Emily Lee grew up in Vancouver and loves to be a tourist in her own...

60.1K

Verified Solution

Question

Accounting

Emily Lee grew up in Vancouver and loves to be a tourist in her own city. In order to make money to pay for university, she opened a walking tour company. Very Vancouver. The following are transactions for the month of May 2023, the first month of operations.
May 1 Enily moved $9,550 from her personal bank account to a business bank account at TD Bank. She also invested a laptop worth $1,332 into the business.
May 1 Purchased a one-year insurance policy for $2,160 cash.
May 3 Purchased supplies, including a microphone, and brochures for $855 cash.
May 4 Purchased a printer for $324 on account.
May 6 Emily withdrew $214 for a Mother's Day gift.
May 8 Interviewed and hired one employee to assist with leading tours.
May 10 Emily launched a social media campaign of Very Vancouver on Facebook. As a result, she received $2,125 of cash for future tour bookings.
May 15 Led three tours of Stanley Park and received $1,020 cash.
May 25 Led four tours of Granville Island, for $1,170. The customers on this tour had prepaid on May 10.
The following information is known at May 31,2023.
The laptop has an estimated life of three years.
The printer has an estimated life of three years.
There are $285 of supplies that are not used.
A portion of the insurance policy has expired.
Wages of $625 were unpaid and unrecorded.
Required
1-0. Prepare journal entries for the May transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students