Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On April 1, 2017, Kay Wright created a new travel agency, Wright Travel. The following transactions occurred during the company's first month Apr. 1 Wright

image text in transcribed
image text in transcribed
On April 1, 2017, Kay Wright created a new travel agency, Wright Travel. The following transactions occurred during the company's first month Apr. 1 Wright invested $36,000 cash and computer equipment worth $17,400 in the company in exchange for common stock. Apr. 2 The company rented furnished office space by paying $2,eee cash for the first month's (April) rent. Apr Apr. 10 The company paid $3,240 cash for the premium on a 12-month insurance policy. Coveragelbegins on April 11. Apr. 14 The company paid $2,100 cash for two weeks' salaries earned by employees. Apr. 24 The company collected $12,000 cash on commissions from airlines on tickets obtained for customers. Apr. 28 The company paid $2,100 cash for two weeks' salaries earned by employees. Apr. 29 The company paid $800 cash for minor repairs to the company's computer. Apr. 30 The company paid $550 cash for this month's telephone bill. Apr. 30 The company paid $2,100 cash in dividends. Information for month-end adjustments follows: a. Two-thirds (or $180) of one month's insurance coverage has expired. b. At the end of the month $1,100 of office supplies are still available. c. This month's depreciation on the computer equipment is $290. d. Employees earned $840 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. Requirement General Journal General Ledger Trial Balance Income Statement St Retained Earnings Balance Sheet Post Closing the General Jowenal General Ledgere Frial Balance Income statement St Petained earnings Balance Sheet Post Closing

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Philosophy Of Auditing

Authors: Robert K. Mautz

19th Edition

0865390029, 978-0865390027

More Books

Students also viewed these Accounting questions

Question

The issue of a common stock for cash will be shown as a

Answered: 1 week ago