User Account

All Pages

Prepare general journal entries to record august transaction

Assignment Help Financial Accounting
Reference no: EM132754597

On August 1, 2020, Mark Diamond began a tour company in the Northwest Territories called Millennium Arctic Tours. The following occurred during the first month of operations:

Aug.1 Purchased office furniture on account; $4,600.

1 Mark Diamond invested $6,200 cash into his new business.

2 Collected $2,700 in advance for a three-week guided caribou watching tour beginning later in August.

3 Paid $4,800 for six months' rent for office space effective August 1.

4 Received $2,200 for a three-day northern lights viewing tour just completed.

7 Paid $1,100 for hotel expenses regarding the August 4 tour.

15 Mark withdrew cash of $500 for personal use.

22 Met with a Japanese tour guide to discuss a $110,000 tour contract.

31 Paid wages of $1,220.

Assume Mark Diamond uses the straight-line method to depreciate the assets.

Required:

Problem 1. Prepare General Journal entries to record the August transactions.

Reference no: EM132754597

Questions Cloud

Compute the future value of an annuity : Compute the future value of an annuity in which quarterly payments (4 each year) of $187 are made for 14 years at an annual rate of 2.5%
What is the nal for wildcat : The Wildcat Oil Company is trying to decide, Southtown policy is to require its lessees to make payments at the start of the year. What is the NAL for Wildcat?
Ethical and human diversity issues : As a human services professional, you must consider ethical and human diversity issues related to collecting data for research.
Prepare the journal entry to record the issuance of bonds : Crane Company issued $2,050,000 of bonds on January 1, 2020. Prepare the journal entry to record the issuance of the bonds
Prepare general journal entries to record august transaction : Prepare General Journal entries to record the August transactions. On August 1, 2020, Mark Diamond began a tour company in the Northwest Territories
Construct a cash budget for a typical month : Tierney Enterprises is constructing its cash budget. Construct a cash budget for a typical month and calculate the average net cash flow during the month
Review the reproductive systems : Review the reproductive systems in this Learning Resources. Investigate how your assigned health condition impacts those systems.
Prepare multiple-step income statement : Use this information to prepare multiple-step income statement, a retained earnings statement, and a classified balance sheet
Explain interaction of four financial market participants : Explain the interaction of the 4 financial market participants. Assume that you are encouraging your friend to invest his idle cash in the stock market

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd