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The following events apply to Paradise Vacations s first year of operations: Acquired $ 2 1 , 0 0 0 cash from the issue of

The following events apply to Paradise Vacationss first year of operations: Acquired $21,000 cash from the issue of common stock on January 1, Year 1. Purchased $850 of supplies on account. Paid $4,320 cash in advance for a one-year lease on office space. Earned $29,350 of revenue on account. Incurred $12,650 of other operating expenses on account. Collected $24,500 cash from accounts receivable. Paid $9,050 cash on accounts payable. Paid a $3,100 cash dividend to the stockholders. Information for Adjusting Entries There was $160 of supplies on hand at the end of the accounting period. The lease on the office space covered a one-year period beginning November 1. There was $3,700 of accrued salaries at the end of the period. Post the transaction data from the journal to ledger T-accounts.
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