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Category > Management Posted 15 Feb 2018 My Price 7.00

Travel Agency, Inc

On April 1, Adventures Travel Agency, Inc. began operations. The following transactions were completed during the month.

 

1. Issued common stock for $24,000 cash.

 

2. Obtained a bank loan for $7,000 by issuing a note payable.

 

3. Paid $11,000 cash to buy equipment.

 

4. Paid $1,200 cash for April office rent.

 

5. Paid $1,450 for supplies.

 

6. Purchased $600 of advertising in the Daily Herald, on account.

 

7. Performed services for $18,000: cash of $2,000 was received from customers, and the balance of $16,000 was billed to customers on account.

 

8. Paid $400 cash dividend to stockholders.

 

9. Paid the utility bill for the month, $2,000.

 

10. Paid Daily Herald the amount due in transaction (6).

 

11. Paid $40 of interest on the bank loan obtained in transaction (2).

 

12. Paid employees’ salaries, $6,400.

 

13. Received $12,000 cash from customers billed in transaction (7).

14. Paid income tax, $1,50

Answers

Maurice Tutor
(5)
Status NEW Posted 15 Feb 2018 07:02 PM My Price 7.00

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