Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30.

a. Received $86,000 cash when issuing 8,600 new common shares. b. Purchased some land by paying $5,000 cash and signing a note payable for $6,500 due in three years. c. Hired a new aesthetician for a salary of $1,600 a month, starting next month. d.

NGS purchased a company car for $24,000 cash (list price of $27,000) to assist in running errands for the business.

e. Bought and received $1,050 in supplies for the spa on credit. f. Paid $150 of the amount owed in (e). g. Nicole sold 100 of her own personal shares to Raea Gooding for $900.

1. Prepare journal entries for each of the entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

2. Assuming that the beginning balances in each of the accounts are zero, complete T-accounts to summarize the transactions (a)(g).

3. Calculate the current ratio at April 30