- Ces On April 1 Jiro Nozomi Created A New Travel Agency Adventure Travel The Following Transactions Occurred During 1 (35.49 KiB) Viewed 57 times
- Ces On April 1 Jiro Nozomi Created A New Travel Agency Adventure Travel The Following Transactions Occurred During 2 (25.34 KiB) Viewed 57 times
" ces On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the
company's first month. April 2 Nozomi invested $33,000 cash and computer equipment worth $30,000 in the
company. April 3 The
company rented furnished office space by paying $2,700 cash for the first month's (April) rent. April 4 The
company purchased $1,400 of office supplies for cash. April 10 The
company paid $2,600 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The
company paid $1,600 cash for two weeks' salaries earned by employees. April 24 The
company collected $10,500 cash for commissions revenue. April 28 The
company paid $1,600 cash for two weeks' salaries earned by employees. April 29 The
company paid $400 cash for minor repairs to computer equipment. April 30 The
company paid $1,200 cash for this month's telephone bill. April 30 Nozomi withdrew $1,800 cash from the
company for personal use. The
company's chart of accounts follows: 101 Cash. 403 Commissions Revenue 105 Accounts Receivable 612 Depreciation Expense-Computer Equipment 622 Salaries Expense 124 Office Supplies 128 Prepaid Insurance. 637 Insurance Expense 167 Computer Equipment 640 Rent Expense 168 Accumulated Depreciation-Computer Equipment 650 Office Supplies Expense 209 Salaries Payable 684 Repairs Expense 301 3. Nozoni, Capital. 688 Telephone Expense 302 J. Nozomi, Withdrawals 901 Income Summary Use the following information to prepare adjusting entries: a. Prepaid insurance of $144 expired this month. b. At the end of the month, $800 of office supplies are still available. c. This month's depreciation on computer equipment is $500. d. Employees earned $550 of unpaid and unrecorded salaries as of month-end. e. The
company earned $1,950 of commissions revenue that is not yet recorded at month-end.
Required: 1. & 2. Prepare journal entries to record the transactions for April and post them to ledger accounts in Req 68 GL tab. The
company records prepaid and unearned items in balance sheet accounts. 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30. 4. Journalize the adjusting entries for the month, and then post to the ledger on Req 68 tab, using April 30 Adjusted as the date. 5a. Using adjusted account balances from Req 6B GL tab, prepare an adjusted trial balance as of April 30. 5b. Prepare the income
statement for the month of April 30. 5c. Prepare the
statement of owner's equity for the month of April 30. 5d. Prepare the balance sheet at April 30. 6a. Prepare journal entries to close the temporary accounts and then post to Req 68 GL tab, using April 30 Close as the date. 6b. Post the journal entries to the ledger 7. Prepare a post-closing trial balance. Complete this
question by entering your answers in the tabs below. Req 1 and 2 Req 3 Reg 4 Reg SA Req 58 Reg SC Req SD Reg 6A Reg 68 GL Reg. 7 Prepare journal entries to record the transactions for April and post them to ledger accounts in Req 68 GL tab. The
company records prepaid and unearned items in balance sheet accounts.