K’s Bounce House Adventures rents bounce houses to individuals and corporations for parties. K’s has the following transactions during the month of February. Record the necessary journal entries.

Feb 2 – K’s agrees to provide a bounce house for a corporate function on February 10 for $300. The companies sign a contract stating that payment will be made on the date of the function.

Feb 4 – K’s provides a bounce house for a birthday party and gets paid at the end of the party, $250.

Feb 5 – K’s provides two bounce houses for a town picnic, $700. K’s must bill the town and will receive payment within 30 days.

Feb 7 – K’s signs a contract to provide a bounce house for a birthday party on Feb 20 for $350. The contract requires the customer to pay 50% of the balance today and the rest the day of the party.

Feb 10 – K’s provides the bounce house for the contract signed on Feb 2 and is paid.

Feb 13 – K’s provides a bounce house for a function booked in January. The customer paid the entire amount of the contract, $275, when the function was booked.

Feb 20 – K’s provides the bounce house for the contract signed on Feb 7 and is paid the remaining balance.

Feb 25 – K’s receives the payment from the town event on Feb 5.

Rev2 Rev3

Share This:

Related pages

how to calculate annuity present valuecalculate how much federal tax should be withheldexamples of variable overheadscash received from customers journal entryearning statement templatemanufacturing overhead costs formulaifrs warranty revenue recognitiondefine variable costingsingle overhead ratebad debt expense formularetained earnings statement templatejournal entry for advertising expensejournal entry worksheet accountingwages deductions calculatordefine asset turnovercosts of goods sold equationprepaid expenses treatment in balance sheet150 double declining balance depreciation calculatorpresent value chart $1order in which a company prepares financial statementsdeferred revenue in balance sheetjournalize and post closing entriesreversing entries definitionjournalizing adjusting entriesreconciling cashhow to calculate sg&aabsorbing costingwhen are product costs expensedhow do you figure out retained earningscalculate overhead rate formulajournal entry to write off bad debtcalculate closing inventoryhow to do unadjusted trial balancejournal entry for salary paid to employeesbond valuation sample problemsacquisition accounting journal entriesgross accounts receivable formulastock costing methodsexample of prepaid expensesjournal entry for accrued payrollperpetual vs periodic inventory systemstandard cost per unit formulaincome stmtdays payable outstanding calculatorgross sales equationthe journal entry to close revenues would becredit sales on balance sheetlifo and fifo examplepayroll journal entry examplevehicle salvage value calculatoran ordinary annuitycorrecting entry accountingrecording accounts receivableaverage inventory equationsteps for activity based costingweighted average method of inventory valuationsamples of income statementshow to close cash dividends journal entryunpaid salaries adjusting entrywhat are the steps necessary to reconcile a bank statementhow much fica does employer paystockholders limited liabilitygp calculation formulaperiodic inventory system vs perpetual inventory systemwhat is accounting equationhow to calculate simple interest loanaccounts receivable financial statementpv discount factordefine unearned incomefifo perpetual inventory exampleplant overhead costjournal entry for sale of assettrial balance practice problemsservice charge reconciliationpremium on bond payablehow to calculate present value of an annuitypv annuity factor formula