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On May 1, A. J. Pierzynski started AJ Flying School, a company that provides flying lessons, by investing $40,000 cash in the business. Following are the assets and liabilities of the company on May 31, 2012, and the revenues and expenses for the month of May.
Cash
$ 3,400
Notes Payable
$30,000
Accounts Receivable
4,900
Rent Expense
1,200
Equipment
64,000
Maintenance and Repairs Expense
400
Service Revenue
8,100
Gasoline Expense
2,500
Advertising Expense
600
Insurance Expense
Accounts Payable
800
A. J. Pierzynski made no additional investment in May, but he withdrew $1,500 in cash for personal use.
Instructions
(a) Prepare an income statement and owner's equity statement for the month of May and a balance sheet at May 31.
(b) Prepare an income statement and owner's equity statement for May assuming the following data are not included above: (1) $900 of revenue was earned and billed but not collected at May 31, and (2) $1,500 of gasoline expense was incurred but not paid.
Assuming Lujan Brothers Farm fulfills all the terms of the note, prepare the necessary journal entries for Jeppo Farm Equipment Company for the entire term of the note.
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