319 dividend

On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month April 1 Nozomi invested $37,000 cash and computer equipment worth $30,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. 3 The company purchased $2,000 of office supplies for cash. 10 The company paid $2,0 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,300 cash for two weeks' salaries earned by employees. 24 The company collected $13,000 cash for comissions earned. 28 The company paid $1,300 cash for two weeks' salaries earned by employees. 29 The company paid $400 cash for winor repairs to the company's computer. 30 The company paid $1,200 cash for this month's telephone bill. The company paid $1,500 cash in dividends. The company's chart of accounts follows: 10 Cash 106 Accounts Receivable 124 Office Sulles 128 Prepaid Insurance 167 Computer Equipment 160 Accumulated Depreclation Computer Equip. 209 Salaries Payable 307 Coon Stock 31 Betained Earnings 319 Dividends 405 Comissions Earned 612 Depreciation Expense-Computer Equip 622 Salaries Expense 637 Insurance Expense tent pense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Suary Use the following information: a. Prepaid insurance of $144 has expired this month. b. At the end of the month $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $600. d. Employees earned $350 of unpaid and unrecorded salaries as of month-end e. The company earned $2.400 of commissions that are not yet billed at month-end. Required: 1.8 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement Gb. The company records prepaid and uneared items in balance sheet accounts 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of Apr 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. 5b. Prepare the statement of retained earnings for the month of April 30 a. Prepaid insurance of $144 has expired this month b. At the end of the month $700 of office supplies are available c. This month's depreciation on the computer equipment is 5600 d. Employees earned $350 of unpaid and unrecorded salaries as of month-end e. The company earned $2.400 of commissions that are not yet beled at month-end. Required: 16 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 unearned items in balance sheet accounts 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30. 4. Journalce the adjusting entries for the month and prepare the adjusted trial balance. 50. Prepare the income statement for the month of April 30 5b. Prepare the statement of retained earnings 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 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 and? R e s ReqSAR58 ReqSC Re Re GB GL Req? Post the journal entries to the ledger 101: Cash 106 Accounts Receivable Debit Credit ole Date April 30 AG 37 000 33.2001 tt W IELU WIR YOU completed so far. It Post the journal entries to the ledger General Ledger accounts 101: Cash Debit 37.000 Credit 106: Accounts Receivable De - Credit 2000 April 30 A OOOOOOOOO 1000 2.000 2,600 1300 Balance 37.000 35 200 30200 30.600 29900 42300 41000 40.600 39.000 37500 1300 400 1200 100 Office Supplies I Credit 2001 Palace 2.600 100 DO April 30 Ad 144 2456 151 Com m ent 168 Accumulated Depreciation - Computer equipment Daco Debit Credit Balance April 30 1 oft Ned> Check my work mode: This shows what is correct or incorrect for the work you have completed so far 209 Sales Payable Date Debill I April Credit 67.000 Balance 67.000 April 30 Ad 350 350 318: Retained Earings I 319: Dividends Data Conde 1800 Balance 006 7006 A Apr 30 Close Apr 30 Close April 30 100 612: Depreciation Expense-Computer Equipment Date Debit Credit Balance Arad April 30 Glove 13.000 2.000 13.000 15.000 15.400 022: Sales Expense 67:wance Expense 14 April 30 4 April 30 Close 144 Prey 1 of 1 Nud te DOLL Check my work mode: This shows what is correct or incorrect for the work you have completed 1.300 144 1.300 1.300 350 April 30 Ad April Close April 14 April 28 April 30 A4 April 30 Close 2600 200 2.950 10: Reat Expense Debit 1.800 Date April 0 Ad Apr 30 Close 84 Repairs Expense 688 Telephone Expense 400 400 April 29 April 30 Close April 30 April 30 Close o 1.200 4000 April 30 Close 7006 Reg LA Prey 1 of 1 8 Next >