P1-1B On April 1, Holly Dahl established Holiday Travel Agency Ltd. The following trans- actions were completed during the month. 1. Shareholders invested €12,000 cash in the business in exchange for ordinary shares. 2. Paid €400 cash for April office rent. 3. Purchased office equipment for €5,500 cash. 4. Incurred €300 of advertising costs in a local newspaper, on account. 5. Paid €600 cash for office supplies. 6. Performed services worth €8,500: €2,000 cash is received from customers, and the balance of €6,500 is billed to customers on account. 7. Declared and paid a €200 cash dividend. 8. Paid the local newspaper amount due in transaction (4). 9. Paid employees' salaries €2,200. 10. Received €5,700 in cash from customers billed previously in transaction (6).
P1-1B On April 1, Holly Dahl established Holiday Travel Agency Ltd. The following trans- actions were completed during the month. 1. Shareholders invested €12,000 cash in the business in exchange for ordinary shares. 2. Paid €400 cash for April office rent. 3. Purchased office equipment for €5,500 cash. 4. Incurred €300 of advertising costs in a local newspaper, on account. 5. Paid €600 cash for office supplies. 6. Performed services worth €8,500: €2,000 cash is received from customers, and the balance of €6,500 is billed to customers on account. 7. Declared and paid a €200 cash dividend. 8. Paid the local newspaper amount due in transaction (4). 9. Paid employees' salaries €2,200. 10. Received €5,700 in cash from customers billed previously in transaction (6).
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.12AMCP: Journal Entries Overnight Delivery Inc. is incorporated on February 1 and enters into the following...
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a)prepare a tabular analysis of the transactions
b)prepare the income statement of the company
c)calculate the net income or net loss
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