On January 1, 2024, Joel Park established anadvertising agency called Sunrise Agency. DuringMarch 2024, the company completed the followingevents:งOn January 1, 2024, Joel Park established an advertising agency called Sunrise Agency. During March 2024, the company completed the following events:EventEvent 1TransactionThe company makes payments to Inventory suppliers of $339,503.Event 2The company earned $556,000 from providing services to customers. Of this amount $63,400 was received in cash.Event 3The company receives a rental payment for a car park it leases on a short-term basis to another entity of $3,835.Event 4The company repays $50,840 of its borrowings from bank.Event 5The company received an invoice for rent expense, to be paid in one month, $7,000.Event 6The company received an additional investment of $90,000 from the owner.Event 7The company purchased motor vehicles of $17,000. Half was paid in cash, with the remaining on account.Event 8The company purchased $362,800 of Inventory from its suppliers. The Inventory was purchased on account.Event 9 The company collects $493,343 from its account receivables during the financial year.

The objective of the question is to understand the financial transactions of Sunrise Agency and how…

Answered: On January 1, 2024, Joel Park…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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