20 Mar On November 1, Josh White started an amusement par
On November 1, Josh White started an amusement park. The park experienced the following transactions during the first month of operations: Nov 1. Stockholders contributed $50,000 in exchange for common stock. 2 Hired six employees to staff the park. 3 Purchased go-carts for $12,500 on account. 3 Borrowed $10,000 from bank. 3 Purchased arcade games for $4,000. 4 Paid $1,000 to advertise the park’s opening. 7 Purchased bumper boats for $11,750 on account. 10 Billed Mr. Jones $1,100 for his son’s birthday party. 11 Received cash of $2,200 for entry fees into the park. 15 Paid $5,000 cash towards go-cart bill. 20 Received $3,400 for entry fees into the park. 25 Received full payment from Mr. Jones. 28 Paid utilities in the amount of $560. 30 Paid $100 interest on loan. Required Prepare journal entries for each transaction, including explanations. View Solution: On November 1 Josh White started an amusement park The
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