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on April 1,2017 jiro nozomi created a new travel agency, adventure travel. the followung tranacrions occurred during tbe companys first month. On April 1, 2017,
on April 1,2017 jiro nozomi created a new travel agency, adventure travel. the followung tranacrions occurred during tbe companys first month.
On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month April 1 Nozomi invested $33,000 cash and computer equipment worth $30,000 in the company. 2 The company rented furnished office space by paying $2,200 cash for the first month's (April) rent. 3 The company purchased $1,100 of office supplies for cash. 10 The company paid $2,100 cash for the premium on a 12-month insurance policy. Coverage begins on April 11 14 The company paid $1,e00 cash for two weeks' salaries earned by employees. 24 The company collected $9,000 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $1,000 cash for two weeks' salaries earned by employees. 29 The company paid $300 cash for minor repairs to the company's computer. 30 The company paid $1,150 cash for this month's telephone bill. 30 Nozomi withdrew $2,e00 cash from the company for personal use. ces The company's chart of accounts follows: 405 Commissions Earned Depreciation Expense-Computer 101 Cash 612 Equip 622 Salaries Expense 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment Accumulated Depreciation--Computer 637 Insurance Expense 640 Rent Expense 650 office Supplies Expense 168 Equip. 209 Salaries Payable 301 3. Nozomi, Capital 302 J. Nozomi, Withdrawals 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Two-thirds (or $117) of one month's insurance coverage has expired. b. At the end of the month, $600 of office supplies are still available. c. This month's depreciation on the computer equipment is $400 d. Employees earned $540 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,500 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 Usinn account halances from Reniuirement 6h nrenare an unadiisted trial halance as of Apri 30 5 of 5 Step by Step Solution
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