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The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36.000 cash from the issue of common stock on January 1, Year 1. 2. Purchased $1,600 of supplies on account 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Eamed $44.350 of revenue on account 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash dividend to the stockholders. Information for Adjusting Entries 9. There was $310 of supplies on hand at the end of the accounting period 10. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,200 of accrued seleries at the end of the period. Required a. Record these transactions in general journal form b. Post the transaction data from the journal to ledger T-accounts. c. Prepare a trial balance

The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36.000 cash from the issue of common stock on January 1, Year 1. 2. Purchased $1,600 of supplies on account 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Eamed $44.350 of revenue on account 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash dividend to the stockholders. Information for Adjusting Entries 9. There was $310 of supplies on hand at the end of the accounting period 10. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,200 of accrued seleries at the end of the period. Required a. Record these transactions in general journal form b. Post the transaction data from the journal to ledger T-accounts. c. Prepare a trial balance

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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The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, Year 1. 2. Purchased $1,600 of supplies on account 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44.350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash dividend to the stockholders. Information for Adjusting Entries 9. There was $310 of supplies on hand at the end of the accounting period. 10. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,200 of accrued salaries at the end of the period. Required a. Record these transactions in general Journal form b. Post the transaction data from the journal to ledger T-accounts. c. Prepare a trial balance. d-1. Prepare an income statement. d-2. Prepare a statement of changes in stockholders' equity. d-3. Prepare a balance sheet. d-4. Prepare a statement of cash flows. Prepare a balance sheet. Assets Total assets Liabilities PARADISE VACATIONS Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ $ 0 0 0 0
Transcribed Image Text:The following events apply to Paradise Vacations's first year of operations: 1. Acquired $36,000 cash from the issue of common stock on January 1, Year 1. 2. Purchased $1,600 of supplies on account 3. Paid $6,120 cash in advance for a one-year lease on office space. 4. Earned $44.350 of revenue on account. 5. Incurred $14,900 of other operating expenses on account. 6. Collected $32,000 cash from accounts receivable. 7. Paid $9,800 cash on accounts payable. 8. Paid a $4,600 cash dividend to the stockholders. Information for Adjusting Entries 9. There was $310 of supplies on hand at the end of the accounting period. 10. The lease on the office space covered a one-year period beginning November 1. 11. There was $5,200 of accrued salaries at the end of the period. Required a. Record these transactions in general Journal form b. Post the transaction data from the journal to ledger T-accounts. c. Prepare a trial balance. d-1. Prepare an income statement. d-2. Prepare a statement of changes in stockholders' equity. d-3. Prepare a balance sheet. d-4. Prepare a statement of cash flows. Prepare a balance sheet. Assets Total assets Liabilities PARADISE VACATIONS Balance Sheet As of December 31, Year 1 Total liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity $ $ $ 0 0 0 0
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