Business, 17.06.2020 19:57 mohamedramadan

On April 1, Sarah Walker created a new travel agency, Walker Travel. The following transactions occurred during the companyâ€™s first month. Apr. 1 Walker invested $36,000 cash and computer equipment worth $10,200 in the company.
Apr. 2 The company rented furnished office space by paying $2,400 cash for the first monthâ€™s (April) rent.
Apr. 3 The company purchased $2,200 of office supplies for cash.
Apr. 10 The company paid $3,240 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
Apr. 14 The company paid $2,100 cash for two weeksâ€™ salaries earned by employees.
Apr. 24 The company collected $20,000 cash for commissions earned.
Apr. 28 The company paid $2,100 cash for two weeksâ€™ salaries earned by employees.
Apr. 29 The company paid $800 cash for minor repairs to the companyâ€™s computer.
Apr. 30 The company paid $650 cash for this monthâ€™s telephone bill.
Apr. 30 Walker withdrew $2,100 cash from the company for personal use.

Information for month-end adjustments follows:
Prepaid insurance of $180 has expired this month. At the end of the month, $900 of office supplies are still available. This monthâ€™s depreciation on the computer equipment is $170. Employees earned $840 of unpaid and unrecorded salaries as of month-end. The company earned $1,810 of commissions that are not yet billed at month-end.

Requried:
Complete the tabular analysis of the transactions.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 21:00

According to maslow's hierarchy of needs theory, which of the following would be an issue that requires the fulfillment of a lower order need? a)the need for a challenging project at work. b)the need for a promotion at work.c) the need to locate your business in an area with a low crime rate. d)the need for a mentor to you ascend within the company. none of the above

Answers: 3

Answer

Business, 21.06.2019 21:30

Price and efficiency variances, journal entries. the schuyler corporation manufactures lamps. it has set up the following standards per finished unit for direct materials and direct manufacturing labor: direct materials: 10 lb. at $4.50 per lb. $45.00 direct manufacturing labor: 0.5 hour at $30 per hour 15.00 the number of finished units budgeted for january 2017 was 10,000; 9,850 units were actually produced. actual results in january 2017 were as follows: direct materials: 98,055 lb. used direct manufacturing labor: 4,900 hours $154,350 assume that there was no beginning inventory of either direct materials or finished units. during the month, materials purchased amounted to 100,000 lb., at a total cost of $465,000. input price variances are isolated upon purchase. input-efficiency variances are isolated at the time of usage. 1. compute the january 2017 price and efficiency variances of direct materials and direct manufacturing labor. 2. prepare journal entries to record the variances in requirement 1. 3. comment on the january 2017 price and efficiency variances of schuyler corporation. 4. why might schuyler calculate direct materials price variances and direct materials efficiency variances with reference to different points in time

Answers: 2

Answer

Business, 22.06.2019 06:40

Depreciation on the company's equipment for 2017 is computed to be $18,000.the prepaid insurance account had a $6,000 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of the company's insurance policies showed that $1,100 of unexpired insurance coverage remains.the office supplies account had a $700 debit balance on december 31, 2016; and $3,480 of office supplies were purchased during the year. the december 31, 2017, physical count showed $300 of supplies available.two-thirds of the work related to $15,000 of cash received in advance was performed this period.the prepaid insurance account had a $6,800 debit balance at december 31, 2017, before adjusting for the costs of any expired coverage. an analysis of insurance policies showed that $5,800 of coverage had expired.wage expenses of $3,200 have been incurred but are not paid as of december 31, 2017.

Answers: 3

Answer

Business, 22.06.2019 10:00

Cynthia is a hospitality worker in the lodging industry who prefers to cater to small groups of people. she might want to open a

Answers: 3

Answer

You know the right answer?

On April 1, Sarah Walker created a new travel agency, Walker Travel. The following transactions occu...

Questions

Business, 26.01.2021 02:00

Ocean City College gives its faculty the option of receiving the balance of their contract at the end of the semester on May 17, 20--. The faculty can...