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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
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