P4 - Lastly, the transaction is classified as...

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June 2 Cash 7200 Patel, Capital 7200 Placed money in business account 3 Supplies 150 Accounts Payable 150 Purchased supplieso on account 4 Equipment 2500 Cash 1200 Accounts Payable 1300 Bought bikes. Paid partly with cash and the rest on account 5 Building 2900 Cash 2900 Bought shed for storage 8 Building 400 Cash 400 Cost of installing shed 10 Maintenance 75 Cash 75 Maintenance man cleaned the grounds 13 Cash 970 Bike Rental Revenue 970 Bike rental revenue 17 Accounts Payable 150 Cash 150 Paid for supplies 18 Bike Repairs 55 Cash 55 Bike repairs 23 Accounts Reveivable 110 Bike Rental Revenue 110 Billed company for bike rentals 25 Concession Fee Expense 100 Cash 100 Paid for right to operate bike concession 27 Cash 960 Bike Rental Revenue 960 Bike Rentals 29 Salary Expense 240 Cash 240 Paid assistant 30 Patel, Withdrawal 500 Cash 500 Cash withdrawal 16310 16310 4. On June 3 Patel purchases supplies on account. The transaction is reported at this date because the supplies actually change hands from the supplier to Patel. The value given to the transaction is the amount of cash that is given to the supplier.
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Unformatted text preview: Lastly, the transaction is classified as "Accounts Payable" because Patel still owes money for the supplies that he received. Cash Bicycles June 2 7200 June 4 1200 June 4 2500 13 970 5 2900 27 960 8 400 Patel, Capital 10 75 June 2 7200 17 150 18 55 Patel, Withdrawals 25 100 June 30 500 29 240 30 500 Rental Revenue 9130 5620 June 13 970 Bal. 3510 23 110 27 960 Accounts Receivable Bal. 2040 June 23 110 Wages Expense Supplies June 29 240 June 3 150 Maintenance Expense Shed June 10 75 June 5 2900 8 400 Repair Expense Bal. 3300 June 18 55 Accounts Payable Concession Fee Expense June 17 150 June 3 150 June 25 100 4 1300 150 1450 Bal. 1300 Melvin Patel's Bicycle Business Trial Balance June 30, 2011 Cash $3,510 Accounts Receivable 110 Supplies 150 Shed 3300 Bicycles 2,500 Patel, Withdrawals 500 Wages Expense 240 Maintenance Expense 75 Repair Expense 55 Concession Fee Expense 100 Accounts Payable $1,300 Patel, Capital 7,200 Rental Revenue 2,040 $10,540 $10,540...
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P4 - Lastly, the transaction is classified as...

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