Given the Following Transactions in the Month of July for Kootenay

question 87

Essay

Given the following transactions in the month of July for Kootenay Outdoor Adventures, prepare journal entries; and, a trial balance and balance sheet as of July 31, 2019.
a)Owner, Bill Thompson invested $35,000 cash and equipment with a value of $67,500 into the business.
b)Purchased supplies on account, $250.
c)Rented office space paying one month's rent, $950.
d)Performed guide service on account, $4,500.
e)Purchased a truck by paying $4,000 cash and signing a promissory note for the balance of $29,800.
f)Performed guiding service and immediately collected $2,900 cash.
g)Owner, Bill Thompson withdrew $900 for personal use.

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Definitions:

Norms

Culturally defined rules that outline appropriate behaviours.

Folkways

Informal norms that suggest customary ways of behaving.

Identifier Of Culture

Elements or symbols that are recognized as representing particular cultures, such as language, art, or rituals.

Values

Cultural assessments that identify something as right, desirable, and moral.