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Prepare an analysis of the month's transactions using a tabular format (please see answer sheet).

Prepare an analysis of the month's transactions using a tabular format (please see answer sheet).

FINANCIAL ACCOUNTING
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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During the month of June, Fast Travel Company recorded the following transactions: 1. 1. Owners invested $25,000 in cash to start the business. They received common stock. 2. The month's rent of $500 was prepaid in cash. 3. Equipment costing $8,000 was bought on credit. 4. $500 was paid for office supplies. 5. Advertising costing $750 was paid for with cash. 6. Paid $3,000 employee salaries in cash. 7. Earned travel commissions of $10,000 of which $2,000 was received in cash. 8. Paid $5,000 of the $8,000 owed to the equipment supplier. 9. Used $100 of the office supplies. 10. Charged $1,000 of miscellaneous expenses on the corporate credit card. Prepare an analysis of the month's transactions using a tabular format (please see answer sheet).
Transcribed Image Text:During the month of June, Fast Travel Company recorded the following transactions: 1. 1. Owners invested $25,000 in cash to start the business. They received common stock. 2. The month's rent of $500 was prepaid in cash. 3. Equipment costing $8,000 was bought on credit. 4. $500 was paid for office supplies. 5. Advertising costing $750 was paid for with cash. 6. Paid $3,000 employee salaries in cash. 7. Earned travel commissions of $10,000 of which $2,000 was received in cash. 8. Paid $5,000 of the $8,000 owed to the equipment supplier. 9. Used $100 of the office supplies. 10. Charged $1,000 of miscellaneous expenses on the corporate credit card. Prepare an analysis of the month's transactions using a tabular format (please see answer sheet).
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