Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On April 1, Patricia Johnson established Crane's Travel Agency. The following transactions were completed during the month. Shareholders invested NT$16,000 cash in the business

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

On April 1, Patricia Johnson established Crane's Travel Agency. The following transactions were completed during the month. Shareholders invested NT$16,000 cash in the business in exchange for ordinary shares. 1. 2. Paid NT$500 cash for April office rent. 3. Purchased equipment for NT$2,100 cash. 4. Incurred NT$600 of advertising costs for Facebook ads, on account. 5. 6. Paid NT$800 cash for office supplies. Performed services worth NT$10,000: NT$3,300 cash is received from customers, and the balance of NT$6,700 is billed to customers on account. 7. Declared and paid NT$600 dividend. 8. Paid Facebook NT$400 of the amount due in transaction (4). 9. Paid employees' salaries NT$2,800. 10. Received NT$3,700 in cash from customers who have previously been billed in transaction (6).

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

Introduction to Management Accounting

Authors: Charles Horngren, Gary Sundem, Jeff Schatzberg, Dave Burgsta

16th edition

978-0133058819, 9780133059748, 133058816, 133058786, 013305974X , 978-0133058789

More Books

Students also viewed these Accounting questions

Question

Where in the hiring process are you?

Answered: 1 week ago