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:

Determination

The persistence and drive an individual shows in pursuing goals despite obstacles or challenges.

Hard Work

Exerting significant effort and perseverance to achieve goals or complete tasks, often leading to success or accomplishment.

Magic

The practice of using supernatural forces or rituals to manipulate events or achieve certain effects, often considered a part of various cultural traditions.

Situational Leadership Model

A leadership theory proposing that effective leaders adjust their style according to the maturity and competency of their followers.