1 1 Problem 3-5A Applying the accounting cycle LO P1, P2, P3, P4, P5, PS, P7, PS On Apr 1, Jro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the 50 points company's first month eBook Print April 1 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock. 2. The company rented furnished office space by paying 51,800 cash for the first month's (April) rent. 3 The company purchased $1,000 of office supplies for cash. 10 The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,600 cash for two weeks' salaries earned by employees. 24 The company collected $8,000 cash for commissions earned. 28 The company paid $1,600 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $750 cash for this month's telephone bill. 30 The company paid $1,500 cash in dividends. Reference The company's chart of accounts follows 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation- Computer Equip. 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends 405 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 Sataries Expense 637 Insurance Expense 640 Rent Expense 658 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information Prepal Insurance of 5133 has expired this month b. At the end of the month $600 office suppies are avatab This month's depreciation on the computer Scument is $500 d. Employees earned $420 of unpaid and unrecorded sanes as of month-end The company earned $1750 of commissions that are not yet bad at month and Required: 162. Prepare journal entries to record the transactions for April and post them to the edger accounts in Reque 56. The company records prepad and uneamedres in Dalance sheet accounes 2. Using account balances from Requirement, prepare an unduste trabance as of 30 4. Journame the justing entries for the month and prepare the adjusted balance sa Prepare the income statement for the month of April 30 50. Prepare the statement of retained as for the month of 30 5. Prepare the balance sheet at April 30 6. Prepare your tries to close the remote accounts and then post Requirement 60 66. Post the maintes to the edge 7. Prepare a post closing nalalance Complete this question by entering your answers in the tabs below 1 Complete this question by entering your answers in the tabs below. Reg 68 GL Adj Trial Roq SA Req se Reg SC Rees GA 50 point Reg 7 eBook T06: Accounts receivable Debit Credit R750 1,750 Balance 1.750 0 Reg 1 Roq4 Reg 4 and 2 Req3 Adj Post the journal entries to the ledger General Ledger 101: Cash Date Debit Credit Balance Date 30000 30.000 Apr April 24 8,000 38.000 April 30 April 1.800 36.200 April 3 1.000 35 200 Lp 2400 32.800 April 14 1,600 31200 pril 28 TO 29.600 April 29 350 29 250 Apno 750 28.500 April 30 1,500 27.000 Print Reference 124: Office supplies Debit Credit 1.000 200 Balance 1.000 600 April 3 On 30 128: Prepaid insurance Debit Credit 2.4001 7331 Date Apr 110 pn Balance 2400 2.267 T6: Accumulated depreciation Computer equip Date Debit Credit Balance 167: Computer equipment Debit Credit 20.000 Date April Balance 20.000 209: Salaries payable Debit Credit 307: Common stock Debit Credit Date Balance Date pre April Apr Balance (1500) 4.1500 60697 50.000 ZADY 318: Retained earnings Debit Credit Datu Balance Date AD AU 319: Dividends Debit Credit 1:500 Balance 1.500 612 Depreciation expense-Computer equip Date Debit Credit Balance Date 405: Commissions earned Debit Credit 7 BE Balance 0.7507 RSON (April 24 SU 35 mprehensive Problem 1 209: Salaries payable Unblt Credit Date Galinnon 307: Common stock Debit Credit 500 50.000 28197 Date pri 30 April 1 April Balance (1,500) 48.500 50,607 5 Sints eBook 318: Retained earnings Debit Credit Date Balance Date April 30 April 30 319: Dividends Debit Credit 7.500 1,500 Balance 1,500 Print Reference Date 30 April 24 pri 30 405: Commissions earned Debit Credit 93750 8,000 31750 Balance 19,750) (1.750 0 612: Depreciation expense-Computer equip Date Debit Credit Balance 30 SOUT 500 April 30 500 637: Insurance expense Debit Credit Date Date Aph TA 30 Balance 133 622: Salaries expense Debit Credit Balance 1,600 5,600 3.200 220 3.620 36201 0 April April 28 April 30 April 30 133 540: Rent expense Debit Credit Date Apni April 30 Balance 1.800 0 650: Office supplies expense Date Debit Credit Balance April 2001 400 April 30 400 O 1.8001 Date Anni April 684: Repair expense Debit Credit 350 3150 Balance 350 0 Date April 36 Apr 30 688: Telephone expense Debit Credit 750 750 Balance 750 Date pe Apr LE 001: Income summary Debit Credit 7400 2.197 Balance 17.553 19.750