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On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month. April 2 Nozomi invested

On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month.

April 2 Nozomi invested $49,000 cash and computer equipment worth $35,000 in the company.
April 3 The company rented furnished office space by paying $2,900 cash for the first months (April) rent.
April 4 The company purchased $1,600 of office supplies for cash.
April 10 The company paid $2,400 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 $11,000 cash for commissions revenue.
April 28 The company paid $1,500 cash for two weeks' salaries earned by employees.
April 29 The company paid $450 cash for minor repairs to computer equipment.
April 30 The company paid $1,500 cash for this month's telephone bill.
April 30 Nozomi withdrew $2,100 cash from the company for personal use.

The company's chart of accounts follows:

101 Cash 403 Commissions Revenue
106 Accounts Receivable 612 Depreciation ExpenseComputer Equipment
124 Office Supplies 622 Salaries Expense
128 Prepaid Insurance 637 Insurance Expense
167 Computer Equipment 640 Rent Expense
168 Accumulated DepreciationComputer Equipment 650 Office Supplies Expense
209 Salaries Payable 684 Repairs Expense
301 J. Nozomi, Capital 688 Telephone Expense
302 J. Nozomi, Withdrawals 901 Income Summary

Use the following information to prepare adjusting entries:

Prepaid insurance of $133 expired this month.

At the end of the month, $400 of office supplies are still available.

This months depreciation on computer equipment is $400.

Employees earned $470 of unpaid and unrecorded salaries as of month-end.

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 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.image text in transcribed

Complete this question by entering your answers in the tabs below. Prepare the statement of owner's equity for the month of April 30. Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted

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