On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $38,00 cash and computer equipment worth $30,eee in the company in exchange for common stock. 2 The company rented furnished office space by paying $1,600 cash for the first month's (April) rent. 3 The company purchased $1,600 of office supplies for cash. 10 The company paid $2,see cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $900 cash for two weeks' salaries earned by employees. 24 The company collected $15,000 cash for commissions earned. 28 The company paid $900 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 $1,350 cash for this month's telephone bill. 3e The company paid $1,600 cash in dividends. The company's chart of accounts follows: 101 Cash 186 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 3e7 Common Stock 318 Retained Earnings 319 Dividends 485 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following Information: a. Prepaid Insurance of $139 has expired this month. b. At the end of the month, $400 of office supplies are still available. c. This month's depreciation on the computer equipment is $500. d. Employees earned $530 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,550 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 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. 5a. Prepare the income statement for the month of April 30. 5b. Prepare the statement of retained earnings for the month of April 30. 5c. Prepare the balance sheet at April 30. 6a. 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. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Reg 4 Adj Entries Reg 4 Adj Trial Bal Reg SA Req SB Reg 5C Reg 6A Req 6B GL Reg 7 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Req 4 Adi Entries Req 4 Adj Trial Bal Reg SA Reg 5B Reg 5C Reg 6A Reg 6B GL Req 7 Prepare journal entries to close the temporary accounts and then post to Req 68 General Ledger, using April 30 Close as the date. No Date General Journal Debit Credit Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Req 4 Adj Entries Reg 4 Adi Trial Bal Reg SA Reg 58 Reg 5C Reg 6A Req 6B GL Reg 7 Journalize the adjusting entries for the month, and then post to the ledger on Req 68 tab, using April 30 Adj. as the date. (Do not round intermediate calculations and round the final answers to nearest whole number.) NO Transaction General Journal Debit Credit Reg 1 and 2 Reg 3 Rea 4 Adj Entries Reg 4 Adi Trial Bal Reg 5A Reg 5B Reg 5C Reg 6A Reg 6B GL Reg 7 Using adjusted account balances from Requirement 6b, prepare an adjusted trial balance as of April 30. ADVENTURE TRAVEL Adjusted Trial Balance April 30 Account Title Debit Credit IS 42,200 1,550 400 2,381 30,000 IS 500 530 68,000 15,000 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation-Computer equipment 209: Salaries payable 307: Common stock 318: Retained earnings 319: Dividends 405: Commissions earned 612: Depreciation expense-Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense 684: Repairs expense 688: Telephone expense Total 1.800 1,550 X 500 2,330 UN 139 1.800 1.200 > 350 1,350 85,580 Is $ 85,580
