particulars Aug-01 Cash a/c To Capital (Capital invested) Dr. Debit in $ Credit in $ 606840 606840 Dr. 2425650 Aug-01 Cash a/c To Note Payable (Cash borrowed) 2425650 Dr. 1517100 Aug-02 Land a/c To Cash (Land purchased) 1517100 Dr. 758550 Aug-02 Building a/c To Cash (Building purchased) 758550 Dr. 1011400 Aug-03 Equipment a/c To Accounts Payable (Equipment on account) 1011400 12000 Aug-04 Prepaid Insurance a/c Dr. To Cash (12 month insurance paid) 12000 Aug-05 Supplies a/c Dr. 150000 To Accounts Payable (Food and beverage inventory on account) 150000 2800 Aug-10 Advertising Expense a/c Dr. To Cash (Expense paid) 2800 Dr. 1500 Aug-15 Utility Expense a/c To Cash (Expense paid) 1500 Dr. 1250 Aug-18 Cash a/c To Unearned Revenue (Advance from client) 1250 Dr. 3500 Aug-22 Expense a/c To Cash (Expense paid) 3500 Dr. 90000 Aug-28 Wages Expense a/c To Cash (Expense paid) 90000 Dr. 150000 Aug-31 Cash a/c To Food Revenue (Sales generated) 150000 30000 Aug-31 Cash a/c Dr. To Beverage Revenue (Sales generated) 30000 Aug-31 Drawings a/c Dr. 1200 To Cash (Cash withdrawn for personal use) 1200

Cash Capital Note Payable Unearned Revenue Food Revenue Beverage Revenue Advertising Expense 2800 Bal. 2800 2800 2800 Cash 606840 Land 2425650 Building 1250 Prepaid Insurance 150000 Advertising Expense 30000 Utility Expense Expense Wages Expense Drawings Bal. 3213740 1517100 758550 12000 2800 1500 3500 90000 1200 827090 3213740 Utility Expense 1500 Cash Bal. 1500 1500 1500 Cash Expense 3500 Bal. 3500 3500 3500 606840 Capital Cash 606840 606840 Bal. 606840 Unearned Revenue Cash 1250 Bal. 1250 2425650 1250 1250 Note Payable Cash 2425650 2425650 Bal. 2425650 Cash Wages Expense 90000 Bal. 90000 Cash 90000 90000 Land 1517100 Bal. 1517100 1517100 1517100 150000 Food Revenue Cash 150000 150000 Bal. Cash 150000 Building 758550 Bal. 758550 758550 758550 Beverage Revenue Cash 30000 Bal. 30000 30000 Accounts Payable 30000 Equipment 1011400 Bal. 1011400 1011400 1011400 Cash Drawings 1200 Bal. 1200 1200 1200 Accounts Payable Equipment Supplies 1161400 1161400 1011400 150000 Bal. 1161400 Cash Prepaid Insurance 12000 Bal. 12000 12000 12000 Accounts Payable Supplies 150000 Bal. 150000 150000 150000