On January 2, 2022, Grace Wu incorporated a boat charter business, Ride the Waves Inc., in...

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On January 2, 2022, Grace Wu incorporated a boat charter business, Ride the Waves Inc., in Maitland, Nova Scotia. The following transactions 6 occurred in the first 6 months of business. 5223OON9 7 8 10 11 12 TTTL 13 14 15 16 17 18 19 20 21 22 23 24 a) January 2→ Issued 15,000 shares at $100 a share; 10,000 were issued to Grace with the remaining 5,000 issued to various local investors. b) January 25→ Borrowed and received $300,000 from the Scotiabank in Tatamagouche and signed a three year note. c) February 26→ Purchased land on the waterfront for $800,000. d) March 18 →>Paid $70,000 to a local construction company for a building that it built on the land. e) April 5-> Purchased five boats for a total price of $900,000, paid cash of $700,000 and signed a three-month note for the remainder. f) May 10→ Hired qualified sailors and crew members to begin work in June. g) May 31→ Paid $500 for advertising for the month of May. h) June 15 >Purchased supplies for $15,000. i) June 15→Billed $45,000 to customers for boat charters that had been taken place in the first fifteen days of June. i) June 25-> Received $45,000 from the customers billed on June 15th. k) June 28 →One of the other shareholders sold 50 of her shares in Boat Charters Inc. for $125 a share. 1) June 30 →Paid $8,000 to employees for the month of June. m) June 30→→Determined that the company had used $12,000 of supplies purchased on June 15. (adjusting entry) n) June 30→>Paid $4,000 for insurance coverage for July 1-December 31, 2022. o) June 30→ Billed $50,000 to customers for boat charters that had been taken place in the last fifteen days of June. p) June 30→ Received $10,000 as a deposit from customers for a charter that will occur in July, 2022. REQUIRED: Prepare general journal entries for the transactions in the January-June 2022 period. If a transaction does not require a journal entry, 25 write "no entry". Be sure to record enough detail to allow you to complete Part B. Explanations are not required. 26 Question On January 2, 2022, Grace Wu incorporated a boat charter business, Ride the Waves Inc., in Maitland, Nova Scotia. The following transactions 6 occurred in the first 6 months of business. 5223OON9 7 8 10 11 12 TTTL 13 14 15 16 17 18 19 20 21 22 23 24 a) January 2→ Issued 15,000 shares at $100 a share; 10,000 were issued to Grace with the remaining 5,000 issued to various local investors. b) January 25→ Borrowed and received $300,000 from the Scotiabank in Tatamagouche and signed a three year note. c) February 26→ Purchased land on the waterfront for $800,000. d) March 18 →>Paid $70,000 to a local construction company for a building that it built on the land. e) April 5-> Purchased five boats for a total price of $900,000, paid cash of $700,000 and signed a three-month note for the remainder. f) May 10→ Hired qualified sailors and crew members to begin work in June. g) May 31→ Paid $500 for advertising for the month of May. h) June 15 >Purchased supplies for $15,000. i) June 15→Billed $45,000 to customers for boat charters that had been taken place in the first fifteen days of June. i) June 25-> Received $45,000 from the customers billed on June 15th. k) June 28 →One of the other shareholders sold 50 of her shares in Boat Charters Inc. for $125 a share. 1) June 30 →Paid $8,000 to employees for the month of June. m) June 30→→Determined that the company had used $12,000 of supplies purchased on June 15. (adjusting entry) n) June 30→>Paid $4,000 for insurance coverage for July 1-December 31, 2022. o) June 30→ Billed $50,000 to customers for boat charters that had been taken place in the last fifteen days of June. p) June 30→ Received $10,000 as a deposit from customers for a charter that will occur in July, 2022. REQUIRED: Prepare general journal entries for the transactions in the January-June 2022 period. If a transaction does not require a journal entry, 25 write "no entry". Be sure to record enough detail to allow you to complete Part B. Explanations are not required. 26 Question

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