Part B - Recording Journal Entries (13 marks) James Haley owned a sailboat and was...
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Part B - Recording Journal Entries (13 marks) James Haley owned a sailboat and was tired of his current job. He decided to start a company, Haley Co. that provides day sails to tourists in his hometown. May 1 May 2 May 3 May 4 Haley invested $20,000 cash and his sailboat valued at $90,000 in the company in exchange for its common stock. Haley Co. paid $3,000 cash for office equipment to help keep track of business activities. Haley Co. bought sailing supplies costing $2,500 on credit. Haley Co. negotiated with the harbormaster and paid $500 cash for the first month's dock rental fee. Haley Co. paid $1,800 cash for a six-month insurance policy. Haley Co. received $2,000 cash from clients for its first tour. Haley Co. provided a $3,500 tour on credit. The customer has agreed to pay within 10 days. Haley Co. paid for the sailing supplies originally purchased on May 3. Haley Co. received payment on the account from the client entry on May May 5 May 10 May 12 May 19 May 22 12. May 25 May 31 May 31 Haley Co. received $2,750 cash for additional tours provided. Haley Co. paid its employee a salary of $1,000. Haley Co. paid a $2,000 cash dividend. Required: Prepare journal entries to record each transaction. (Explanations are NOT required)
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