On April 1, Rita Griffin created a new travel agency, Griffin Travel. The following transactions occurred during the companys first month.

Apr. 1 Griffin invested $45,000 cash and computer equipment worth $15,600 in the company. Apr. 2 The company rented furnished office space by paying $2,500 cash for the first months (April) rent. Apr. 3 The company purchased $1,200 of office supplies for cash. Apr. 10 The company paid $2,160 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. Apr. 14 The company paid $1,680 cash for two weeks salaries earned by employees. Apr. 24 The company collected $22,000 cash for commissions earned. Apr. 28 The company paid $1,680 cash for two weeks salaries earned by employees. Apr. 29 The company paid $800 cash for minor repairs to the companys computer. Apr. 30 The company paid $400 cash for this months telephone bill. Apr. 30 Griffin withdrew $1,800 cash from the company for personal use.

Information for month-end adjustments follows:

Prepaid insurance of $120 has expired this month. At the end of the month, $950 of office supplies are still available. This months depreciation on the computer equipment is $260. Employees earned $672 of unpaid and unrecorded salaries as of month-end. The company earned $1,800 of commissions that are not yet billed at month-end.

GRIFFIN TRAVEL Balance Sheet April 30 ASSETS Current assets: $ OOOO 0 Plant assets: LIABILITIES AND EQUITY Current liabilities: $ Oo $ 0 Equity GRIFFIN TRAVEL Income Statement For Month Ended April 30 Revenues: $ 0 o Expenses: o O 0 0 0 0 0 0 Net income 0