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4) general excel/ word structure, organization.

by | Nov 1, 2022 | Finance

 

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Question one: Problem Solving
Adventure Tour Ltd was founded in 2010, scoring as one of the first global
travel agency firms focused exclusively on tours around the world. As leaders
in intelligent workplace design, Adventure Tour Ltd is focused on exploring and
coordinating transportation, food and lodging. They enjoy that their effort is
appreciated and the fun, heartfelt experiences that leaves the clients saying
“YES, that tour was SO FUN, and it was SO AMAZING!”
During month of January 2021, the following transactions happened for
the company Adventure Tour Ltd
1-Jan Shareholders invested $300,000 cash in the business in exchange for
shares,
3 Purchased Building costing $100,000 on account,
7 Paid in advance for one-year insurance, $2,400 cash,
14 Performed services and billed customer for services performed $8,300,
21 Received half of the amount in cash from the billed customers on
January 14th,
26 Paid $15,000 cash for the purchase on account on January 3rd,
27 Borrowed $15,000 cash from the bank by signing a note. The note is
due in 2026,
29 Declared and paid cash dividends to shareholders for $2,000,
30 Paid utilities of the month, $1,200
Requirements:
1) Record the transactions into the General Journal
2) Record the transactions into the related T-Accounts
3) Prepare a Trial Balance at January 31, 2020.
4) General Excel/ Word structure, organization.
Question Two: Short Answers Questions
1) Describe the parts of a T-account.
2) State the rules of debit and credit as applied to (a) asset accounts, (b)
liability accounts, and (c) the equity accounts (revenue, expenses,
dividends, and share capital- ordinary).

 

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