Homework answers / question archive / Module 3Completing the Accounting Cycle BluJay Aviation BluJay Aviation: Episodes 3, 4, & 5 Episode 3: Wren and Brad set up their business in January

Module 3Completing the Accounting Cycle BluJay Aviation BluJay Aviation: Episodes 3, 4, & 5 Episode 3: Wren and Brad set up their business in January

Accounting

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Module 3Completing the Accounting Cycle

BluJay Aviation

BluJay Aviation: Episodes 3, 4, & 5

Episode 3: Wren and Brad set up their business in January. Follow each of the initial transactions for BluJay Aviation in their accounting system.

Episode 4: It's now the end of February, and the owners get together to discuss their first month of operation. Follow along as Wren and Brad record BluJay's transactions for the month, including any necessary adjustments.

Episode 5: In this episode of BluJay Aviation, Wren and Brad go over the accounting transactions for March and BluJay's financial statements for the first quarter.

Watch BluJay Aviation - Episodes 3 , 4,  & 5, and then complete both quizzes.

Note: Download the spreadsheets to view them instead of using the preview.

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prepaid insurance1 of 16.

accumulated depreciation2 of 16.

accounts payable3 of 16.

prepaid rent4 of 16.

accounts payable5 of 16.

accounts receivable6 of 16.

insurance expense7 of 16.

advertising revenue8 of 16.

accounts receivable9 of 16.

cash10 of 16.

rent expense11 of 16.

cash12 of 16.

revenue13 of 16.

fuel expense14 of 16.

unearned revenue15 of 16.

depreciation expense16 of 16.

- In transaction one we debit  and credit 

- In transaction two we debit  and credit 

- In transaction three we debit  and credit 

- In transaction four we debit  and credit 

- In transaction five we debit  and credit 

- In transaction six we debit  and credit 

- In transaction seven we debit  and credit 

- In transaction eight we debit  and credit 

 

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Adjusting entries never involve cash.

True

False

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A trial balance proves that total debits equals total credits.

True

False

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Companies prepare the trial balance using the balances from the journal.

True

False

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prepaid insurance1 of 15.

depreciation expense2 of 15.

rent3 of 15.

cash4 of 15.

accumulated depreciation5 of 15.

fuel expense6 of 15.

unearned revenue7 of 15.

adjusting journal entries8 of 15.

sales revenue9 of 15.

cash10 of 15.

cash11 of 15.

insurance expense12 of 15.

prepaid rent13 of 15.

accounts payable14 of 15.

accounts receivable15 of 15.

- In transaction one, we debit  and credit 

- In transaction two, we debit  and  and credit 

- In transaction three, we debit  and credit 

- Transactions one, four, five, and six are 

- In transaction four we debit  expense and credit 

- In transaction five we debit  and credit 

- In transaction six we debit  and credit .

- Adjusting entries never involve 

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journal1 of 3.

ledger2 of 3.

trial balance3 of 3.

1. A  is a listing of accounts and their balances at a specific point in time.
2. A  is a chronological record of transactions
3. A  is a collection of accounts and their balances