You are to record transactions in a two-column general journal. Assume that the fiscal period is...

 

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You are to record transactions in a two-column general journal. Assume that the fiscal period is one month. You will then be able to complete all of the steps in the accounting cycle. When you are analyzing the transactions, think them through by visualizing the T accounts or by writing them down on scratch paper. For unfamiliar types of transactions, specific instructions for recording them are included. However, reason them out for yourself as well. Check off each transaction as it is recorded. July 1 Judar deposited $135,000 in a bank account for the purpose of buying Blast Off! The business is a recreation area offering three large waterslides (called "tubes")-one children's slide, an inner tube run, and a looping extreme slide. 2 Bought Blast Off! in its entirety for a total price of $540,800. The assets include pool furniture, $3,800; the pool/slide facility (includes filter system, pools, pump, and slides), $148,800; building, $96,200; and land, $292,000. Paid $120,000 down and signed a mortgage note for the remainder. 2 Received and paid the bill for a one-year premium for insurance, $12,240. 2 Bought 125 inner tubes from Worn Tires for $1,225, paying $500 down, with the remainder due in 20 days. 3 Signed a contract with a video game company to lease space for video games and to * You are to record transactions in a two-column general journal. Assume that the fiscal period is one month. You will then be able to complete all of the steps in the accounting cycle. When you are analyzing the transactions, think them through by visualizing the T accounts or by writing them down on scratch paper. For unfamiliar types of transactions, specific instructions for recording them are included. However, reason them out for yourself as well. Check off each transaction as it is recorded. July 1 Judar deposited $135,000 in a bank account for the purpose of buying Blast Off! The business is a recreation area offering three large waterslides (called "tubes")-one children's slide, an inner tube run, and a looping extreme slide. 2 Bought Blast Off! in its entirety for a total price of $540,800. The assets include pool furniture, $3,800; the pool/slide facility (includes filter system, pools, pump, and slides), $148,800; building, $96,200; and land, $292,000. Paid $120,000 down and signed a mortgage note for the remainder. 2 Received and paid the bill for a one-year premium for insurance, $12,240. 2 Bought 125 inner tubes from Worn Tires for $1,225, paying $500 down, with the remainder due in 20 days. 3 Signed a contract with a video game company to lease space for video games and to *

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Step No 1 It is required to prepare adjusting trial balance Adjusted trial balance is recording of a... View the full answer