On January 1, 2024, Joel Park established an advertising agency called Sunrise Agency. During March 2024, the company completed the following events: ง On January 1, 2024, Joel Park established an advertising agency called Sunrise Agency. During March 2024, the company completed the following events: Event Event 1 Transaction The company makes payments to Inventory suppliers of $339,503. Event 2 The company earned $556,000 from providing services to customers. Of this amount $63,400 was received in cash. Event 3 The company receives a rental payment for a car park it leases on a short-term basis to another entity of $3,835. Event 4 The company repays $50,840 of its borrowings from bank. Event 5 The company received an invoice for rent expense, to be paid in one month, $7,000. Event 6 The company received an additional investment of $90,000 from the owner. Event 7 The company purchased motor vehicles of $17,000. Half was paid in cash, with the remaining on account. Event 8 The 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.
On January 1, 2024, Joel Park established an advertising agency called Sunrise Agency. During March 2024, the company completed the following events: ง On January 1, 2024, Joel Park established an advertising agency called Sunrise Agency. During March 2024, the company completed the following events: Event Event 1 Transaction The company makes payments to Inventory suppliers of $339,503. Event 2 The company earned $556,000 from providing services to customers. Of this amount $63,400 was received in cash. Event 3 The company receives a rental payment for a car park it leases on a short-term basis to another entity of $3,835. Event 4 The company repays $50,840 of its borrowings from bank. Event 5 The company received an invoice for rent expense, to be paid in one month, $7,000. Event 6 The company received an additional investment of $90,000 from the owner. Event 7 The company purchased motor vehicles of $17,000. Half was paid in cash, with the remaining on account. Event 8 The 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:On January 1, 2024, Joel Park established an
advertising agency called Sunrise Agency. During
March 2024, the company completed the following
events:
ง
On January 1, 2024, Joel Park established an advertising agency called Sunrise Agency. During March 2024, the company completed the following events:
Event
Event 1
Transaction
The company makes payments to Inventory suppliers of $339,503.
Event 2
The company earned $556,000 from providing services to customers. Of this amount $63,400 was received in cash.
Event 3
The company receives a rental payment for a car park it leases on a short-term basis to another entity of $3,835.
Event 4
The company repays $50,840 of its borrowings from bank.
Event 5
The company received an invoice for rent expense, to be paid in one month, $7,000.
Event 6
The company received an additional investment of $90,000 from the owner.
Event 7
The company purchased motor vehicles of $17,000. Half was paid in cash, with the remaining on account.
Event 8
The 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.
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