Financial Accounting

Problem 3.5 Campbell Crop Dusting


CAMBELL CROP - DUSTING

GENERAL JOURNAL

Date

Account Title & Explanation

Debit

Credit

01/June/2001

Cash

60000

 

 

Pat Campbell, Capital

 

60000

 

Invest cash into business

 

 

02/June/2001

Aircraft

220000

 

 

Cash

 

40000

 

Note Payable

 

180000

 

Purchase Aircraft on Cash & Credit

 

 

04/June/2001

Rent Expense

2500

 

 

Cash

 

2500

 

Paid rent for Woodrow Aircraft

 

 

15/June/2001

Account Receivable

8320

 

 

Crop Dusting Revenue

 

8320

 

Crop Dusting service rendered

 

 

15/June/2001

Salaries Expense

5880

 

 

Cash

 

5880

 

Paid salaries to employees

 

 

18/June/2001

Maintenance Expense

1890

 

 

Cash

 

1890

 

Paid Maintenance Expense

 

 

25/June/2001

Cash

4910

 

 

Account Receivable

 

4910

 

Cash received from creditor

 

 

30/June/2001

Account Receivable

16450

 

 

Crop Dusting Revenue

 

16450

 

Crop Dusting service rendered

 

 

30/June/2001

Salaries Expense

6000

 

 

Cash

 

6000

 

Paid Salaries to employees

 

 

30/June/2001

Fuel Expense

2510

 

 

Account payable

 

2510

 

Received fuel bill

 

 

30/June/2001

Pat Campbell, Drawings

2000

 

 

Cash

 

2000

 

Withdrew cash for personal use

 

 




 



Ledger Accounts

 

Cash Account

Pat Campbell, Capital  

01/June

6000

02/June

40000

 

 

01/June

60000

25/June

4910

04/June

2500

 

 

 

 

 

 

15/June

5880

 

 

 

Bal: 60000

 

 

18/June

1890

Aircraft

 

 

30/June

6000

02/June

220000

 

 

 

 

30/June

2000

 

 

 

 

 

Bal: 6640

 

 

 

Bal: 220000

 

 

Notes Payable

Maintenance Expense

 

 

02/June

180000

18/June

1890

 

 

 

 

 

 

 

 

 

 

 

 

 

Bal: 180000

 

Bal: 1890

 

 

Rent Expense

Fuel Expense

04/June

2500

 

 

30/June

2510

 

 

 

 

 

 

 

 

 

 

 

Bal: 2500

 

 

 

Bal: 2510

 

 

Account Receivable

Account Payable

15/June

8320

01/June

4910

 

 

30/June

2510

30/June

16450

 

 

 

 

 

 

 

 

 

 

 

 

 

Bal: 2510

 

Bal: 19860

 

 

Pat Campbell, Drawings

Crop Dusting Revenue

30/June

2000

 

 

 

 

15/June

8320

 

 

 

 

 

 

30/June

16450

 

Bal: 2000

 

 

 

 

 

 

 

 

 

 

Bal: 24770

 

Salaries Expense

 

15/June

5880

 

 

 

30/June

6000

 

 

 

 

 

 

 

 

 

Bal: 11880

 

 

 

 


CAMBELL CROP - DUSTING

TRIAL BALANCE

30 - JUNE - 2001

Cash

6640

 

Account Receivable

19860

 

Aircraft

220000

 

 

 

 

Account Payable

 

2510

Note Payable

 

180000

 

 

 

Owner’s Equity

 

60000

Pat Campbell, Drawings

2000

 

 

 

 

Crop Dusting Revenue

 

24770

 

 

 

Salaries Expense

11880

 

Maintenance Expense

1890

 

Fuel Expense

2510

 

Rent Expense

2500

 

 

 

 

 

267280

267280


 Note: All the values are in Dollar ($).


financial accounting

January 20, 2017