Financial Accounting
Problem 3.5 Campbell Crop Dusting
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CAMBELL CROP - DUSTING |
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GENERAL JOURNAL |
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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 |
|
|
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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 |
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|
01/June |
6000 |
02/June |
40000 |
|
|
01/June |
60000 |
|
25/June |
4910 |
04/June |
2500 |
|
|
|
|
|
|
|
15/June |
5880 |
|
|
|
Bal: 60000 |
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|
|
18/June |
1890 |
Aircraft |
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|
|
|
30/June |
6000 |
02/June |
220000 |
|
|
|
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|
30/June |
2000 |
|
|
|
|
|
|
Bal: 6640 |
|
|
|
Bal: 220000 |
|
|
|
Notes Payable |
Maintenance Expense |
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|
|
|
02/June |
180000 |
18/June |
1890 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Bal: 180000 |
|
Bal: 1890 |
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Rent Expense |
Fuel Expense |
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04/June |
2500 |
|
|
30/June |
2510 |
|
|
|
|
|
|
|
|
|
|
|
|
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Bal: 2500 |
|
|
|
Bal: 2510 |
|
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|
Account Receivable |
Account Payable |
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|
15/June |
8320 |
01/June |
4910 |
|
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30/June |
2510 |
|
30/June |
16450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Bal: 2510 |
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Bal: 19860 |
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|
Pat Campbell, Drawings |
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|
Crop Dusting Revenue |
30/June |
2000 |
|
|
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|
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|
15/June |
8320 |
|
|
|
|
|
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30/June |
16450 |
|
Bal: 2000 |
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|
|
|
|
|
|
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|
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|
Bal: 24770 |
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Salaries Expense |
|
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|
15/June |
5880 |
|
|
|
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|
30/June |
6000 |
|
|
|
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|
|
|
|
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Bal: 11880 |
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|
CAMBELL CROP - DUSTING |
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|
TRIAL BALANCE |
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|
30 - JUNE - 2001 |
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|
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 ($).
January 20, 2017