Make a tabular analysis of the transactions

Assignment Help Financial Accounting

Reference no: EM1313614

Preparation of journal entries and tabular analysis of various financial transactions of travel agency.

On April 1 Far and Wide Travel Agency Inc. was established. These transactions were completed during the month.

1. Stockholders invested $20,000 cash in the company in exchange for common stock.
2. Paid $900 cash for April office rent.
3. Purchased office equipment for $2,800 cash.
4. Purchased $200 of advertising in the Chicago Tribune, on account.
5. Paid $500 cash for office supplies.
6. Earned $9,000 for services provided: Cash of $1,000 is received from customers, and the balance of $8,000 is billed to customers on account.
7. Paid $400 cash dividends.
8. Paid Chicago Tribune amount due in transaction (4).
9. Paid employees' salaries $1,200.
10. Received $8,000 in cash from customers who have previously been billed in transaction (6).

Instruction

a) Prepare a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, and Retained Earnings. Include margin explanations for any changes in Retained Earnings.

b) From an analysis of the column Retained Earnings, compute the net income or net loss for April.

Reference no: EM1313614

Questions Cloud

The microsoft case microsoft monopoly : The Microsoft Case Microsoft Monopoly--Why was Microsoft investigated for antitrust behaviour.

Effect of errors in journalizing and posting : Effect of errors in journalizing and posting on trial balance and bookkeeper for Shirley Temple's dance studio made the following errors in journalizing and posting

Market invents a new method of production : A firm in a perfectly competitive market invents a new method of production which lowers its marginal costs. Illustrate what happens to its output.

The spaceship that travels to mars and back : A golfer takes two putts to get his ball into the hole once he is on green. The first putt displaces the ball into the ball 6.7 m east, and the second 2.16 m south. What displacement would have been needed to get the ball into the hole on first putt.

Make a tabular analysis of the transactions : Make a tabular analysis of the transactions using these column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, and Retained Earnings. Include margin explanations for any changes in Retained Earnings..

The dependent t-test for paired samples : Ace Jack had no idea whether the $100,000 he pays for training for his used car salespeople works.

Prepare the adjusting entries at march 31 : Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly and Additional accounts are: Depreciation Expense; Insurance expense; Interest Payable; and Supplies expense.

How each of the subsequent events affects the equilibrium : Explain how each of the subsequent events affects the equilibrium price also quantity of pizza- the price of mozzarella cheese rises.

Find out the effective spring constant of the system : A car is driven 125.0 km west and then 65.0 km southwest. What is the displacement of the car from the point of origin (magnitude and direction).

User Account

All Pages