The following events apply to Paradise Vacationss first year of operations: ...
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Accounting
The following events apply to Paradise Vacationss first year of operations:
- Acquired $21,000 cash from the issue of common stock on January 1, Year 1.
- Purchased $850 of supplies on account.
- Paid $4,320 cash in advance for a one-year lease on office space.
- Earned $29,350 of revenue on account.
- Incurred $12,650 of other operating expenses on account.
- Collected $24,500 cash from accounts receivable.
- Paid $9,050 cash on accounts payable.
- Paid a $3,100 cash dividend to the stockholders.
Information for Adjusting Entries
- There was $160 of supplies on hand at the end of the accounting period.
- The lease on the office space covered a one-year period beginning November 1.
- There was $3,700 of accrued salaries at the end of the period.
Prepare a trial balance.
Dranaro a trial halanno
The following events apply to Paradise Vacationss first year of operations:
- Acquired $21,000 cash from the issue of common stock on January 1, Year 1.
- Purchased $850 of supplies on account.
- Paid $4,320 cash in advance for a one-year lease on office space.
- Earned $29,350 of revenue on account.
- Incurred $12,650 of other operating expenses on account.
- Collected $24,500 cash from accounts receivable.
- Paid $9,050 cash on accounts payable.
- Paid a $3,100 cash dividend to the stockholders.
Information for Adjusting Entries
- There was $160 of supplies on hand at the end of the accounting period.
- The lease on the office space covered a one-year period beginning November 1.
- There was $3,700 of accrued salaries at the end of the period.
Prepare a trial balance.
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