16:05 Question 1 Not yet answered Marked out of 1.00 P Flag question Mary Jane opened her new retail business of selling scented candles called Jasmine Inc., on April 1, 2020 with a cash investment of $20,000. Jasmine Inc. follows the fiscal year starting April 1 and adjusts monthly. The following activities/transactions occurred during the month of April 2020: April 1 Mary Jane invested $20,000 cash to start the business April 1 Mary Jane paid $12,000 cash for 6-months' rent extending from April 1 till September 30, 2020 April 2 Paid $1,800 cash for a 2-year insurance policy, effective April 1, 2020 April 2 Hired 2 salespeople for $450 each one. payable on a biweekly basis every Saturday for the 12 days' work, Monday till Saturday. April 3 paid for furniture through a bank note from NBAD Bank for the amount of $60,000. The hote is for 5 years and charges 6% interest. Consider the partial month as a full month) April 4 Jasmine bought 300 candles from Tulip Co for $8 each, FOB Shipping point, terms 3/10-n/30. The responsible party paid $ 60 transportation fees April 5 Bought $250 worth of supplies from Malik's Bookshop by paying cash. April Sold 120 candles to Forever Bliss Wedding Planners for $13 each, FOB Destination, terms 1/10-n/60. The responsible party paid $10 shipment fees. The cost of each candle was $8. 10 16:05 Question 1 Not yet answered Marked out of 1.00 P Flag question Mary Jane opened her new retail business of selling scented candles called Jasmine Inc., on April 1, 2020 with a cash investment of $20,000. Jasmine Inc. follows the fiscal year starting April 1 and adjusts monthly. The following activities/transactions occurred during the month of April 2020: April 1 Mary Jane invested $20,000 cash to start the business April 1 Mary Jane paid $12,000 cash for 6-months' rent extending from April 1 till September 30, 2020 April 2 Paid $1,800 cash for a 2-year insurance policy, effective April 1, 2020 April 2 Hired 2 salespeople for $450 each one. payable on a biweekly basis every Saturday for the 12 days' work, Monday till Saturday. April 3 paid for furniture through a bank note from NBAD Bank for the amount of $60,000. The hote is for 5 years and charges 6% interest. Consider the partial month as a full month) April 4 Jasmine bought 300 candles from Tulip Co for $8 each, FOB Shipping point, terms 3/10-n/30. The responsible party paid $ 60 transportation fees April 5 Bought $250 worth of supplies from Malik's Bookshop by paying cash. April Sold 120 candles to Forever Bliss Wedding Planners for $13 each, FOB Destination, terms 1/10-n/60. The responsible party paid $10 shipment fees. The cost of each candle was $8. 10
