4 Problem 4-1A Applying the accounting cycle LO C2, P2, P3 12.5 On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month April 1 Woroni invested $48,000 cash and computer equipment worth $30,000 in the company. 2 The company rented furnished office space by paying $2,100 cash for the first month (April) rent. 3 The company purchased $1,100 of office supplies for caan. 10 The company paid $2,000 cash for the premium on 12-month Insurance policy. Coverage begins on April 11. 14 The company paid $1,000 cash for two weeks salaries earned by employees. 24 The company collected $8,000 for commissions warned. 28 The company paid $1,000 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for nisor repairs to the company's computer. 30 The company paid $1,150 cash for this sonth's telephone bil. 30 to withdrew $1,800 out from the company for personal use. The company's chart of accounts follows: 101 cech 106 Acta Meceivable 124 office Supplies 120 Prepaid Insurance 167 Computer Equipment 168 Rated Depreciation Consputer Equip. 209 salaries Payable 301 3. Bo, Capital 102 J. Moxon, withdrawal 405 Commissions torned 612 Depreciation Expense-computer up. 622 salaries Expand 637 Terance Expense 640 Rent Expense 650 office Supplies tapese 684 Repairs Expense 688 Telephone Expense 991 Income Summary YAP 4 The company's chart of accounts follows: 12.5 Doint 101 Cash 106 Accounts Receivable 124 office supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation Computer Equip. 209 salaries Payable 301 2. Nononi, Capital 302 J. Horont, withdrawals 405 Commissions Harned 612 Depreciation Ixpense-computer Equip. 622 salaries expense 637 Tragrance Expense 640 Nent pense 650 office supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Book Use the following information: a. Prepaid Insurance of $111 has expired this month b. At the end of the month, $500 of office supplies are still available. c. This month's depreciation on the computer equipment is $500 d. Employees earned $470 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,850 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 65. 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 prepare the adjusted trial balance. 5a. Prepare the income statement for the month of April 30, 5b. Prepare the statement of owner's equity for the month of April 30. 5c. Prepare the balance sheet at April 30 6a. Prepare Journal entries to close the temporary accounts and then post to Requirement 6b. 6. Post the journal entries to the ledger. 7. Prepare a post-closing trial balance