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

a. Record these transactions in general journal form.

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

Note: Enter debits before credits.

Event	General Journal	Debit	Credit
1

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.