On Apnil 1, Jiro Nozomi created a new travel agency. Adventure Travel. The following transactions occurred during the company's first month Apri1 I Noroel invested $36,000 cash and conputer equipoent worth $30,060 in the corpany in exchange for comon stock. 2. The company rented furnished office space by paying 51,600 cash for the first eonth's (Aprii) rent. 3 the copany purchased $1,700 of office supplies for cash. 10. The coepany paid $2,000 cash for the preniun on a 12 -month insurance policy. Coverage begins on April 11. 14 The company paid \$\$1,100 cach for two weeks' salarles earned by eeployees. 24 the company collected $15,500 cash for coenissions earned. 28 The company paid $1,100 cash for two weeks' salaries earned by eaployees. 20 the company paid \$100 cash for minor repairs to the company's coeputer. 30 the coepany paid \$31,10e cash for this month's telephone bii1, 30 The company paid 32,100 cash in dividends. The company's chart of accounts follows: Use the following information: a. Prepaid insurance of $111 has expired this month. b. At the end of the month. $700 of office supplies are still available, c. This month's depreciation on the computer equipment is $300. d. Employees eamed $530 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,100 of commissions that are not yet billed at month-end. 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 uneamed 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 5o. Prepare the income statement for the month of April 30 . 5b. Prepare the statement of retained eamings for the month of April 30 5c. Prepare the balance sheet at April 30. 6o. 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 \begin{tabular}{|l|l|l|} \hline 101: Cash & \\ \hline 106: Accounts receivable & & \\ \hline 124: Otfice supplies & & \\ \hline 128: Prepaid insurance & & \\ \hline 167: Computer equipment & & \\ \hline 168. Accumulated depreciation-Computer equipment & & \\ \hline 209: Salaries payable & & \\ \hline 307: Common stock & & \\ \hline 318. Retained earnings & & \\ \hline 319. Dividends & & \\ \hline 405: Commissions eamed & & \\ \hline 612. Depreciation expense-Computer equipment & \\ \hline 622: Salaries expense & & \\ \hline 637: Insurance expense & & \\ \hline 640: Rent expense & & \\ \hline 650: Office supplies expense & & \\ \hline 684: Repairs expense & & \\ \hline 688: Telephone expense & & \\ \hline Total & & \\ \hline \end{tabular} Journal entry worksheet 5 Prepaid insurance of $111 has expired this month. Note: Enter debits before credits. Prepare the income statement for the month of April 30 . Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings for the month of April 30. (Amounts to be deducted should be entered with a minus sign.) Prepare the balance sheet at April 30. Journal entry worksheet 4 Record the entry to close the revenue account(s). Note: Enter debits before credits. Prepare a post-closing trial balance. On Apnil 1, Jiro Nozomi created a new travel agency. Adventure Travel. The following transactions occurred during the company's first month Apri1 I Noroel invested $36,000 cash and conputer equipoent worth $30,060 in the corpany in exchange for comon stock. 2. The company rented furnished office space by paying 51,600 cash for the first eonth's (Aprii) rent. 3 the copany purchased $1,700 of office supplies for cash. 10. The coepany paid $2,000 cash for the preniun on a 12 -month insurance policy. Coverage begins on April 11. 14 The company paid \$\$1,100 cach for two weeks' salarles earned by eeployees. 24 the company collected $15,500 cash for coenissions earned. 28 The company paid $1,100 cash for two weeks' salaries earned by eaployees. 20 the company paid \$100 cash for minor repairs to the company's coeputer. 30 the coepany paid \$31,10e cash for this month's telephone bii1, 30 The company paid 32,100 cash in dividends. The company's chart of accounts follows: Use the following information: a. Prepaid insurance of $111 has expired this month. b. At the end of the month. $700 of office supplies are still available, c. This month's depreciation on the computer equipment is $300. d. Employees eamed $530 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,100 of commissions that are not yet billed at month-end. 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 uneamed 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 5o. Prepare the income statement for the month of April 30 . 5b. Prepare the statement of retained eamings for the month of April 30 5c. Prepare the balance sheet at April 30. 6o. 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 \begin{tabular}{|l|l|l|} \hline 101: Cash & \\ \hline 106: Accounts receivable & & \\ \hline 124: Otfice supplies & & \\ \hline 128: Prepaid insurance & & \\ \hline 167: Computer equipment & & \\ \hline 168. Accumulated depreciation-Computer equipment & & \\ \hline 209: Salaries payable & & \\ \hline 307: Common stock & & \\ \hline 318. Retained earnings & & \\ \hline 319. Dividends & & \\ \hline 405: Commissions eamed & & \\ \hline 612. Depreciation expense-Computer equipment & \\ \hline 622: Salaries expense & & \\ \hline 637: Insurance expense & & \\ \hline 640: Rent expense & & \\ \hline 650: Office supplies expense & & \\ \hline 684: Repairs expense & & \\ \hline 688: Telephone expense & & \\ \hline Total & & \\ \hline \end{tabular} Journal entry worksheet 5 Prepaid insurance of $111 has expired this month. Note: Enter debits before credits. Prepare the income statement for the month of April 30 . Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings for the month of April 30. (Amounts to be deducted should be entered with a minus sign.) Prepare the balance sheet at April 30. Journal entry worksheet 4 Record the entry to close the revenue account(s). Note: Enter debits before credits. Prepare a post-closing trial balance
