Problem 3 7A Applying the accounting cycle L.O. P1, P2, P3, P4, P5
[The following information applies to the questions displayed below.]
| On April 1, 2011, Jennifer Stafford created a new travel agency, See It Now Travel. The following transactions occurred during the company%u2019s first month. |
| April 1 | Stafford invested $49,000 cash and computer equipment worth $20,000 in the company in exchange for common stock. |
| 2 | The company rented furnished office space by paying $1,900 cash for the first month%u2019s (April) rent. |
| 3 | The company purchased $1,100 of office supplies for cash. |
| 10 | The company paid $2,800 cash for the premium on a 12 month insurance policy. Coverage begins on April 11. |
| 14 | The company paid $900 cash for two weeks’ salaries earned by employees. |
| 24 | The company collected $9,500 cash on commissions from airlines on tickets obtained for customers. |
| 28 | The company paid $900 cash for two weeks’ salaries earned by employees. |
| 29 | The company paid $250 cash for minor repairs to the company’s computer. |
| 30 | The company paid $1,300 cash for this month’s telephone bill. |
| 30 | The company paid $2,100 cash for dividends. |