C.J mensah started a new park business called Jane park on February 1, 2016. The following selected events and transaction occurs during February.

February 1. Invested $40,000 by issuing a common stock

February 3. Paid rent by cash $4,800

February 5. Purchase supplies on account $2,150

February 10. Paid $1,100 cash to creditors

February 12. Sold coupon books for the admission to the park $18,750

February 15. Paid motor vehicle expenses by cash $1,630

February 25. Cost of the coupon books sold for the admission to the park $1,300

February 27. paid salaries of the park employees $3,500

February 28. Paid a cash dividend $1,500

Required:

1. Journalize the above transactions and show the account Balances

2. Prepare the Adjusted trial balance

3. Calculate the total revenue and total expenses

4. Calculate the net income

5. What is the amount of net increase in Retained Earnings

Answer rating: 100% (QA)

The journal entries will be Date Explanation Debit Credit February 1 Cash Common stock To record the ... View the full answer