On August 1, 2014, Delanie Tugut began a tour company in the Northwest Territori

Question

On August 1, 2014, Delanie Tugut began a tour company in the Northwest Territories called Tugut Arctic Tours. The following occurred during the first month of operations Aug. 1 Purchased office furniture on account; $5,300. 1 Delanie Tugut invested $7,100 cash into her new business. 2 Collected $4,050 in advance for a three-week guided caribou hunt beginning the last week of August. 3 Paid $6,150 for six months' rent for office space effective August 1. 4 Received $3,100 for a four-day northern lights viewing tour just completed. 7 Paid $1,550 for hotel expenses regarding the August 4 tour. 15 Delanie withdrew cash of $600 for personal use. 22 Met with a Japanese tour guide to discuss a $155,000 tour contract. 31 Paid wages of $1,310.

Explanation / Answer

01-08-14 Cash A/c Dr 7100 to Capital A/c 7100 01-08-14 Furniture A/c Dr 5300 to Cash 5300 02-08-14 Cash A/c Dr 4050 to Advance from Customer A/c 4050 03-08-14 Advance Rent A/c dr 6150 to Cash A/c 6150 04-08-14 Cash A/c dr 3100 to Revenue A/c 3100 07-08-14 Hotel Exp A/c 1550 to Cash 1550 15-08-14 Capital A/c 600 to Cash 600 22-08-14 NO ENTRY 0 0 31-08-14 Wages A/c 1310 to Cash 1310 31-08-14 Customer A/c 2700 to Revenue A/c 2700 31-08-14 Rent A/c dr 1025 to Advance Rent 1025 31-08-14 Telephone Exp 330 to Telephone exp Payable 330 31-08-14 Depreciation A/c dr 105* to Furniture 105 *Depreciation `(5300-260)/48

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