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 first month. April 2. Nozoni invested

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 first month. April 2. Nozoni invested $30,000 cash and corputer equipnent worth $25,000 in the company. April 3 the company rented furnished office space by paying $2,760 cash for the first nonth's (April) rent. Apri1 4 the company purchased $1,260 of office supplies for cash. Apri1 10 The company paid $2,900 cash for a 12-month insurance policy. Coverage begins on April 11. Apri1 14 The company paid $1, 40e cash for two weeks. salaries earned by employees. April 24 The company collected $8,500 cash for conmissions revenue. April 28 The coepany paid $1,400 cash for two weeks' salaries earned by chployees. Apri1 29 The company poid $400 cash for minor repairs to computer equipment. April 30 The company paid 5950 cash for this month's telephone bil1. April 30 Notomi withdrew 52,300 cash fron the company for personal use. Journal entry worksheet Record the required adjusting entry, if any. Prepaid insurance of $161 expired this month. Note: Enter debits before credits

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_2

Step: 3

blur-text-image_3

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

Contemporary Auditing

Authors: Michael C. Knapp

11th edition

1305970810, 9781337514811, 1337514810, 978-1305970816

More Books

Students also viewed these Accounting questions

Question

Why Working capital management is important? Explain briefly.

Answered: 1 week ago

Question

2.5 Describe a social audit.

Answered: 1 week ago