Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable...
50.1K
Verified Solution
Question
Accounting
Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slides for parties and corporate events. The company also has obtained the use of an abandoned ice rink located in a local shopping mall, where its rental products are displayed and available for casual hourly rental by mall patrons. The following transactions occurred during the first month of operations. |
1. | Jessica contributed $42,000 cash to the company on June 1 in exchange for its common stock. | |
2. | Purchased inflatable rides and inflation equipment on June 2, paying $26,550 cash. | |
3. | Received $9,200 cash from casual hourly rentals at the mall on June 3. | |
4. | Rented rides and equipment to customers for $11,150. Received cash of $4,800 on June 4 and the rest is due from customers. | |
5. | Received $5,200 from a large corporate customer on June 5 as a deposit on a party booking for July 4. | |
6. | Began to prepare for the July 4 party by purchasing various party supplies on June 6 on account for $860. | |
7. | On June 7, paid $10,150 in cash for renting the mall space this month. | |
8. | On June 8, prepaid next months mall space rental charge of $10,150. | |
9. | Received $1,800 on June 9 from customers on accounts receivable. | |
10. | Paid $2,800 for running a television ad on June 10. | |
11. | Paid $5,000 in wages to employees on June 30 for work done during the month.
|
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.