Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please show steps. thank you GL0402- Based on Problem 4-1A LO C3, P2, P3 On April 1, 2017, Than Nguyen created a new travel agency,

image text in transcribed

image text in transcribed

please show steps. thank you

GL0402- Based on Problem 4-1A LO C3, P2, P3 On April 1, 2017, Than Nguyen created a new travel agency, Nguyen Travel. The following transactions occurred during the con first month. Apr. 1 Nguyen invested $47,000 cash and computer equipment worth $24,008 in the company Apr. 2 The company rented furnished office space by paying $2,380 cash for the first month's (April) rent. Apr. 3 The company purchased $1,280 of office supplies for cash. Apr. 10 The company paid $2,880 cash for the premiun on a 12-month insurance policy. Coverage begins on April 11. Apr. 14 The company paid $1,960 cash for two weeks' salaries earned by employees Apr. 24 The company collected $18,8ae cash on commissions from airlines on tickets obtained for customers. Apr. 28 The conpany paid $1,96e cash for two weeks salaries earned by enployees. Apr. 29 The company paid $650 cash for minor repairs to the company s computer. Apr 30 The company paid $480 cash for this month's telephone bi11 Apr 38 Nguyen withdrew $2,ee8 cash from the company for personal use. Information for month-end adjustments follows: o. Two-thirds (or $160) of one month's insurance coverage has expired b. At the end of the month, $1,100 of office supplies are still avallable. c. This month's depreclation on the computer equipment is $400 d. Employees earned $784 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,840 of commissions that are not yet billed at month-end Cedge! Tiai Balance stacementners Income St Owners Balance Sheet Post Closing Journal Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Post-closing NGUYEN TRAVEL CYCLE PRACTICE SET QOlZ S3 e' ine company earnea s,84u commissions tnat are not yet billed at momnena. General Trial Balance statement Owners Balance Sheet General Requirement General ournal LedgerTrial Balance Income st Use the drop-downs to select the accounts properly included on the income statement. Th or post-closing balances will appear for each account, based on your selection. Post-closing NGUYEN TRAVEL Income Statement For Month Ended April 30, 2017 Revenues Expenses Net income Trial Halance St Owners Equity > ype here to search

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

Auditing Principles And Techniques

Authors: Prof. A.R. Solanki

1st Edition

9350533979, 9789350533970

More Books

Students also viewed these Accounting questions