The following events apply to Paradise Vacations's first year of operations: 1. Acquired $38,000 cash from the issue of common stock on January 1, Year 1. 2. Purchased $1,700 of supplies on account. 3. Paid $6,360 cash in advance for a one-year lease on office space. 4. Earned $46,350 of revenue on account. 5. Incurred $15,200 of other operating expenses on account. 6. Collected $33,000 cash from accounts receivable. 7. Paid $9,900 cash on accounts payable. 8. Paid a $4,800 cash dividend to the stockholders. Information for Adjusting Entries 9. There was $330 of supplies on hand at the end of the accounting period. 0. The lease on the office space covered a one-year period beginning November 1. 1. There was $5,400 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.
The following events apply to Paradise Vacations's first year of operations: 1. Acquired $38,000 cash from the issue of common stock on January 1, Year 1. 2. Purchased $1,700 of supplies on account. 3. Paid $6,360 cash in advance for a one-year lease on office space. 4. Earned $46,350 of revenue on account. 5. Incurred $15,200 of other operating expenses on account. 6. Collected $33,000 cash from accounts receivable. 7. Paid $9,900 cash on accounts payable. 8. Paid a $4,800 cash dividend to the stockholders. Information for Adjusting Entries 9. There was $330 of supplies on hand at the end of the accounting period. 0. The lease on the office space covered a one-year period beginning November 1. 1. There was $5,400 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.
Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Chapter15: Financial Statement Analysis
Section: Chapter Questions
Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...
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![The following events apply to Paradise Vacations's first year of operations:
1. Acquired $38,000 cash from the issue of common stock on January 1, Year 1.
2. Purchased $1,700 of supplies on account.
3. Paid $6,360 cash in advance for a one-year lease on office space.
4. Earned $46,350 of revenue on account.
5. Incurred $15,200 of other operating expenses on account.
6. Collected $33,000 cash from accounts receivable.
7. Paid $9,900 cash on accounts payable.
8. Paid a $4,800 cash dividend to the stockholders.
Information for Adjusting Entries
9. There was $330 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 $5,400 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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9efb7026-e2eb-4df5-b04a-1d7f632a8c90%2Fdac4c576-a229-4e5c-85cf-548e0bb885ca%2F6pt29hm_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The following events apply to Paradise Vacations's first year of operations:
1. Acquired $38,000 cash from the issue of common stock on January 1, Year 1.
2. Purchased $1,700 of supplies on account.
3. Paid $6,360 cash in advance for a one-year lease on office space.
4. Earned $46,350 of revenue on account.
5. Incurred $15,200 of other operating expenses on account.
6. Collected $33,000 cash from accounts receivable.
7. Paid $9,900 cash on accounts payable.
8. Paid a $4,800 cash dividend to the stockholders.
Information for Adjusting Entries
9. There was $330 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 $5,400 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.
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