Time remaining: 48:56:26 Use the pop up button to bring up the information needed to answer this question. [The following information applies to the questions displayed below.] On April 1, 2011, Jennifer Stafford created a new travel agency, See-It-Now Travel. The following transactions occurred during the companys first month. April 1 Stafford invested $20,000 cash and computer equipment worth $40,000 in the company. 2 The company rented furnished office space by paying $1,700 cash for the first months (April) rent. 3 The company purchased $1,100 of office supplies for cash. 10 The company paid $3,600 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,800 cash for two weeks' salaries earned by employees. 24 The company collected $7,900 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $1,800 cash for two weeks' salaries earned by employees. 29 The company paid $250 cash for minor repairs to the company's computer. 30 The company paid $650 cash for this month's telephone bill. 30 Stafford withdrew $1,500 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation ExpenseComputer Equip. 124 Office Supplies 622 Salaries Expense 128 Prepaid Insurance 637 Insurance Expense 167 Computer Equipment 640 Rent Expense 168 Accumulated DepreciationComputer Equip. 650 Office Supplies Expense 209 Salaries Payable 684 Repairs Expense 301 J. Stafford, Capital 688 Telephone Expense 302 J. Stafford, Withdrawals 901 Income Summary Use the following information: a. Two-thirds of one months insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This months depreciation on the computer equipment is $600. d. Employees earned $320 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,650 of commissions that are not yet billed at month-end. Time remaining: 48:56:26 Use the pop up button to bring up the information needed to answer this question. [The following information applies to the questions displayed below.] On April 1, 2011, Jennifer Stafford created a new travel agency, See-It-Now Travel. The following transactions occurred during the companys first month. April 1 Stafford invested $20,000 cash and computer equipment worth $40,000 in the company. 2 The company rented furnished office space by paying $1,700 cash for the first months (April) rent. 3 The company purchased $1,100 of office supplies for cash. 10 The company paid $3,600 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,800 cash for two weeks' salaries earned by employees. 24 The company collected $7,900 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $1,800 cash for two weeks' salaries earned by employees. 29 The company paid $250 cash for minor repairs to the company's computer. 30 The company paid $650 cash for this month's telephone bill. 30 Stafford withdrew $1,500 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation ExpenseComputer Equip. 124 Office Supplies 622 Salaries Expense 128 Prepaid Insurance 637 Insurance Expense 167 Computer Equipment 640 Rent Expense 168 Accumulated DepreciationComputer Equip. 650 Office Supplies Expense 209 Salaries Payable 684 Repairs Expense 301 J. Stafford, Capital 688 Telephone Expense 302 J. Stafford, Withdrawals 901 Income Summary Use the following information: a. Two-thirds of one months insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This months depreciation on the computer equipment is $600. d. Employees earned $320 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,650 of commissions that are not yet billed at month-end. Prepare the income statement for the month of April 30, 2011 MAGA TRAVEL Income Statement For Month Ended April 30, 2011