Prepare a trial balance in good form. In June, Arial Earhart organized a corpora
ID: 2341701 • Letter: P
Question
Prepare a trial balance in good form.
In June, Arial Earhart organized a corporation to provide aerial photography services. The company, called Arial Views, began operations immediately. The business transactions are shown below: The corporation issued 70,000 shares of capital stock to Arial Earhart in exchange for $70,000 cash Purchased a plane from Expo Aircraft for $230,000. A cash payment of $50,000 was made at the time of the purchase, and a note payable was issued for the remaining balance Issued 40,000 shares of capital stock to a new shareowner in exchange for $40,000 cash Paid Wilson Airport $2,600 to rent office and hangar space for the month Billed customers $8,320 for aerial photographs taken during first half of June Paid $5,880 in salaries earned by employees during the first half of June Paid Harry's Hangar $1,780 for maintenance and repair services on the company plane Collected $4,9p0 of the amounts billed to customers on June 15th Billed customers $16,500 for aerial photographs taken during the second half of the month Paid $5,000 in salaries earned by employees during the second half of the month Received a $2,500 bill from Petro Petroleum for aircraft fuel purchased in June The entire amount is due July 10th Recorded depreciation expense of $1,500 on company plane Declared and paid a $2,000 dividend June 1 June 4 June 5 une 9 June 15 June 15 June 24 June25 June 30 June 30 June 30 June 30 June 30Explanation / Answer
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Arial Views Account description Debit Credit Amount in $ Amount in $ Cash 47640 Accounts Receivable 19920 Aircraft Plane 230000 Accumulated Depreciation-Plane 1500 Accounts Payable(Fuel) 2500 Notes payable 180000 Common stock 110000 Dividends 2000 Fees Earned 24820 Salaries expense 10880 Rent expense 2600 Repairs and mainteance expense 1780 Fuel expense 2500 Depreciation expense 1500 318820 318820