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need Statement of owners equity On April 1, Rick Mitchell created a new travel agency, Mitchell Travel. The following transactions occurred during the company's first
need Statement of owners equity
On April 1, Rick Mitchell created a new travel agency, Mitchell Travel. The following transactions occurred during the company's first month. April 2 Mitchell invested $38,000 cash and computer equipment worth $18,600 in the company. April 3 The company rented furnished office space by paying $2,200 cash for the first month's (ApriL) rent. April 4 The company purchased $2,200 of office supplies for cash. April 10 The company paid $1,800 cash for a 12 -month insurance policy. Coverage begins on April 11. April 14 The company paid $1,540 cash for two weeks' salaries earned by employees. April 24 The company collected $16,00 cash for commissions revenue. April 28 The company paid $1,540 cash for two weeks' salaries earned by employees. April 29 The company paid $650 cash for ainor repairs to computer equipment. April 30 The company paid $650 cash for this month's telephone bill. April 30 Mitchell withdrew $1,700 cash from the company for personat use. Information for month-end adjustments follows: a. Prepaid insurance of $100 expired this month. b. At the end of the month, $650 of office supplies are still available. c. This month's depreciation on computer equipment is $310. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,850 of commissions revenue that is not yet recorded at month-end. The unadjusted or adjusted balances will appear for each account, based on your selection. Note: Selecting Post-Closing will only display ending capital Step by Step Solution
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