Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On April 1 , Than Nguyen created a new travel agency, Nguyen Travel. The following transactions occurred during the company s first month. April 2

On April 1, Than Nguyen created a new travel agency, Nguyen Travel. The following transactions occurred during the companys first month.
April 2 Nguyen invested $47,000 cash and computer equipment worth $24,000 in the company.
April 3 The company rented furnished office space by paying $2,300 cash for the first months (April) rent.
April 4 The company purchased $1,200 of office supplies for cash.
April 10 The company paid $2,880 cash for a 12-month insurance policy. Coverage begins on April 11.
April 14 The company paid $1,960 cash for two weeks salaries earned by employees.
April 24 The company collected $18,000 cash for commissions revenue.
April 28 The company paid $1,960 cash for two weeks salaries earned by employees.
April 29 The company paid $650 cash for minor repairs to computer equipment.
April 30 The company paid $400 cash for this months telephone bill.
April 30 Nguyen withdrew $2,000 cash from the company for personal use.
Information for month-end adjustments follows:
Prepaid insurance of $160 expired this month.
At the end of the month, $1,100 of office supplies are still available.
This months depreciation on computer equipment is $400.
Employees earned $784 of unpaid and unrecorded salaries as of month-end.
The company earned $1,840 of commissions revenue that is not yet recorded at month-end.

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_2

Step: 3

blur-text-image_3

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

Human Resource Management

Authors: Robert L. Mathis, John H. Jackson

13th Edition

053845315X, 978-0538453158

More Books

Students also viewed these Accounting questions

Question

Solve each equation or inequality. |6x8-4 = 0

Answered: 1 week ago