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Journal , Ledger , Trail Balance

The document outlines financial transactions for Overnight Auto Services from January 31 to February 28. Key activities include recording revenue, paying wages and utilities, and advertising expenses, along with cash collections and billing for services. Additionally, a dividend of $3,200 was declared and paid to shareholders.

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6 views14 pages

Journal , Ledger , Trail Balance

The document outlines financial transactions for Overnight Auto Services from January 31 to February 28. Key activities include recording revenue, paying wages and utilities, and advertising expenses, along with cash collections and billing for services. Additionally, a dividend of $3,200 was declared and paid to shareholders.

Uploaded by

ahra8462967
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Example#2

Jan. 31 Recorded revenue of $2,200, all of which was received in cash.

Jan. 31 Paid employees’ wages earned in January, $1,200.

Jan. 31 Paid for utilities used in January, $200.

Feb. 1 Paid Daily Tribune $360 cash for newspaper advertising to be run during February

Feb. 2 Purchased radio advertising from KRAM to be aired in February. The cost was $470, payable
within 30 days.

Feb. 4 Purchased various shop supplies (such as grease, solvents, nuts, and bolts) from CAPA Auto
Parts; the cost was $1,400, due in 30 days. These supplies are expected to meet Overnight’s needs
for three or four months.

Feb. 15 Collected $4,980 cash for repairs made to vehicles of Airport Shuttle Service.

Feb. 28 Billed Harbor Cab Co. $5,400 for maintenance and repair services Overnight provided in
February. The agreement with Harbor Cab calls for payment to be received by March 10

Feb. 28 Paid employees’ wages earned in February, $4,900.

Feb. 28 Recorded $1,600 utility bill for February. The entire amount is due March 15

Feb. 28 Overnight Auto Services declares and pays a dividend of 40 cents per share to the owners of
its 8,000 shares of capital stock—a total of $3,200.

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