Question

1. Mike and Rob have just started a new travel agency companytitled Worldwidetravels LLC. Using the following account ledger ofthe transactions made to start the business, prepare the generaljournal entries of each transaction.

 

Debits

Credits

Balance

 

 

 

$                – 

Mike – Investment

$    90,000.00

 

$ 90,000.00

Marketing

 

$    9,000.00

$ 81,000.00

Insurance

 

$    1,200.00

$ 79,800.00

Automobile: mileage reimbursement

 

$        517.50

$ 79,282.50

Insurance

 

$    1,800.00

$ 77,482.50

Electrician

 

$        350.00

$ 77,132.50

Handyman

 

$        150.00

$ 76,982.50

Post office

 

$        120.00

$ 76,862.50

Automobile: mileage reimbursement

 

$        373.75

$ 76,488.75

Post office

 

$         38.00

$ 76,450.75

Office Furniture

 

$ 10,000.00

$ 66,450.75

Hospital donation

 

$         20.00

$ 66,430.75

Office Suppy

 

$         40.00

$ 66,390.75

Cruise Line sale

$      5,200.00

 

$ 71,590.75

Handyman

 

$         95.00

$ 71,495.75

Cruise Line sale

$      3,600.00

 

$ 75,095.75

Automobile: mileage reimbursement

 

$        442.75

$ 74,653.00

Cruise line sale

$      4,500.00

 

$ 79,153.00

Automobile: mileage reimbursement

 

$        537.75

$ 78,615.25

Internet

 

$        500.00

$ 78,115.25

City fees

 

$    1,094.00

$ 77,021.25

Telephone service

 

$        149.00

$ 76,872.25

Cleaning

 

$        200.00

$ 76,672.25

 

 

 

 

Cash In Bank-Checking Totals:

$ 103,300.00

$ 26,627.75

$ 76,672.25

 



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