Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. party time amusements company owns movie theaters.

Party Time Amusements Company owns movie theaters. Party Time engaged in the following business transactions...

90.2K

Verified Solution

Question

Accounting

image
image
Party Time Amusements Company owns movie theaters. Party Time engaged in the following business transactions in 2015: January 1 Darrell Palusky invested $350,000 personal cash in the business by depositing that amount in a bank account titled Party Time Amusements. The business gave capital to Palusky. 2 Paid $320,000 cash to purchase a theater building. 5 Borrowed $220,000 from the bank. Palusky signed a note payable to the bank in the name of Party Time. 10 Purchased theater supplies on account, $1,000 15 Paid $600 on account. 15 Paid property tax expense on theater building. $350. 16 Paid employees' salaries $2,900, and rent on equipment $1,300. 28 Palusky withdrew $8,000 30 Received $20,000 cash from service revenue and deposited that amount in the bank Party Time Amusements uses the following accounts: Cash Supplies Building Accounts Payable Notes Payable Darrell Palusky, Capital Withdrawals Service Revenue Salary Expense Rent Expense Property Tax expense Required: - Balance Sheet accounts'ending balances as of January 31, 2020. - Balances of the Income Statement accounts for the month ended January 31, 2020

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

17 Hint Draw a right triangle 7 Evaluate sin arccos

Calculus
Q

The SAT is the most widely used college admission exam. (Most community colleges do not require...

Basic Math
Q

Which of the following is INCORRECT when considering how to identify the successful incorporation of a...

Biology
Q

There is an ongoing debate in the organizational behavior field as to whether one should consider...

General Management
Q

Consider the subgroup H={R0,R180} of D6. List the elements of the factor group D6/H.

Advance Math
Q

What are the factors that contribute to credit risk of corporate bonds(please explain in detail)

Finance
Q

LG is putting together the financials for january 2022. you are the property accountant on...

Accounting
Q

The actual number of patients at Providence Emergency Medical Clinic for...

Accounting
Q

3. Find the average stock from an activewear department's inventory figures

Accounting
Q

Q4. Explain briefly the important uses of cash flow budget in farming. ...

Accounting
Q

2. The Samuelson Company uses a job-order costing system. The following data were recorded for...

Accounting
Q

Need help! MIRR A project has an initial cost of $45,000,...

Finance