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Ans this Questions Please. On April 1, Mackengy King Travel Agency began operations. The following transactions were completed during the month. April. 1 Owner invested
Ans this Questions Please.
On April 1, Mackengy King Travel Agency began operations. The following transactions were completed during the month. April. 1 Owner invested $24,000 in the business. 2 Obtained a bank loan for $7,000 by issuing a note payable. 3 Paid $11,000 cash to buy equipment. 4 Paid $1,200 cash for April office rent. 5 Paid $1,450 for supplies. 6 Purchased $600 of advertising in the Daily Herald, on account. 7 Performed services for $18,000: cash of $2,000 was received from customers, and the balance of $16,000 was billed to customers on account. 8 Cash withdrawal of $400 by owner for personal use. 9 Paid the utility bill for the month, $2,000. 10 Paid Daily Herald the amount due in transaction (6). 11 Paid $40 of interest on the bank loan obtained in transaction (2). 12 Paid employees' salaries and wages, $6,400. 13 Received $12,000 cash from customers billed in transaction (7). Instructions (a) Journalize the April transactions. (Use J1 for the journal page number.) (b) Open ledger accounts and post the April transactions. (2) Prepare a trial balance at April 30, 2017. () Prepare income Statement, Equity Statement and Balance Sheet for the MonthStep by Step Solution
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