- On April 1 Jiro Nozomi Created A New Travel Agency Adventure Travel The Following Transactions Occurred During The Co 1 (43.23 KiB) Viewed 9 times
- On April 1 Jiro Nozomi Created A New Travel Agency Adventure Travel The Following Transactions Occurred During The Co 2 (59.64 KiB) Viewed 9 times
- On April 1 Jiro Nozomi Created A New Travel Agency Adventure Travel The Following Transactions Occurred During The Co 3 (50.47 KiB) Viewed 9 times
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 $46,000 cash and computer equipment worth $30,000 in the
company in exchange for its common stock. April 3 The
company rented furnished office space by paying $1,900 cash for the first month's (April) rent. April 4 The
company purchased $1,400 of office supplies for cash. April 18 The
company paid $3,068 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The
company paid $1,500 cash for two weeks' salaries earned by employees. April 24 The
company collected $10,5ee cash for commissions revenue. April 28 The
company paid $1,500 cash for two weeks' salaries earned by employees. April 29 The
company paid $450 cash for minor repairs to computer equipment. April 30 The
company paid $1,500 cash for this month's telephone bill. April 30 The
company paid $1,510 cash in dividends. The
company's chart of accounts follows: 101 Cash Accounts Receivable 106 124 Office Supplies 125 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equipment 209 Salaries Payable 387 Common Stock 318 Retained Earnings 319 Dividends 401 Commissions Revenue 612 Depreciation Expense-Computer Equipment 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 658 office Supplies Expense 684 Repairs Expense 688 felephone Expense 901 Income Summary Use the following information to prepare adjusting entries: a. Prepaid insurance of $170 expired this month. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on computer equipment is $500. d. Employees earned $420 of unpaid and unrecorded salaries as of month-end e. The
company earned $1.800 of commissions revenue that is not yet recorded at month-end.
Account Title ADVENTURE TRAVEL Adjusted Trial Balance April 30 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation-Computer equipment 209: Salaries payable 307: Common stock 318: Retained earnings 319: Dividends 403: Commissions revenue 612: Depreciation expense-Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense 684: Repairs expense 688: Telephone expense Totals $ Debit 0 S Credit
Revenues: Expenses: Total expenses ADVENTURE TRAVEL Income
Statement For Month Ended April 30 S O