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The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, Year
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, Year 1. 2. Purchased $1,600 of supplies on account. 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44,350 of revenue on account. 5 . Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash dividend to the stockholders. Information for Adjusting Entries 9. There was $310 of supplies on hand at the end of the accounting period. 10. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,200 of accrued salaries ot the end of the period. Required a. Record these transactionsin general journal form. b. Post the transaction data from the journal to ledger Taccounts. c. Prepare a trial balance. d-1. Prepare an income statement. d-2. Prepare a statement of changes in stockholders' equity. d.3. Prepare a balance sheet. d.4. Prepare a statement of cash flows. Prepare a balance sheet
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