Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

it is all one i just broke up the screen shots PLEASE PLEASE PLEASE DO ALL PARTS!!!! I WILL MAKE SURE TO LEAVE A COMMENT

image text in transcribed
image text in transcribed
image text in transcribed
it is all one i just broke up the screen shots
PLEASE PLEASE PLEASE DO ALL PARTS!!!! I WILL MAKE SURE TO LEAVE A COMMENT AND LIKE THE ANSWER.
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. 20 points Print April 2 Nozomi invested $35,000 cash and computer equipment worth $40,000 in the company. April 3 The company rented furnished office space by paying $1,700 cash for the first month's (April) rent. April 4 The company purchased $1,700 of office supplies for cash. April 10 The company paid $2,800 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,500 cash for two weeks' salaries earned by employees. April 24 The company collected $9,000 cash for commissions revenue. April 28 The company paid $1,500 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 $1,550 cash for this month's telephone bill. April 30 Nozomi withdrew $2,300 cash from the company for personal use. The company's chart of accounts follows: 20 points Print 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Compute 209 Salaries Payable 301 J. Nozomi, Capital 302 J. Nozomi, Withdrawals Use the following information to prepare adjusting entries: a. Prepaid insurance of $156 expired this month. b. At the end of the month, $500 of office supplies are still available. c. This month's depreciation on computer equipment is $400. d. Employees earned $430 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,900 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 Req 6B GL tab. 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 then post to the ledger on Req 6B tab, using April 30 Adjusted as the date. 5a. Using adjusted account balances from Req 6B GL 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 owner's equity 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 Req 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting A Business Perspective

Authors: Roger H. Hermanson, James Don Edwards, Michael W. Maher

7th Edition

0075615851, 978-0075615859

More Books

Students also viewed these Accounting questions

Question

What are the key ethical issues in this situation?

Answered: 1 week ago

Question

Describe the importance of employer branding.

Answered: 1 week ago

Question

Explain corporate sustainability.

Answered: 1 week ago