Acc557 Strayer Financial Accounting P2-1A Frontier Park (Journal Entries)

Financial Accounting

P2-1A   
 Frontier Park was started on April 1 by C. J. Mendez and associates.  The following selected events and transactions occurred during April. Apr. 1 Stockholders invested $40,000 cash in the business in exchange for common stock. 4 Purchased land costing $30,000 for cash. 8 Incurred advertising expense of $1,800 on account. 11 Paid salaries to employees $1,500. 12 Hired park manager at a salary of $4,000 per month, effective May 1. 13 Paid $1,500 cash for a one-year insurance policy. 17 Declared and paid a $1,000 cash dividend. 20 Received $5,700 in cash for admission fees. 25 Sold 100 coupon books for $25 each. Each book contains 10 coupons that entitle the holder to one admission to the park. 30 Received $8,900 in cash admission fees. 30 Paid $900 on balance owed for advertising incurred on April 8. Mendez uses the following accounts: Cash; Prepaid Insurance; Land; Account Payable; Unearned Admission Revenue; Common stock; Dividends; Admission Revenue; Advertising Expense; and Salaries Expense.  


 Instructions  
 Journalize the April transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.) 

BUY:  P2-1A Frontier Park

Acc557 Strayer Financial Accounting P2-2A Jane Kent is a licensed CPA

Acc557 (Acc280) Financial Accounting
P2-2A   


Jane Kent is a licensed CPA. During the first month of the operation of her business, Jane Kent, Inc. the following events and transactions occurred. May 1 Stockholders invested $25,000 cash in exchange for Common Stock. 2 Hired a secretary-receptionist at a salary of $2,000 per month. 3 Purchased $2,500 of supplies on account from Read Supply Company. 7 Paid office rent of $900 cash for the month. 11 Completed a tax assignment and billed client $2,100 for services provided. 12 Received $3,500 advance on a management consulting engagement. 17 Received cash of $1,200 for services completed for H. Arnold Co. 31 Paid secretary-receptionist $2,000 salary for the month. 31 Paid 40% of balance due Read Supply Company. Jane uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 126 Supplies, No. 201 Accounts Payable, No. 205 Unearned Revenue, No. 311 Common Stock, No. 400 Service Revenue, No. 726 Salaries Expense, and No. 729 Rent Expense.  


Instructions  
(a) Journalize the transactions. (If there is no transaction, enter No entry as the description and 0 for the amount.) 
(b) Post to the ledger accounts.  (If answer is zero, please enter 0. Do not leave any fields blank.) 
(c) Prepare a trial balance on May 31, 2008. (If answer is zero, please enter 0. Do not leave any fields blank.) 

BUY:  P2-2A Jane Kent