Question

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, 2018. 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. 0. 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.

Answer 1

cash Alc. 36000 Comman stock 9800 payable 32000. Accounts Accounts Recei nable 4600 Dividend 6120 Lease Ending balane a8tt Betaired eaning Sales Reuenue 14350 o Buppies expense ) Lease (1290) (1020) (14900) ( 4600). (5200) expense (2monthe) () Operating expense (-) dividend Accured Salaries 17340 Balane Retained eamings

PARA DISE VACATIOON. Balance Sheet A est Dec 31, 2018 Curerent ABBets Cash un band Accounts Receiuables 12350 Suppues Advanu luase payment 310 65240 5100 Non Curvrent Assets $65240 TOTAL ASSETS Cuvrent liabilities. Accounts payable salasies 6700 5200 En Accured 1900 Non Cuvrent liabiuties TOTAL LIABILITY $11900 Owprs Equity Stoik 36000 Comman (t) Betained earnings. 17340 TO TAL Ouoners Equity $53340, TOTAL LABILITY & EQUITY $65240:
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