Chapter 03 0 8 On April 1, 2017, Jiro Nozomi created a new travel agency Adventure Travel. The following transactions occurred during the company's first month 10 points April 1 Meoni invested S32,000.cash and eceputer equipnent vort40,000 in the ecepany in exchange for eamon tock. 2 The eonpany rested furnished offiee space by paying $2,700 eash for the firet month' (April) cent 10 The eompany paid 82,800 cash for the premiun on12-month ineurance pollcy, Coverage begins on Aprii ii. 14 The eompany paid $1,500 eash for two veeke' ealaries earsed by enployegs 24 The company collected $16,500 cash on commiasions from airlines on sickete obtained for customers 28 The eompany paid 91,530 eash for two veeke salaries earsed by enployees 29 The eompany paid $500 cash for ninor repairs to the conpany' computer. 30 The eonpany paid $750 eash for thie month's telephone bi1 30 The company paid $2,300 eash in dividends The company's chart of accounts follows: Print 05 Comninsiona Earned 612 Depreciation Expense-Computer tquip 22 Salaries Expense 37 Inesrance Expense 40 Rent Expense 106 Accounts Receivable 124 offiee Supplies 128 Prepaid Ineurance 167 Compater Equipment 168 Nooumalated Depreclation-Conputer Equip450 offloe Supplies Expense 09 Salaries Payable 357 Connon Stoek 10 Retained Earninge 319 Dividenda 688 Telephone Expense 901 Tncone Sumnary Use the following information a. Two-thirds (or $156) of one month's insurance coverage has expired b. At the end of the month, $800 of office supplies are stil avalilable c. This month's depreclation on the computer equipment is $60D d. Employees earned $540 of unpaid and unrecorded salaries as of month-end The company earned $2,450 of commissions that are not yet billed at m 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 prepald and unearned items in balance sheet accounts 3. Using account balances from Requrement 6b, prepare an unadjusted trial balance as of April 30 4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance. 5a. Prepare the income statement for the month of April 30, 2017 Sb. Prepare the statement of retained earnings for the month of Aprli 30, 2017 Sc. Prepare the balance sheet at April 30, 2017 6a. 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. 8 Req 58 Req SCReq 6A Req 68 GL Req7 Req SA Entries TrialaReq S8Req SC Req Req 1 and 2 Reg 3 Req 4 Adj Req 4 Adj Trial Bal Entries Post the journal entries to the ledger. If there is more than one transaction on a specific date, make sure to select the specific (abbreviated) date choice for that transaction in the date field. 10 Accounts Receivable Debit Prist eferences Debit Date Debit Credit Date Date Date Debit r 03 Date Req GA Req7 >
