Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1 On April 1 Jiro Nozomi created a new travel agency, Adventure Travel The following transactions occurred during the company's first month 1 Mai invested

image text in transcribed
1 On April 1 Jiro Nozomi created a new travel agency, Adventure Travel The following transactions occurred during the company's first month 1 Mai invested $31.000 euth and computer equipment worth $35,000 in the con 2 The Tentel furnished office space by win 1.600 ush for the first with April) rent 3. The purchased 11.900 of office supplies for cash 10 The many paid $2.100 cash for the presion 12-thin e policy Coverage begins on April 11 14 The company paid $1.600 ask for the weeks' salisered by uployees 24 The cay collected $8.500 cash for constions and 20 The company paid 11.600 euth for the weeks drie wned by employees 29 The company pod 400 cach for niner repairs to the computer 30 The copy paid 51.100 cash for this month's telephone bill 30 Nero withdr $2.400 each from the company for personal use The company's chart of accounts follows BO Print 101 Cash 106 Ats Receivable 124 Office Supplies 100 trepad Thaw 187 Computer Eyvinent 168 Acculated Depression-Computer Equi 209. Series Payable 301 J We Capital 406 Comissions are 612 Depreciation Expense--Computer Equip e Series Expense 607 Inwwe pse 640 Rent Expense 650 Office Supplies Expo 684 Repairs Expense 650 Telephone 901 Inese Sonary Reference Use the following information: c. Prepaid insurance of 517 has expired this month b. At the end of the month, $600 of office supplies are still available, c. This month's depreciation on the computer equipment is $500 d. Employees earned $380 of unpaid and unrecorded salaries as of month-end e. The company earned $2,050 of commissions that are not yet billed at month end Required: 1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and uneared items in balance sheet accounts 2. Using account balances from Requirement Gb, prepare an unadjusted trial balance as of April 30 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance 50. Prepare the income statement for the month of April 30 Sb. Prepare the statement of owner's equity for the month of April 30 5c. Prepare the balance sheet at April 30 6. Prepare journal entries to close the temporary accounts and then post to Requirement 6b ob. Post the journal entries to the ledger 7. Prepare a post.closing trial balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Theory Contemporary Accounting Issues

Authors: Thomas G. Evans

1st Edition

0324107846, 9780324107845

More Books

Students also viewed these Accounting questions

Question

Do you agree with the results/recommendations?

Answered: 1 week ago