Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

tes a. Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting

tes a. Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting a new business. Here are some transactions that have occurred prior to April 30. 2. Assuming that the beginning balances in each of the accounts are zero, complete T-accounts to summarize the transactions in (a)-(g). a. a. Received $84,000 cash when issuing 8,400 new common shares. b. Purchased land by paying $4,000 cash and signing a note payable for $5,500 due in three years. c. Hired a new aesthetician for a salary of $1,400 a month, starting next month. d. NGS purchased a company car for $22,000 cash (list price of $25,000) to assist in running errands for the business. e. Bought and received $950 in supplies for the spa on credit. f. Paid $130 of the amount owed in (e). g. Nicole sold 100 of her own personal shares to Raea Gooding for $700. Beginning Balance Debit Ending Balance Debit Beginning Balance Cash 0 84,000 Equipment Credit Saved 84,000 Credit Beginning Balance Ending Balance Debit b. Debit Beginning Balance Supplies Land 4,000 Credit Credit Help Save & CI
image text in transcribed
image text in transcribed
image text in transcribed
Nicole has decided that she is going to start her business, Nicole's Getaway Spa (NGS). A lot has to be done when starting o new business. Here are some transactions that have occurred prior to April 30 . a. Received $84,000 cash when issuing 8,400 new common shares. b. Purchased land by paying $4,000 cash and signing a note payable for $5,500 due in three years. c. Hired a new aesthetician for a salary of $1,400 a month, starting next month. d. NGS purchased a company car for $22,000 cash (list price of $25,000 ) to assist in running errands for the business. e. Bought and received $950 in supplies for the spa on credit f. Paid $130 of the amount owed in (e). 9. Nicole sold 100 of her own personal shares to Raea Gooding for $700. 2. Assuming that the beginning balances in each of the accounts are zero, complete T-accounts to summarize the transactions in (a) (g). Required information

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

Information For Decision Making Readings In Cost And Managerial Accounting

Authors: Alfred Rappaport

3rd Edition

0134643542, 978-0134643540

More Books

Students also viewed these Accounting questions

Question

2. The purpose of the test should be stated.

Answered: 1 week ago

Question

=+ Identify the ethical dilemma in this scenario.

Answered: 1 week ago

Question

find all matrices A (a) A = 13 (b) A + A = 213

Answered: 1 week ago

Question

Who responds to your customers complaint letters?

Answered: 1 week ago

Question

Under what circumstances do your customers write complaint letters?

Answered: 1 week ago