GL0402- Based on Problem 4-1A LO C3, P2, P3

On April 1, 2017, Robert King created a new travel agency, King Travel. The following transactions occurred during the companys first month.

Apr.		1		King invested $44,000 cash and computer equipment worth $22,200 in the company.
Apr.		2		The company rented furnished office space by paying $2,000 cash for the first months (April) rent.
Apr.		3		The company purchased $2,000 of office supplies for cash.
Apr.		10		The company paid $1,800 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
Apr.		14		The company paid $1,540 cash for two weeks salaries earned by employees.
Apr.		24		The company collected $12,000 cash on commissions from airlines on tickets obtained for customers.
Apr.		28		The company paid $1,540 cash for two weeks salaries earned by employees.
Apr.		29		The company paid $650 cash for minor repairs to the companys computer.
Apr.		30		The company paid $600 cash for this months telephone bill.
Apr.		30		King withdrew $1,700 cash from the company for personal use.

Information for month-end adjustments follows:

1. Two-thirds (or $100) of one months insurance coverage has expired.
2. At the end of the month, $950 of office supplies are still available.
3. This months depreciation on the computer equipment is $370.
4. Employees earned $616 of unpaid and unrecorded salaries as of month-end.
5. The company earned $1,810 of commissions that are not yet billed at month-end.

Income Statements, Balance Sheet