ACO01 - Lecture 5 - Completing the Accounting Cycle [Compatibility Mode]

Accumulated 74000 80000 earnings of the company

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Unformatted text preview: omprehensive income Retained Earnings Total shareholders' equity $ 225 121,570 410,795 525,655 $ (600) 142,365 457,765 576,580 18 Tutorial 5.1 Do Exercise 9.4 (page 176 – VCE Accounting) Dr. Fred Barbee 55 Tutorial 5.2 (see Excel) On April 1, 2011, Jennifer Stafford created a new travel agency, See-It-Now Travel. The following transactions occurred during the company’s first month. April 1 Stafford invested $20,000 cash and computer equipment worth $40,000 in the company. April 2 The company rented furnished office space by paying $1,700 cash for the first month’s (April) rent. April 3 The company purchased $1,100 of office supplies for cash. April 10 The company paid $3,600 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 56 April 14 The company paid $1,800 cash for two weeks’ salaries earned by employees. April 24 The company collected $7,900 cash on commissions from airlines on tickets obtained for customers. April 28 The company paid $1,800 cash for two weeks’ salaries earned by employees. April 29 The company paid $250 cash for m...
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This document was uploaded on 02/27/2014.

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