4 Buckeye Adventures Inc. (BAI) sells custom trailers and trailer accessories such as trailer hitches. In...

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4 Buckeye Adventures Inc. (BAI) sells custom trailers and trailer accessories such as trailer hitches. In the month of August 2022 BAI engaged in the following transactions: A. August 2: An amount of $1,400 was collected on an outstanding account receivable. B. August 3: Paid in cash an account payable outstanding on July 31 in the amount of $680. C. August 6: BAI received $172,000 from a customer as full payment for a trailer to be shipped to the customer in October. D. August 9: BAI paid an advertising bill for September advertising in cash in the amount of $1,530 E. August 12: Received $3,800 in cash from customers for August accessory sales. F. August 13: Purchased a new Toyota truck for $49,400. BAI paid $10,000 cash down and received a loan from Scotia Bank for $39,400 to pay the balance G. August 16: Purchased on credit five trailer hitches for $180 each to replace inventory sold in July. H. August 27: Paid wages in August in cash to employees in the amount of $7,500. Of this amount, $2,500 had been accrued at the end of July. I. August 28: Paid August and September office rent in cash in the amount of $2,300 for each month. J. August 29: The sole shareholder of BAI purchased a new home for his family in cash at a cost of $589,000 K. August 31: BAI paid in cash the monthly internet bill for August of $95 Required Prepare the joumal entries to record, in the same chronological order as above, the August transactions in the general ledger of BAI, proper date is required. Explanations are not required. If no joumal entry is required for the item, please indicate "No J/E Required in the account column. Record your journal entries on the following pages. 2 pages are provided if needed. 5 4 Buckeye Adventures Inc. (BAI) sells custom trailers and trailer accessories such as trailer hitches. In the month of August 2022 BAI engaged in the following transactions: A. August 2: An amount of $1,400 was collected on an outstanding account receivable. B. August 3: Paid in cash an account payable outstanding on July 31 in the amount of $680. C. August 6: BAI received $172,000 from a customer as full payment for a trailer to be shipped to the customer in October. D. August 9: BAI paid an advertising bill for September advertising in cash in the amount of $1,530 E. August 12: Received $3,800 in cash from customers for August accessory sales. F. August 13: Purchased a new Toyota truck for $49,400. BAI paid $10,000 cash down and received a loan from Scotia Bank for $39,400 to pay the balance G. August 16: Purchased on credit five trailer hitches for $180 each to replace inventory sold in July. H. August 27: Paid wages in August in cash to employees in the amount of $7,500. Of this amount, $2,500 had been accrued at the end of July. I. August 28: Paid August and September office rent in cash in the amount of $2,300 for each month. J. August 29: The sole shareholder of BAI purchased a new home for his family in cash at a cost of $589,000 K. August 31: BAI paid in cash the monthly internet bill for August of $95 Required Prepare the joumal entries to record, in the same chronological order as above, the August transactions in the general ledger of BAI, proper date is required. Explanations are not required. If no joumal entry is required for the item, please indicate "No J/E Required in the account column. Record your journal entries on the following pages. 2 pages are provided if needed. 5

Answer rating: 100% (QA)

Journal Entries are as follows A August 2 Transaction Collection on Outstanding Account Receivable D... View the full answer