ACOUNTING

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Chapter2BESTUDIANTE.xlsx
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Chapter 2

Stephanie Malavé decides to operate "Risky Sport Adventure" as a proprietorship. She starts the bussiness in March 2022.
The following activities took place.
1-Mar Mrs. Malavé receives from his mother a gift of $2,500 which she deposits in her personal bank account.
3 She opens a bank account under the name "Risky Sport Adventure" and transfers $2,000 from her personal account
to the new account.
7 Stephanie paid $275 to advertise in the local news of his town.
10 She buys supplies for $1,500, paying half in cash and the remainder on account.
12 Stephanie made an additional investment of $10,000 in cash, $1,900 in a computer and a printer and $12,000 in equipment.
14 She pays $2,800 for a one-year insurance policy that will expire on march 1, 2023.
15 Stephanie books an adventure for March 20 for $6,000. She receives 20% in advance as a downpayment.
16 Mrs. Malavé books a second adventure for April 15 for $7,800. She receives the full amount in advance as a downpayment.
20 Stephanie made the first adventure.
22 Stephanie withdraw $1,500 for personal use.
23 Stephanie paid salary of $250 for an employee that sign the contract last week.
25 The owner buys a van for $35,000 issuing a note.
GRADE
Instructions
(a) Prepare journal entries to record the March transactions. Value 100 pts. 100
(b) Post the journal entries to general ledger accounts. Value 100 pts. 100
(c ) Prepare a trial balance at Marchr 30. Value 41 pts. 41
(d) Prepare an Income Statement. Value 29 pts. 29
(e) Prepare a Owner's Equity Statement. Value 30 pts. 30
(f) Prepare a Balance Sheet. Value 40 pts. 40
Total 340
(a) Prepare journal entries to record the March transactions.
GENERAL JOURNAL J-1
Date Account Titles and Explanation Ref Debit Credit
1-Mar
3
7
10
12
14
15
16
20
22
23
25
(b) Post the journal entries to general ledger accounts.
Cash No. 101
Date Explanation Ref. Debit Credit Balance
Supplies No. 126
Date Explanation Ref. Debit Credit Balance
Accounts Receivable No. 128
Date Explanation Ref. Debit Credit Balance
Prepaid Insurance No. 130
Date Explanation Ref. Debit Credit Balance
Equipment No. 157
Date Explanation Ref. Debit Credit Balance
Notes Payable No. 200
Date Explanation Ref. Debit Credit Balance
Accounts Payable No. 201
Date Explanation Ref. Debit Credit Balance
Unearned Service Revenue No. 209
Date Explanation Ref. Debit Credit Balance
Owner's Capital No. 301
Date Explanation Ref. Debit Credit Balance
Owner's Drawings No. 302
Date Explanation Ref. Debit Credit Balance
Service Revenue No. 400
Date Explanation Ref. Debit Credit Balance
Advertising Expense No. 726
Date Explanation Ref. Debit Credit Balance
Salaries and Wages Expense No. 730
Date Explanation Ref. Debit Credit Balance
(c ) Prepare a trial balance at October 31.
INSERT THE NAME OF THE COMPANY
Trial Balance
INSERT THE DATE
(d) Prepare an Income Statement
INSERT THE NAME OF THE COMPANY
Income Statement
INSERT THE DATE
(e) Prepare a Owner's Equity Statement
INSERT THE NAME OF THE COMPANY
Owner's Equity Statement
INSERT THE DATE
(f) Prepare a Balance Sheet
INSERT THE NAME OF THE COMPANY
Balance Sheet
INSERT THE DATE