April 2 Griffin invested $45,000 cash and computer equipment worth $15,600 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. April 4 The company purchased $1,200 of office supplies for cash. April 10 The company paid $2,160 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,680 cash for two weeks' salaries earned by employees. April 24 The company collected $22,000 cash for commissions revenue. April 28 The company paid $1,680 cash for two weeks' salaries earned by employees. April 29 The company paid $800 cash for minor repairs to computer equipment. April 30 The company paid $400 cash for this month's telephone bill. April 30 The company paid $1,800 cash in dividends. Information for month-end adjustments follows: a. Prepaid insurance of $120 expired this month. b. At the end of the month, $950 of office supplies are still available. c. This month's depreciation on computer equipment is $260. d. Employees earned $672 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,800 of commissions revenue that is not yet recorded at month-end. Requirement Income Statement St of Retained Earnings Prepare the required journal entries, adjusting entries, and closing entries for Griffin Travel. View transaction list General Journal < Journal entry worksheet 1 2 Date April 02 General Ledger Note: Enter debits before credits. 3 4 Record entry Trial Balance 5 Griffin invested $45,000 cash and computer equipment worth $15,600 in the company in exchange for its common stock. Account Title 6 Clear entry 7 8 < Requirement 19 Debit Credit Balance Sheet View general journal General Ledger > > Post Closing
April 2 Griffin invested $45,000 cash and computer equipment worth $15,600 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. April 4 The company purchased $1,200 of office supplies for cash. April 10 The company paid $2,160 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,680 cash for two weeks' salaries earned by employees. April 24 The company collected $22,000 cash for commissions revenue. April 28 The company paid $1,680 cash for two weeks' salaries earned by employees. April 29 The company paid $800 cash for minor repairs to computer equipment. April 30 The company paid $400 cash for this month's telephone bill. April 30 The company paid $1,800 cash in dividends. Information for month-end adjustments follows: a. Prepaid insurance of $120 expired this month. b. At the end of the month, $950 of office supplies are still available. c. This month's depreciation on computer equipment is $260. d. Employees earned $672 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,800 of commissions revenue that is not yet recorded at month-end. Requirement Income Statement St of Retained Earnings Prepare the required journal entries, adjusting entries, and closing entries for Griffin Travel. View transaction list General Journal < Journal entry worksheet 1 2 Date April 02 General Ledger Note: Enter debits before credits. 3 4 Record entry Trial Balance 5 Griffin invested $45,000 cash and computer equipment worth $15,600 in the company in exchange for its common stock. Account Title 6 Clear entry 7 8 < Requirement 19 Debit Credit Balance Sheet View general journal General Ledger > > Post Closing
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:April 2 Griffin invested $45,000 cash and computer equipment worth $15,600 in the company in exchange for its common stock.
April 3 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent.
April 4 The company purchased $1,200 of office supplies for cash.
April 10 The company paid $2,160 cash for a 12-month insurance policy. Coverage begins on April 11.
April 14 The company paid $1,680 cash for two weeks' salaries earned by employees.
April 24 The company collected $22,000 cash for commissions revenue.
April 28 The company paid $1,680 cash for two weeks' salaries earned by employees.
April 29 The company paid $800 cash for minor repairs to computer equipment.
April 30 The company paid $400 cash for this month's telephone bill.
April 30 The company paid $1,800 cash in dividends.
Information for month-end adjustments follows:
a. Prepaid insurance of $120 expired this month.
b. At the end of the month, $950 of office supplies are still available.
c. This month's depreciation on computer equipment is $260.
d. Employees earned $672 of unpaid and unrecorded salaries as of month-end.
e. The company earned $1,800 of commissions revenue that is not yet recorded at month-end.
General
Ledger
Income
Statement
St of Retained
Earnings
Prepare the required journal entries, adjusting entries, and closing entries for Griffin Travel.
Requirement
View transaction list
Journal entry worksheet
<
General
Journal
1
2
Date
April 02
3 4
Note: Enter debits before credits.
Record entry
Trial Balance
5
Griffin invested $45,000 cash and computer equipment worth $15,600 in the
company in exchange for its common stock.
Account Title
6
Clear entry
7
8
< Requirement
19
Debit
Credit
Balance Sheet Post Closing
View general journal
General Ledger >
>
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