08 Oct On April 1 of the current year, Morgan Jones established a busi to manage rental property. She completed the following transactions during April:
Principles of Accounting 1
Complete the following problems and upload them to the assignment turn in area.
PR 1-1A Transactions Obj. 4
On April 1 of the current year, Morgan Jones established a busi to manage rental property. She completed the following transactions during April:
a Opened a business bank account with a deposit of $60,000 in exchange for common stock.
b Purchased office supplies on account, $1,800.
© Received cash from fees earned for managing rental property, $22,300.
d= Paid rent on office and equipment for the month, $7,000.
Paid creditors on account, $1,100.
£ Billed customers for fees earned for managing rental property, $3,600.
g Paid automobile expenses for month, $750, and miscellaneous expenses, $1,000.
h. Paid office salaries, $4,000.
i. Determined that the cost of supplies on hand was $250; therefore. the cost of supplies used was $1.550.
j. Paid dividends, $5,000.
Instructions
1. Indicate the effect of each transaction and the balances after each transaction,
PR 1-2A Financial statements Obj. &
‘The assets and liabilities of Global Travel Agency on December 31, 20¥5, and its revenue and expenses for the year are as follows:
Accounts payable $ 108,000 Miscellaneous expense $ 19,500
Accounts receivable 539,000 Rentexpense 56,000
cash 200,000 Supplies 6,000
Common stock 575,000 Supplies expense 12,700
Fees eamed 340.000 Utilities expense 34,800
Land 1,500,000 Wages expense 415,000
‘Common stock was $525,000 and retained earnings was $1,250,000 as of January 1, 20¥5. During the year, additional common stock of $50,000 was issued for cash, and dividends of $90,000 were paid.
Instructions
1. Prepare an income statement for the year ended December 31, 20Y5.
2, Prepare a statement of stockholders’ equity for the year ended December 31, 20Y5.
3. Prepare a balance sheet as of December 31, 20VS.
4. What items appears on both the statement of stockholders’ equity and the balance sheet?
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