Tobias Eaden started a sole proprietorship named Sky High Ads. A customer?s message can be displayed on an airplane banner across the city. Sky High Ads had the following business activities during the month of November 2020:

Required

For each transaction, (1) complete the analysis, (2) determine the journal entry analysis, and (3) record the journal entry. Use the template below.

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Invested $200,000 cash and aircraft equipment with a $50,000 fair value in a new sole proprietorship named Nov Sky High Ads. Purchased land and a small office building. The land was worth $400,000, and the building was worth $100,000. The purchase price was paid with $125,000 cash and a long-term note payable for the balance. Eaden transferred title of his personal airplane to the business. The airplane had a value of $200,000 and was to be used exclusively in the business. Purchased $5,000 of supplies on credit. Provided services to a customer for a marriage proposal and collected $16,000 on credit. 13 Paid $3,000 wages to a pilot. 17 Signed an advertising contract to commence in January. A deposit of $250 must be paid by December 15. Paid for half of the account payable from the November 9 transaction. Purchased $20,000 of new aircraft equipment by paying $15,000 cash and trading in old aircraft equipment with a 21 23 27 recorded cost of $5,000. Withdrew $3,200 cash from the business for personal use. 30 3. Nov 1 Analysis Journal entry analysis Journal Entry Account Titles and Explanation Debit Date Credit Nov 3