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I need help solving / understanding the accounting cycle for accounting 1. Thank you. Help Save&Exit Submit Projet 2 -Accounting Cycle Pooblen On Apri 1,
I need help solving / understanding the accounting cycle for accounting 1. Thank you.
Help Save&Exit Submit Projet 2 -Accounting Cycle Pooblen On Apri 1, 2017, Jeo Noromi created a new travel agency, Adventure Travel The following transactions occured during the company's ckets obeaised for in dividende. Use the folowing ilormation 500 of office post them to the ledger accounts in Reqment 6o The Accounting Cycle e. The company earned $1,750 of commissions that are not yet billed at month-end 1. &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 tems in balance sheet accounts 3. Using account balances from Requirement 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 Sa. Prepare the income statement for the month of April 30, 2017 5b. Prepare the statement of retained earnings for the month of April 30, 2017. 5c. 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 Complete this question by entering your answers in the tabs below 1 and 2 Reg 3 Entries Trial Ba Reg SA R Reg 6A Reg 68 GLReq 7 Prepare yournal entries to record the transactions for April and post them to the ledger accounts in records prepaid and uneamed items in balance sheet account Requirement 6b . The company list View journal entry 111 Cah Computer esuipment 1,000 25,000 Common sock 6,000 2.100 2.100 April 03 Office supplies 1 of 1 5 8 9 0 Help Sove & Project 2-Accounting Cycle Problem Rec 58 Usadjested Trial 30 2217 8 Project 2-Accounting Cycle Probien Help Save& Exit month, and then pest to the ledger on Reg 68 tab, aing Apeil 30 Ada the date Ad) Entries Req 4 Ad) Trial Bal R SA Req 58 RSC Req 6A Req 68 GL R Req 1 and 2 Req 3 Reg 4A6 Using adjusted account balances from Requirement 6b, prepare an adjusted trial balance as of April 30. (Do not rouns intermediate calculations.) Adjusted Trial Balance April 30, 2017 101: Cash 1,750 106 Accounts receivabae 24: Office supplies 128 Prepaid insurance 167: Computer equipment 68: Accumulated depreciation-Computer equipment 209. Salaries payable 307: Common stock 318 Retained earnings 319: Dividends 405 Commissions eamed 622 Salaries expense 637 Insurance expense 640 Rent expense 650 Office 1,750 $ 1 of 1 N 1 ook Req 4 Adj Entries Req 4 Adj Trial Bal Req 5A Req 5B Req 1 and 2 Req 3 Print Prepare the statement of retained earnings for the month of April 30, 2 ADVENTURE TRAVEL Statement of Retained Earnings For Month Ended April 30, 2017 Retained earnings, April 1, 2017 Add: Net income 0 9,676 9,676 ss: Dividends Retained earnings, April 30, 2017 S 9,676 K Req 5A Req 5C FS F6 Prepare the balance sheet at April 30, 2017. ADVENTURE TRAVEL Balance Sheet April 30, 2017 Assets ok Cash Accounts receivable Office supplies Prepaid insurance Computer equipment int Accumulated depreciation-Computer equip Total assets 0 Liabilities Salaries payable Equity Retained earnings Total equity Total liabilities and equity Req 58 Req 6A > 1 of 1 Reg 4Ad Reg4Rq EntriesTrial Bal SA Req 58e Req 1 and 2 Req 3 Prepare journal entries to close the temporary accounts and then post to Req 68 General Ledger, View transaction list ook Journal entry worksheet Record the entry to close revenue account(s). Note: Enter debits before credits Debit Credit April 30 Record entry Clear entry View general journal 1 of 1 4 View transaction list Journal entry worksheet 3 Record the entry to close expense account(s). Note: Enter debits before credits. Date Debit Credit April 30 Record entry Clear entry View general journal 1 of 1 2 Reg 1 and 2 Req 3Entries Trial Ba Prepare journal entries to dose the temporary accounts and then post to Req 68 General Ledger, usi View transaction list Journal entry worksheet Record the entry to close income summary. Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal 1 of 1 ct 2-Accouhing j Req 4 Ad Req 4 Ad) Bal Req SA Reg 58 Reg SC Req 6A Rec Req 1 and 2 Reg 3 Entries Tria Prepare journal entries to dlose the temporary accounts and then post to Req 68 General Ledger, using View transaction list ints Journal entry worksheet eBook Print Record the entry to close the withdrawals account Note: Enter debits before credits. Debit Credit April 30 Record entry Clear entry View general journal Req sc Req 68 GL > 1 of 1Next Req 1 and 2 Keg EntriesHa Post the journal entries to the ledger. If there is more than one transaction on a that transaction in the date field. specific date, make sure to select the specifi accounts Cash Accounts Receivable April 1 April 30 Apri 2 Apri 3 April 10 April 14 April 24 April 28 April 30 Tel Office Su Prepaid Date Credit April 10 Date Aprl 30 1 of 1 t 5 0 0 counting Cycle Probiem Help Save&Exit Subn k my work 0 counting Cycle Probiem Help Save&Exit Subn k my work 0 ject 2 0. 0 3 Bal R 3A Req 1 and 2 Req Entries Trial Prepare a post-cdosing trial balance. ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2017 Print Account Title Debit Credit Totals Req 68 GL lor 1 2 4 8 a w Step by Step Solution
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