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I really am stuck on this question ANY feedback will ve aopreciated! On April 1, Jiro Nozomi created a new travel agency Adventure Travel. The
I really am stuck on this question ANY feedback will ve aopreciated!
On April 1, Jiro Nozomi created a new travel agency Adventure Travel. The following transactions occurred during the company's first month April 2 Nozomi invested $39,000 cash and computer equipment worth $35,000 in the company in exchange for its common stock, April 3 The company rented furnished office space by paying $2,100 cash for the first month's (April) rent April 4 The company purchased $1,300 of office supplies for cash. April 10 The company paid $2,340 cash for a 12-month insurance policy. Coverage begins on April 11 April 14 The company paid $1,700 cash for two weeks salaries earned by employees. April 24 The company collected $10,000 cash for comissions revenue April 28 The company paid $1,700 cash for two weeks salaries earned by employees. April 29 The company paid $500 cash for minor repairs to computer equipment April 30 The company paid $1,250 cash for this month's telephone bil April 30 The company paid $1,590 cash In dividends. The company's chart of accounts follows: 101 Cash 403 Commissions Revenue 106 Accounts Receivable 612 Depreciation Expense-Computer Equipment 124 Office Supplies 622 salaries Expense 128 Prepaid Insurance 637 Insurance Expense 167 Computer Equipment 640 Rent Expense 168 Accumulated Depreciation Computer Equipment 650 Office Supplies Expense 209 Salaries Payable 684 Repairs Expense 387 Connon Stock 5 Telephone Expense 318 Retained Earnings 901 Income Summary 319 Dividends Use the following information to prepare adjusting entries a. Prepaid insurance of $130 expired this month b. At the end of the month. $600 of office Supplies are still available Use the following information to prepare adjusting entries. a. Prepaid insurance of $130 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 $300. d. Employees earned $360 of unpaid and unrecorded salaries as of month-end, e. The company earned $2,500 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 6B GL tab. The company records prepaid and unearned items in balance sheet accounts 3. Using account balances from Requirement 6B GL 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 6B GL tab, using April 30 Adjusted as the date 5. Using adjusted account balances from Requirement 6B GL tab, prepare an adjusted trial balance as of April 30 5b. Prepare the income statement for the month of April 30. 5. Prepare the statement of retained earnings for the month of April 30 5d. Prepare the balance sheet at April 30. 60. Prepare Journal entries to close the temporary accounts and then post to Requirement 6B GL tab, using April 30 Close as the date 6b. Post the journal entries to the ledger 7. Prepare a post-closing trial balance Using account balances from Requirement 6B, prepare an unadjusted trial balance as of April 30. Debit Credit ADVENTURE TRAVEL Unadjusted Trial Balance April 30 Account Title 101: Cash 106. Accounts receivable 124: Office supplies 128: Prepaid insurance 167 Computer equipment 168: Accumulated depreciation-Computer equipment 209 Salaries payable 307. Common stock 318. Retained earnings 319 Dividends 403 Commissions revenue 612 Depreciation expense-Computer equipment 622- Salaries expense 637 insurance expense 640. Rent expense 650 Office supplies expense 684 Repairs expense 688 Telephone expense Totals 05 Journalize the adjusting entries for the month, and then post to the ledger on Requirement 68 Gutab, using April 30 Adjusted as the date. (Do not round intermediate calculations and round the final answers to nearest whole number) View trannaction lint Journal entry worksheet Prepaid insurance of $130 expired this month. Record the required adjusting entry, if any, Noter Enter debit before credits Transaction General Journal Debit Credit a Fecondary Clear entry View gennal Using adjusted account balances from Requirement 6B GL tab, prepare an adjusted trial balance as of April 30. Debit Credit ADVENTURE TRAVEL Adjusted Trial Balance April 30 Account Title 101: Cash 106 Accounts receivable 124: Office supplies 128. Prepaid insurance 167: Computer equipment 168. Accumulated depreciation-Computer equipment 209: Salaries payable 307. Common stock 318: Retained earnings 319: Dividends 403: Commissions revenue 612 Depreciation expense--Computer equipment 622. Salaries expense 637: Insurance expense 640. Rent expense 650 Office supplies expense 684 Repairs expense 1688 Telephone expense Totals $ 05 0 Req 1 and 2 Req3 Req 4 Req 5A Reg 5B Req 5C Req 5D Reg 6A Req 6B GL Req 7 Prepare the income statement for the month of April 30. ADVENTURE TRAVEL Income Statement For Month Ended April 30 + Revenues: Expenses: 0 Total expenses S 0 Reg 5C 2 4 Record the entry to close the revenue account(s). Note: Enter debits before credits Debit Credit General Journal Date April 30 View general Che entry Record entry Prepare a post-closing trial balance. ADVENTURE TRAVEL Post-Closing Trial Balance April 30 Account Title Debit Credit Totals $ 05 Step by Step Solution
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