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I need help identifying what is wrong and then I will hopefully will be able to accomplish the rest myself. On April 1, Jiro Nozomi
I need help identifying what is wrong and then I will hopefully will be able to accomplish the rest myself.
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 3 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. April 4 The company purchased $1,000 of office supplies for cash. April 10 The company paid $2,400 cash for a 12-month insurance policy. Coverage begins on April 11 . April 14 The company paid $1,600 cash for two weeks' salaries earned by employees. April 24 The company collected $8,000 cash for commissions revenue. April 28 The company paid $1,600 cash for two weeks' salaries earned by employees. April 29 The company paid $350 cash for minor repairs to computer equipment. April 30 The company paid $750 cash for this month's telephone bill. April 30 The company paid $1,500 cash in dividends. The company's chart of accounts follows. Use the following information to prepare adjusting entries: a. Prepaid insurance of $133 expired this month. b. At the end of the month, $600 of office supplies are still available. c. This month's depreciation on computer equipment is $500. d. Employees earned $420 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,750 of commissions revenue that is not yet recorded at month-end. Required: 1. \& 2. Prepare journal entries to record the transactions for April and post them to ledger accounts in Requirement 6BGL tab. The company records prepaid and unearned items in balance sheet accounts. 3. Using account balances from Requirement 6BGL tab, prepare an unadjusted trial balance as of April 30 . 4. Journalize the adjusting entries for the month, and then post to the ledger on Requirement 6BGL tab, using April 30 Adjusted as the date. 5a. Using adjusted account balances from Requirement 6BGL tab, prepare an adjusted trial balance as of April 30. 5b. Prepare the income statement for the month of April 30. 5c. Prepare the statement of retained earnings for the month of April 30. 5d. Prepare the balance sheet at April 30. 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6B GL tab, using April 30 Close as the date. 6 b. 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. Prepare journal entries to record the transactions for April and post them to ledger accounts in Req 6B GL tab. The company records prepaid and unearned items in balance sheet accounts. \begin{tabular}{|c|c|c|c|c|c|c|c|} \hline Req 1 and 2 & Req 3 & Req 4 & Req5A & Req 5B & \multicolumn{2}{|c|}{ Req 5C} & Req 5D \\ \hline \multicolumn{8}{|c|}{ Using account balances from Requirement 6BGL tab, prepare an unadjusted trial b } \\ \hline \multicolumn{8}{|c|}{ ADVENTURE TRAVEL } \\ \hline \multicolumn{8}{|c|}{ Unadjusted Trial Balance } \\ \hline \multicolumn{8}{|c|}{ April 30} \\ \hline \multicolumn{4}{|c|}{ Account Title } & \multicolumn{2}{|c|}{ Debit } & \multirow{2}{*}{\multicolumn{2}{|c|}{ Credit }} \\ \hline 101: Cash & & & & $ & 27,000 & & \\ \hline \multicolumn{8}{|c|}{ 106: Accounts receivable } \\ \hline \multicolumn{4}{|c|}{ 124: Office supplies } & & 1,000 & & \\ \hline \multicolumn{4}{|c|}{ 128: Prepaid insurance } & & 2,400 & & \\ \hline \multicolumn{4}{|c|}{ 167: Computer equipment } & & 20,000 & & \\ \hline \multicolumn{8}{|c|}{ 168: Accumulated depreciation-Computer equipment } \\ \hline \multicolumn{8}{|c|}{ 209: Salaries payable } \\ \hline \multicolumn{4}{|c|}{ 307: Common stock } & & & & 50,000 \\ \hline \multicolumn{8}{|c|}{ 318: Retained earnings } \\ \hline \multicolumn{4}{|l|}{ 319: Dividends } & & 1,500 & & \\ \hline \multicolumn{4}{|c|}{ 403: Commissions revenue } & & & & 8,000 \\ \hline \multicolumn{8}{|c|}{ 612: Depreciation expense-Computer equipment } \\ \hline \multicolumn{4}{|c|}{ 622: Salaries expense } & & 3,200 & & \\ \hline \multicolumn{8}{|c|}{ 637: Insurance expense } \\ \hline \multicolumn{4}{|c|}{ 640: Rent expense } & & 1,800 & & \\ \hline \multicolumn{8}{|c|}{ 650: Office supplies expense } \\ \hline \multicolumn{4}{|c|}{ 684: Repairs expense } & & 350 & & \\ \hline \multicolumn{4}{|c|}{ 688: Telephone expense } & & 750 & & \\ \hline Totals & & & & $ & 58,000 & $ & 58,000 \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Journalize the adjusting entries for the month, and then post to the ledger on Requirement 6B GL tab, using April 30 Adjusted as the date. Note: Do not round intermediate calculations and round the final answers to nearest whole number. Complete this question by entering your answers in the tabs below. Using adjusted account balances from Requirement 6B GL tab, prepare an adjusted trial balance as of April 30Step by Step Solution
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