Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On April 1, 2017, Debble Hall created a new travel agency. Hall Travel. The following transactions occurred during the company's first month. Apr. Apr.
On April 1, 2017, Debble Hall created a new travel agency. Hall Travel. The following transactions occurred during the company's first month. Apr. Apr. Apr. 1 Hall invested $44,880 cash and computer equipment worth $15,888 in the company. 2 The company rented furnished office space by paying $2,488 cash for the first month's (April) rent. 3 The company purchased $2,488 of office supplies for cash. Apr. 18 The company paid $1,800 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. Apr. 14 The company paid $1,540 cash for two weeks salaries earned by employees. Apr. 24 The company collected $28,000 cash on commissions from airlines on tickets obtained for customers. Apr. 28 The company paid $1,548 cash for two weeks' salaries earned by employees. Apr. 29 The company paid $650 cash for minor repairs to the company's computer. Apr. 38 The company paid $750 cash for this month's telephone bill. Apr. 38 Hall withdrew $1,780 cash from the company for personal use. Information for month-end adjustments follows: a. Two-thirds (or $100) of one month's Insurance coverage has expired. b. At the end of the month, $900 of office supplies are still available. c. This month's depreciation on the computer equipment is $250. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,790 of commissions that are not yet billed at month-end. Answer is not complete. St Owners Equity Balance Sheet Post Closing Requirement General Journal General Ledger Trial Balance Income Statement Prepare the required journal entries, adjusting entries, and closing entries for Hall Travel. No 1 Date Apr 01 Cash Computer equipment D. Hall, Capital 2 Apr 02 Rent expense 3 Apr 03 4 Apr 10 5 Apr 14 6 Apr 24 7 Apr 28 8 Apr 29 9 Apr 30 10 Apr 30 Cash Office supplies Cash Prepaid insurance Cash Salaries payable Cash Commissions earned Cash Salaries payable Cash Account Title Office supplies expense Cash Telephone expense Cash D. Hall, Withdrawals Cash > > > > > > Debit Credit 44,000 15,000 59,000 2,400 2,400 2,400 2,400 1,800 10 1,800 1,540 1,540 20,000 20,000 1,540 1,540 650 650 750 750 1,700 10 1,700
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started