{"id":32690,"date":"2022-02-14T02:39:48","date_gmt":"2022-02-14T02:39:48","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/john-trap-new-travel-agency\/"},"modified":"2022-02-14T02:39:48","modified_gmt":"2022-02-14T02:39:48","slug":"john-trap-new-travel-agency","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/john-trap-new-travel-agency\/","title":{"rendered":"John trap new travel agency"},"content":{"rendered":"
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Deliverable Length:\u00a0 See assignment details<\/span> <\/span><\/p>\n

Final Project Overview<\/strong><\/p>\n

Throughout this course, you have learned various components of accounting.\u00a0 These components work hand-in-hand to create the accounting cycle \u2013 the process of recording, summarizing and reporting transactions.\u00a0 The final project will provide you the opportunity to apply the skills covered in this course through the completion of the accounting cycle.\u00a0 In addition, you will be able to demonstrate your understanding through analysis of the completed information.\u00a0 This project will be completed in two parts in Units 3 and 5.<\/p>\n

Final Project Data<\/strong> <\/p>\n

On December 1, 2015 John Trap created a new travel agency, Trap Adventures, Inc. providing exclusive adventure trips.\u00a0 The following transactions occurred during December 2015.<\/p>\n

(NOTE: There are no beginning balances \u2013 this is a new company.)<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Dec 1<\/td>\nJohn Trap invested $60,000 cash in the company for common stock.<\/td>\n<\/tr>\n
2<\/td>\nPurchase office equipment for $17,500 cash.<\/td>\n<\/tr>\n
2<\/td>\nThe company rented furnished office space by paying $18,000 cash for the first six months (December 2015 – May 2016) rent.<\/td>\n<\/tr>\n
3<\/td>\nThe company purchased $1,500 of office supplies on account.<\/td>\n<\/tr>\n
10<\/td>\nThe company paid $3,600 cash for the premium on a 12-month insurance policy.<\/td>\n<\/tr>\n
14<\/td>\nThe company paid $10,750 cash for two weeks’ salaries earned by employees.<\/td>\n<\/tr>\n
24<\/td>\nThe company collected $54,000 cash on commissions from airlines on tickets obtained for customers.<\/td>\n<\/tr>\n
28<\/td>\nThe company paid $12,125 cash for two weeks’ salaries earned by employees.<\/td>\n<\/tr>\n
29<\/td>\nThe company paid $350 cash for minor repairs to the company’s computer.<\/td>\n<\/tr>\n
30<\/td>\nThe company paid $450 cash for this month’s telephone bill.<\/td>\n<\/tr>\n
30<\/td>\nDividends of $3,000 cash were paid.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Adjustment Data:<\/p>\n