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The following events apply to Paradise Vacationss first year of operations: Acquired $33,000 cash from the issue of common stock on January 1, Year 1.

The following events apply to Paradise Vacationss first year of operations:

Acquired $33,000 cash from the issue of common stock on January 1, Year 1.

Purchased $1,450 of supplies on account.

Paid $5,760 cash in advance for a one-year lease on office space.

Earned $41,350 of revenue on account.

Incurred $14,450 of other operating expenses on account.

Collected $30,500 cash from accounts receivable.

Paid $9,650 cash on accounts payable.

Paid a $4,300 cash dividend to the stockholders.

Information for Adjusting Entries

There was $280 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 $4,900 of accrued salaries at the end of the period.

Required

b. Post the transaction data from the journal to ledger T-accounts.

Post the transaction data from the journal to ledger T-accounts.

ASSETS = LIABILITIES + STOCKHOLDERS EQUITY
Cash Accounts Payable Common Stock
Bal. Bal. Bal.
Accounts Receivable Salaries Payable Dividends
Bal. Bal. Bal.
Supplies Service Revenue
Bal. Bal.
Prepaid Rent Other Operating Expense
Bal. Bal.
Rent Expense
Bal.
Salaries Expense
Bal.
Supplies Expense
Bal.

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