Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's firs month. Apri1 2 Nozoni invested

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's firs month. Apri1 2 Nozoni invested $44,090 cash and computer equipment worth $35,000 in the company in exchange for its conmon stock. April 3 The company rented furnished office space by paying $2,200 cash for the first month's (Apri1) rent. April 4 The company purchased $1,100 of office supplies for cash. Apri1 10 The company paid $1,980 cash for a 12-month insurance policy. Coverage begins on April 11 . April 14 The company paid $900 cash for two weeks" salaries earned by employees. Apri1 24 The company collected $12,000 cash for comissions revenue. April 28 The company paid $900 cash for two weeks" salaries earned by employees. April 29 The company pald $250 cash for alnor repalies to computer equipnent. April 30 The company pald $1,200 cash for this month's telephone bill. April 30 . The company paid $1,520 cash in dividends. Use the following information to prepare adjusting entries: a. Prepaid insurance of $110 expired this month. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on computer equipment is $600. d. Employees earned $330 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,100 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 6BGLtab.prepareanunadjustedtrialbalanceasofApril30. 4. Joumalize the adjusting entries for the month, and then post to the ledger on Requirement 6BGL tab, using April 30 Adjusted as the date. 5o. Using adjusted account balances from Requirement 6BGL 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 retained earnings for the month of April 30. 5d. Prepare the balance sheet at April 30 . 6o. Prepare journal entries to close the temporary accounts and then post to Requirement 6BGL tab, using April 30 Close as the date 6 b. 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. repare journal entries to record the transactions for April and post them to ledger accounts in Requirement 6BGGL. tab. The company cords prepaid and unearned items in balance sheet accounts. Journal entry worksheet Nozomi invested $44,000 cash and computer equipment worth $35,000 in the company in exchange for its common stock. Hotet Enter debits before credits. Nozomi invested $44,000 cash and computer equipment worth $35,000 in the company in exchange for its common stock. Note: Enter debits before credits. Using account balances from Requirement 6B, prepare an unadjusted trial balance as of A Journalize the adjusting entries for the month, and then post to the ledger on Requirement 6BGL date. (Do not round intermediate calculations and round the final answers to nearest whole numbi Journal entry worksheet Prepaid insurance of $110 expired this month. Record the required adjusting entry, if any. Note: Enter debits before credits. Using adjusted account balances from Requirement 6B GL tab, prepare an adjusted trial Prepare the income statement for the month of April 30. Prepare the statement of retained earnings for the month of April 30. Prepare the balance sheet at April 30. repare journal entries to close the temporary accounts and then post to Requirement 6BGL tab, usi. Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance. the journal entries to the ledger. (Select April 30 Adjusted as date for all adjusting entries, and April 30 Close as date for all

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

The Iso 9000 Auditors Companion

Authors: Kent A. Keeney

1st Edition

0873893247, 978-0873893244

More Books

Students also viewed these Accounting questions

Question

Describe the strategy of transferal.

Answered: 1 week ago