GL0402- Based on Problem 4-1A LO C2, P2, P3 On April 1, Jose Garcia created a new travel agency, Garcia Travel. The following transactions occurred during the company's first month. Apr. 1 Garcia invested $38,000 cash and computer equipment worth $11,400 in the company. Apr. 2 The company rented furnished office space by paying $2,600 cash for the first month's (April) rent. Apr. 3 The company purchased $1,280 of office supplies for cash. Apr. 10 The company paid $1,800 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. Apr. 14 The company paid $1,540 cash for two weeks' salaries earned by employees. Apr. 24 The company collected $24,000 cash for commissions earned. Apr. 28 The company paid $1,540 cash for two weeks' salaries earned by employees. Apr. 29 The company paid $650 cash for minor repairs to the company's computer. Apr. 30 The company paid $400 cash for this month's telephone bill. Apr. 30 Garcia withdrew $1,700 cash from the company for personal use. Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. Equity General General Income St Owners Requirement Journal Ledger Trial Balance Balance Sheet Post Closing Statement General Journal tab - Prepare journal entries for Garcia Travel's first month of operations. Prepare any necessary adjusting and closing entries for the current month. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post.closing balances. Trial Balance tab - You may view the unadjusted, adjusted, or post-closing trial balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Statement of Owner's Equity tab - The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection, Balance Sheet tab - Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Post-Closing tab - Use the drop-downs to indicate whether each account is included on the post-closing trial balance. General Journal > Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. View transaction list Journal entry worksheet 1 8 19 Garcia invested $38,000 cash and computer equipment worth $11,400 in the company. Note: Enter debits before credits. Date Credit Apr 01 Account Title Cash Computer equipment J. Garcia, Capital Debit 38,000 11,400 49,400 Record entry Clear entry View general journal Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. General Journal Requirement General Ledger Trial Balance Income Statement Balance Sheet St Owners Equity Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. View transaction list Journal entry worksheet The company purchased $1,200 of office supplies for cash. The company's policy is to initially record all prepaid and unearned items in balance sheet accounts. Note: Enter debits before credits Date Account Title Debit Credit Apr 03 Office supplies Cash 1,200 1,200 Record entry Clear entry View general journal Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. View transaction list Journal entry worksheet The company paid $1,800 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. The company's policy is to initially record all prepaid and unearned items in balance sheet accounts. Note: Enter debits before credits Date Apr 10 Credit Account Title Prepaid insurance Cash Debit 1,800 1,800 Record entry Clear entry View general journal Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. ped General General St Owners Requirement Income Journal Trial Balance Ledger Statement Equity Balance Sheet Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. ook Tint View transaction list erences Journal entry worksheet The company paid $1,540 cash for two weeks' salaries earned by employees. Note: Enter debits before credits. Date Account Title Debit Credit Apr 14 Salaries expense Cash 1,540 1,540) Record entry Clear entry View general Journal Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. General Journal Balance Sheet Post Closing General Ledger Income Statement Trial Balance St Owners Equity Requirement Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. View transaction list Journal entry worksheet 5 6 19 > The company collected $24,000 cash for commissions earned. Note: Enter debits before credits. Date Account Title Debit Credit Apr 24 Cash Commissions earned 24,000 24,000 Record entry Clear entry View general journal Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. View transaction list Journal entry worksheet The company paid $1,540 cash for two weeks' salaries earned by employees. Note: Enter debits before credits Date Apr 28 Account Title Salaries expense Credit Debit 1,540 Cash 1,540 Record entry Clear entry View general Journal Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. General Journal General Ledger Income Statement Trial Balance Balance Sheet St Owners Equity Requirement Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. View transaction list Journal entry worksheet The company paid $650 cash for minor repairs to the company's computer. Note: Enter debits before credits Date Account Title Debit Credit Apr 29 Repairs expense Cash 650 650 Record entry Clear entry View general Journal Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. View transaction list Journal entry worksheet At month-end, $600 of supplies are still available. Record the required adjusting entry, any. Note: Enter debits before credits Date Apr 30 Debit Account Title force supplies expertise Office Supplies Credit 600 600 Record entry Clear entry View general journal 13 ctv Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia yravel. View transaction list Journal entry worksheet Employees earned $616 of unpaid and unrecorded salaries as of month-end. Record the required adjusting entry, if any. Note: Enter debits before credits. Date Account Title Debit Credit Apr 30 Salaries expense Salarios payable 616 616 Record entry Clear entry View general Journal Apr. 30 The company paid $400 cash for this month's telephone bill. Apr. 30 Garcia withdrew $1,700 cash from the company for personal use. Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. View transaction list Journal entry worksheet 10 11 12 13 14 15 19 The company earned $1,830 of commissions that are not yet billed at month- end. Record the required adjusting entry, if any. Note: Enter debits before credits Date Apr 30 Account Title Accounts receivable Commissions earned Debit Credit 1.830 1.830 Record entry Clear entry View general journal Information for month-end adjustments follows: a. Prepaid insurance of $100 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 $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. View transaction list Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits Date Apr 30 Account Title Debit Credit Record entry Clear entry View general journal nformation for month-end adjustments follows: . Prepaid insurance of $100 has expired this month. At the end of the month, $600 of office supplies are still available. - This month's depreciation on the computer equipment is $190. . Employees earned $616 of unpaid and unrecorded salaries as of month-end. . The company earned $1,830 of commissions that are not yet billed at month-end. Requirement General Journal General Ledger Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Prepare the required journal entries, adjusting entries, and closing entries for Garcia Travel. View transaction list Journal entry worksheet Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Adjusted General Ledger Account Accounts receivable Cash Credit Date Debit Credit No. Debit No. Apr 01 Apr 30 Balance 0 1,830 15 38,000 1 1,830 2 3 Date Apr 01 Apr 01 Apr 02 Apr 03 Apr 10 Apr 14 Apr 24 Apr 28 Apr 29 Apr 30 Apr 30 2,600 1,200 1,800 1,540 Balance 0 38,000 35,400 34,200 32,400 30,860 54,860 53,320 52,670 52,270 50,570 5 6 24,000 1,540 7 8 9 650 400 1,700 10 Office supplies Debit Credit No. Balance Prepaid Insurance Debit Credit No. Date Apr 01 Apr 03 Apr 30 0 3 1,200 Date Apr 01 Apr 10 Apr 30 4 1,200 600 12 1,800 Balance 0 1,800 1,700 600 11 100 No. Computer equipment Debit Credit Balance No. Date Apr 01 Apr 01 1 0 Accumulated depreciation - Computer equipment Date Debit Credit Balance Apr 01 0 Apr 30 190 190 11.400 11.400 13 Salaries payable No. Debit Credit Date Apr 01 Apr 30 No. J. Garcia, Capital Debit Credit Balance 0 616 14 Date Apr 01 Apr 01 616 Balance 1 0 49.400 Salaries payable Debit Credit J. Garcia, Capital Debit Credit Balance Balance No. 0 No 0 Date Apr 01 Apr 30 Date Apr 01 Apr 01 49,400 49.400 616 616 14 J. Garcia, Withdrawals Commissions earned Debit Credit Credit No. Balance Debit No. 0 Date Apr 01 Apr 30 Date Apr 01 Apr 24 Apr 30 Balance 0 24,000 25,830 1,700 10 6 1,700 24,000 1,830 15 Salaries expense Debit Credit No. No. Date Depreciation expense - Computer equipment Date Debit Credit Balance Apr 01 0 Apr 30 190 190 13 5 7 14 Apr 01 Apr 14 Apr 28 Apr 30 1,540 1,540 616 Balance 0 1,540 3,080 3,696 Insurance expense Debit Credit Rent expense No. No. Debit Date Apr 01 Apr 30 Credit Balance Balance 0 100 11 Date Apr 01 Apr 02 100 0 2 2,600 2,600 Office supplies expense Debit No Credit Date Apr 01 Apr 30 No. Repairs expense Debit Credit 12 Balance 0 600 Balance 600 Date Apr 01 Apr 29 8 650 650 Na Date Telephone expense Debi Credit 9 Apr 01 Apr 30 Balance 0 400 400 02 etv McGrawo San Joaquin Delta College Saved Sive Problems e. The company earned $1.830 of commissions that are not yet billed at month-end. General Journal Balance Sheet Post Closing Income Statement General Ledger Trial Balance St Owners Equity Requirement You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down box below. Your choice will determine the reported values on the financial statement tabs. Adjusted Dates: Apr 01 to: Apr 30 GARCIA TRAVEL Trial Balance April 30, 2019 Account Title Debit Credit $ 50,570 1.830 600 1,700 11,400 Cash Accounts receivable office supplies Prepaid insurance Computer equipment Accumulated depreciation - Computer equipment salaries payable J. Garcia, Capital J. Garcia, Withdrawals Commissions earned Depreciation expense - Computer equipment Salaries expense Insurance expense 190 616 49,400 1,700 25,830 190 Rent expense office supplies expense Repairs expense Telephone expense 3,696 100 2,600 600 650 400 76,036 $ Total $ 76,036 d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. General Journal General Ledger Requirement Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing Use the drop-downs to select the accounts properly included on the income statement. The unadjusted, adjus or post-closing balances will appear for each account, based on your selection. Adjusted GARCIA TRAVEL Income Statement For Month Ended April 30 Revenues: $ 0 0 Expenses: 0 0 0 0 0 0 0 0 Net Income $ 0 r. 10 The r. 14 The company paid $1,540 cash for pr. 24 The company collected $24,000 cash for commissions earned. or. 28 The company paid $1,540 cash for two weeks' salaries earned by employees. r. 29 The company paid $650 cash for minor repairs to the company's computer. pr. 30 The company paid $400 cash for this month's telephone bill. pr. 30 Garcia withdrew $1,700 cash from the company for personal use. mformation for month-end adjustments follows: . Prepaid insurance of $100 has expired this month. . At the end of the month, $600 of office supplies are still available. This month's depreciation on the computer equipment is $190. 9. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 of commissions that are not yet billed at month-end. General Journal General Ledger Requirement Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing The unadjusted or adjusted balances will appear for each account, based on your selection. (Selecting Post-Closing will only display ending capital.) Adjusted GARCIA TRAVEL Statement of Owner's Equity For Month Ended April 30 J. Garcia, Capital, April 1 Add: Investments by owner $ 49,400 0 49,400 Less: Withdrawals by owner 1,700 J. Garcia, Capital, April 30 (1,700) 47,700