Question

Week-1 Basic Journal Entries Mason Yachts, a boat manufacturing company, begins business on 1/1/2017. Mason specializes in selling and repairing yachts. A listing of all of Mason trial balance accounts can be found in "trial balance tab below. For the transactions below, please record the necessary journal entries in the Journal Entries tab and update the balances in the trial balance. I have provided a "T-Account tab for each individual trial balance account to track the changes during the period on January 1, 2017, Ted Mason invest $200,000 in exchange of 1,000 shares of $1 par Common Stock. On January 1, 2017, Mason Yachts buys $6,000 worth of office supplies with cash Transaction #1 Transaction #2 Transaction #3 On January 1, 2017, Mason Yachts pre-Pays the following expenses for the next 12 months: Rent Expense $6,ooo and Insurance Expense $3,600 On January 1, 2017 Mason Yachts buys $36,000 worth of machines that will be used in modifying boats that will be sold. Mason noted that these machines will have useful life of 6 years and no salvage value at the end of the 6 years. Mason will use the straight-line depreciation method in depreciating the asset. Mason bought these machines with cash Transaction #4 On January 1, 2017 Mason Yachts hires three employees: John Mason, Office Manager, Frank Mason, Repairs Manager, and McCoy Mason, Sales Manager. Each of the three employees will have a monthly salary of $8,ooo, which will be paid on the 5th day of the next month On January 2nd, Ozark Boats pre-pays Mason Yachts $40,000 to perform repair services on 5 boats. For each boat repaired, Mason Yacht will receive $8,00o in revenue Transaction #5 Transaction #6

record journal entries using the accounts for these transactions

Answer 1

Please refer the following for answer in sequence. If any further queries regarding any point ,feel free to connect.

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