Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slides for parties and corporate events. The company also has obtained the use of an abandoned ice rink located in a local shopping mall, where its rental products are displayed and available for casual hourly rental by mall patrons. The following transactions occurred during the first month of operations.
1.Jessica contributed $42,000 cash to the company on June 1 in exchange for its common stock.
2.Purchased inflatable rides and inflation equipment on June 2, paying $26,550 cash.
3.Received $9,200 cash from casual hourly rentals at the mall on June 3.
4.Rented rides and equipment to customers for $11,150. Received cash of $4,800 on June 4 and the rest is due from customers.
5.Received $5,200 from a large corporate customer on June 5 as a deposit on a party booking for July 4.
6.Began to prepare for the July 4 party by purchasing various party supplies on June 6 on account for $860.
7.On June 7, paid $10,150 in cash for renting the mall space this month.
8.On June 8, prepaid next month’s mall space rental charge of $10,150.
9.Received $1,800 on June 9 from customers on accounts receivable.
10.Paid $2,800 for running a television ad on June 10.
11.Paid $5,000 in wages to employees on June 30 for work done during the month.
Prepare the journal entry for each of the above transactions.
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Jessica Pothier opened FunFlatables on June 1. The company rents out moon walks and inflatable slide...
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