A Record the Transactions

Date General Journal Dr ($)

Asset=liabilities+Owner equity
220,000-40,000=180,000
180,000=180,000
1-Jun Cash 60,000
Pat cambell Capital

2-Jun Air Craft 220,000

Cash
Notes payable

Asset=liabilities+Owner equity
dcerease in asset( Cash payment)
expense decrease owner equity Dr
4-Jun Rent Expense 2,500
Cash

Asset=liabilities+Owner equity
15-Jun Account Receivable 8,320
Crop Dusting revenue

Asset=liabilities+Owner equity
15-Jun Salaries expense 5,880
Cash

Asset=liabilities+Owner equity
18-Jun Maintaince expense 1,890
cash

Asset=liabilities+Owner equity
incrase in asset (cash) and decrease in Asset (A/R)=0
25-Jun Cash 4,910
Account receivable

Asset=liabilities+Owner equity
increase in Asset (A/R)= L+Owner equit Incrase (Revenue)
30-Jun Account receviable 16450
crop dusting revenue

Asset=liabilities+Owner equity
30-Jun Salaraies expense 6000
Cash

Asset=liabilities+Owner equity
0=+2510-2510
30-Jun Fuel expense 2510
Accounts payable
Asset=liabilities+Owner equity

30-Jun Campell Drwaing 2000

cash
 Cr ($)

60,000

40,000
180,000

2,500

8,320

5,880

1,890

4,910

16,450

6,000
2,510

2,000
B Ledger

Dr ($) Cash Account Cr ($) Dr ($) Pat Campbell, Capital Cr ($)

1-Jun 6000 2-Jun 40000 1-Jun 60000
25-Jun 4910 4-Jun 2500

15-Jun 5880 Bal: 60000

18-Jun 1890 Dr ($) Aircraft Cr ($)

30-Jun 6000 2-Jun 220000
30-Jun 2000

Bal: 6640 Bal: 220000

Dr ($) Notes Payable Cr ($) Dr ($) Maintenance Expense Cr ($)

2-Jun 180000 18-Jun 1890

Bal: 180000 Bal: 1890

Dr ($) Rent Expense Cr ($) Dr ($) Fuel Expense Cr ($)

4-Jun 2500 30-Jun 2510

Bal: 2500 Bal: 2510

Dr ($) Accounts Receivable Cr ($) Dr ($) Account Payable Cr ($)
15-Jun 8320 1-Jun 4910 30-Jun 2510
30-Jun 16450
Bal: 2510
Bal: 19860 Dr ($) Pat Campbell, Drawings Cr ($)
Dr ($) Crop Dusting Revenue Cr ($) 30-Jun 2000
15-Jun 8320
30-Jun 16450 Bal: 2000

Bal: 24770
Dr ($) Salaries Expense Cr ($)
15-Jun 5880
30-Jun 6000

Bal: 11880
C Trial Balance
Account Dr ($) Cr ($)
Cash 6640
Accounts Receivable 19860
Aircraft 220000

Accounts Payable 2510

Notes Payable 180000

Pat Campbell, Capital 60000

Pat Campbell, Drawings 2000

Crop Dusting Revenue 24770

Salaries Expense 11880

Maintenance Expense 1890
Fuel Expense 2510
Rent Expense 2500

267280 267280
D Balance Sheet

Campbell Crop Dusting

Balance Sheet
June 30, 2001
Assets $
Current Assets
Cash 6640
Accounts receivable 19860

Fixed Assets
Aircraft 220000

246500
Liabilities $
Accounts payable 2510
Notes payable 180000
182510

Owner's Equity
Crop dusting revenue 24770
Capital 60000
Rent expense 2500
Salaries expense 11880
Maintenance expense 1890
Fuel expense 2510
Drawings 2000
63990

246500
D Income Statement

Campbell Crop Dusting

Income statement
June 30, 2001
$
Revenue 24770
Rent expense 2500
Salaries expense 11880
Maintenance expense 1890
Fuel expense 2510
Net income 5990