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Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Textbook Question
Chapter B, Problem 4E
One complete accounting cycle
The following events apply to Paradise Vacation’s first year of operations:
- 1. Acquired $20,000 cash from the issue of common stock on January 1, 2018.
- 2. Purchased $800 of supplies on account.
- 3. Paid $4,200 cash in advance for a one-year lease on office space.
- 4. Earned $28,000 of revenue on account.
- 5. Incurred $12,500 of other operating expenses on account.
- 6. Collected $24,000 cash from
accounts receivable . - 7. Paid $9,000 cash on accounts payable.
- 8. Paid a $3,000 cash dividend to the stockholders.
Information for
Adjusting Entries - 9. There was $150 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 $3,600 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. Prepare an income statement, statement of changes in stockholders’ equity, a
balance sheet , and a statement ofcash flows.
Expert Solution & Answer
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Chapter B Solutions
Survey Of Accounting
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