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:

Standard Normal Distribution

A type of normal distribution where the mean is 0 and the standard deviation is 1, used in statistics for z-score calculations.

Variance

A statistical measurement of the dispersion or spread of a set of data points, indicating how much the individual data points differ from the mean.

Normally Distributed

Relates to a distribution that follows a normal distribution, with data symmetrically distributed around the mean.

Gasoline Prices

The cost per unit volume of gasoline, which can fluctuate based on several factors including crude oil prices, demand, taxes, and regulations.