On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 2 Nozomi invested $40,000 cash and computer equipment worth $30,000 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,800 cash for the first month's (April) rent. April 4 The company purchased $1,200 of office supplies for cash. April 10 The company paid $1,980 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,300 cash for two weeks' salaries earned by employees. April 24 The company collected $12,000 cash for commissions revenue. April 28 The company paid $1,300 cash for two weeks' salaries earned by employees. April 29 The company paid $250 cash for minor repairs to computer equipment. April 30 The company paid $950 cash for this month's telephone bill. April 30 The company paid $1,540 cash in dividends. The company's chart of accounts follows: 101 Cash 403 106 Accounts Receivable 612 124 Office Supplies 622 128 Prepaid Insurance 637 167 Computer Equipment 640 Rent Expense 168 Accumulated Depreciation-Computer Equipment 650 209 Salaries Payable 684 Repairs Expense 307 Common Stock 688 Commissions Revenue Depreciation Expense-Computer Equipment Salaries Expense Insurance Expense Office Supplies Expense Telephone Expense 318 Retained Earnings 901 Income Summary 319 Dividends