Question: On November 1 Josh White started an amusement park The

On November 1, Josh White started an amusement park. The park experienced the following transactions during the first month of operations:
Nov 1. Stockholders contributed $50,000 in exchange for common stock.
2 Hired six employees to staff the park.
3 Purchased go-carts for $12,500 on account.
3 Borrowed $10,000 from bank.
3 Purchased arcade games for $4,000.
4 Paid $1,000 to advertise the park's opening.
7 Purchased bumper boats for $11,750 on account.
10 Billed Mr. Jones $1,100 for his son's birthday party.
11 Received cash of $2,200 for entry fees into the park.
15 Paid $5,000 cash towards go-cart bill.
20 Received $3,400 for entry fees into the park.
25 Received full payment from Mr. Jones.
28 Paid utilities in the amount of $560.
30 Paid $100 interest on loan.
Prepare journal entries for each transaction, including explanations.

View Solution:

Sale on SolutionInn
  • CreatedJuly 16, 2015
  • Files Included
Post your question