are displayed and available for casual noury rental by mail patrons. Ine following transactions occurred during...

 

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are displayed and available for casual noury rental by mail patrons. Ine following transactions occurred during the first month or operations. a. Jessica contributed $42,000 cash to the company on June 1 in exchange for its common stock. b. Purchased Inflatable rides and Inflation equipment on June 2, paying $26,550 cash. c. Received $9,200 cash from casual hourly rentals at the mall on June 3. d. Rented rides and equipment to customers for $11.150. Received cash of $4,800 on June 4 and the rest is due from customers. e. Received $5,200 from a large corporate customer on June 5 as a deposit on a party booking for July 4. Began to prepare for the July 4 party by purchasing and receiving various party supplies on June 6 on account for $860. g. On June 7, paid $10,150 in cash for renting equipment that was used and returned during the first week of this month. h. On June 8, prepaid next month's mall space rental charge of $10,150. Received $1,800 on June 9 from customers on accounts receivable. Paid $2,800 for running a television ad on June 10. k Paid $5,000 in wages to employees on June 30 for work done during the month. Required: 1. Prepare the Journal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance for the end of June. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance to calculate preliminary net Income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Reg 3 Prepare an unadjusted trial balance for the end of June. FUNFLATABLES Unadjusted Trial Balance Account Name Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Deferred Revenue Common Stock Service Revenue Rent Expense Salaries and Wages Expense Advertising Expense Total Debit Credit 0 0 Req 43 are displayed and available for casual noury rental by mail patrons. Ine following transactions occurred during the first month or operations. a. Jessica contributed $42,000 cash to the company on June 1 in exchange for its common stock. b. Purchased Inflatable rides and Inflation equipment on June 2, paying $26,550 cash. c. Received $9,200 cash from casual hourly rentals at the mall on June 3. d. Rented rides and equipment to customers for $11.150. Received cash of $4,800 on June 4 and the rest is due from customers. e. Received $5,200 from a large corporate customer on June 5 as a deposit on a party booking for July 4. Began to prepare for the July 4 party by purchasing and receiving various party supplies on June 6 on account for $860. g. On June 7, paid $10,150 in cash for renting equipment that was used and returned during the first week of this month. h. On June 8, prepaid next month's mall space rental charge of $10,150. Received $1,800 on June 9 from customers on accounts receivable. Paid $2,800 for running a television ad on June 10. k Paid $5,000 in wages to employees on June 30 for work done during the month. Required: 1. Prepare the Journal entry for each of the above transactions. 2. Post the transaction activity from requirement 1 to the T-Accounts below. All accounts begin with zero balances because this is the first month of operations. 3. Prepare an unadjusted trial balance for the end of June. 4-a. Refer to the revenues and expenses shown on the unadjusted trial balance to calculate preliminary net Income and net profit margin. 4-b. Determine whether the net profit margin is better or worse than the 30.0 percent earned by a close competitor. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Reg 3 Prepare an unadjusted trial balance for the end of June. FUNFLATABLES Unadjusted Trial Balance Account Name Cash Accounts Receivable Supplies Prepaid Rent Equipment Accounts Payable Deferred Revenue Common Stock Service Revenue Rent Expense Salaries and Wages Expense Advertising Expense Total Debit Credit 0 0 Req 43

Answer rating: 100% (QA)

Requirement 1 Prepare the Journal entry for each of the transactions a Jessica contributed 42000 cash to the company in exchange for its common stock ... View the full answer