Prepare journal entries: (18) Jan 4: Purchased two seaplanes from scout aircraft at a total cost...

 

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Prepare journal entries: (18) Jan 4: Purchased two seaplanes from scout aircraft at a total cost of $790,000.paid $390,000 in cash and signed a note payable to island bank for the remainder. JAN 6: Purchased spare parts for the new planes $18,000 on account. JAN 12: Purchased land 500,000 (CASH) JAN 20: Paid 18,000 of spare parts for new planes. JAN 21: Paid $40,000 salaries to employees. JAN 22: Paid advertising expense $5,000 JAN 24: Owners withdraw $4,000 for personal use. JAN 26: Purchased furniture $300,000 and $200,000 pay with cash other amount receive within 1 month. (A) Post Journal entries to ledger account. (Above Questions) Prepare journal entries: (18) Jan 4: Purchased two seaplanes from scout aircraft at a total cost of $790,000.paid $390,000 in cash and signed a note payable to island bank for the remainder. JAN 6: Purchased spare parts for the new planes $18,000 on account. JAN 12: Purchased land 500,000 (CASH) JAN 20: Paid 18,000 of spare parts for new planes. JAN 21: Paid $40,000 salaries to employees. JAN 22: Paid advertising expense $5,000 JAN 24: Owners withdraw $4,000 for personal use. JAN 26: Purchased furniture $300,000 and $200,000 pay with cash other amount receive within 1 month. (A) Post Journal entries to ledger account. (Above Questions)

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Journal Entries for QNO 3 Jan 4 Debit Seaplanes 790000 Credit Cash 390000 Credit Notes Payable 4000... View the full answer