If anyone could help me, I am struggling with these two ledger entries. Thank you
On April 1, 2018, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's rst month. April 1 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $1,300 cash for the first month's (April) rent. 3 The company purchased $1,000 of office supplies for cash. 10 The company paid $2,400 cash for the premium on a 12month insurance policy. Coverage begins on April 11. 14 The company paid $1,600 cash for two weeks' salaries earned by employees. 24 The company collected $8,000 cash on commissions from airlines on tickets obtained for customers. 23 The company paid $1,600 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $750 cash for this month's telephone bill. 30 The company paid $1,500 cash in dividends. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation ExpenseComputer Equip. 124 Office Supplies 622 Salaries Expense 128 Prepaid Insurance 637 Insurance Expense 167 Computer Equipment 640 Rent Expense 163 Accumulated DepreciationComputer Equip. 650 Office Supplies Expense 209 Salaries Payable 684 Repairs Expense 307 Common Stock 688 Telephone Expense 313 Retained Earnings 901 Income Summary 319 Dividends Use the following information: a. Two-thirds (or $133) of one month's insurance coverage has expired. b. At the end ofthe month, $600 of office supplies are still available. c. This month's depreciation on the computer equipment is $500. d. Employees earned $420 of unpaid and unrecorded salaries as of monthend. e. The company earned $1,750 of commissions that are not yet billed at monthend. 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 prepaid and unearned items in balance sheet accounts. 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30. 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. 53. Prepare the income statement for the month of April 30,2018. 5b. Prepare the statement of retained earnings for the month of April 30, 2018. 5:. Prepare the balance sheet at April 30, 2018. 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b. 6b. Post the journal entries to the ledger. 1. Prepare a postclosing trial balance. Salaries Payable Common Stock Date Debit Credit Balance Date Debit Credit Balance April 30 Adj. V 420 V 420 April 1 50,000 50,000 April 30 Close X 2,197 X 52, 197 April 30 Close X 1,500 X 50,697 Retained Earnings Dividends Date Debit Credit Balance Date Debit Credit Balance April 30 Close 1,500 (1,500) April 30 V 1,500 1,500 April 30 Close 1,500 X 0 April 30 Close 1,500 0
