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    "question_id": "4446111",
    "url": "\/study-help\/questions\/on-april-1jiro-nozomi-created-a-new-travel-agency-adventure-4446111",
    "question_creation_date_js": "2024-06-29T02:11:03-04:00",
    "question_creation_date": "Jun 29, 2024 02:11 AM",
    "meta_title": "[Solved] On April 1Jiro Nozomi created a new trave | SolutionInn",
    "meta_description": "Answer of - On April 1Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the co | SolutionInn",
    "meta_keywords": "april,1jiro,nozomi,created,new,travel,agency,adventure,transactions,occurred,company,s",
    "question_title_h1": "On April 1Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. Date Transaction April 1 Nozomi",
    "question_title": "On April 1Jiro Nozomi created a new travel agency, Adventure Travel. The",
    "question_title_for_js_snippet": "On April 1Jiro Nozomi created a new travel agency, Adventure Travel  The following transactions occurred during the company's first month  Date Transaction April 1 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company  Received common stock (50,000 shares at $1 par)  2 The company rented furnished office space by paying $1,800 cash for the first   last month's rent  3 The company purchased $1,000 of office supplies for cash  10 The company paid $2,400 cash for the premium on a 12 month insurance policy  Coverage begins on April 11  14 The company paid $1,600 cash for two weeks' salaries earned by employees  24 The company collected $8,000 cash on commissions from airlines on tickets obtained for customers  28 The company paid $1,600 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 $750 cash for this month's telephone bill  30 Nozomi received $1,500 cash dividends from the company  The company's chart of accounts follows    Name   Name 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense Computer Equip  124 Office Supplies 622 Salaries Expense 128 Prepaid Insurance 637 Insurance Expense 167 Computer Equipment 640 Rent Expense 168 Accumulated Depreciation Computer Equip  650 Office Supplies Expense 209 Salaries Payable 684 Repairs Expense 301 Common Stock 688 Telephone Expense 302 Dividends 901 Income Summary Required   Make an Excel worksheet, include the following tabs   Chart of Accounts, General Ledger, General Journal, Unadjusted Trial Balance, Adjusted Trial Balance, Post Closing Trial Balance, Income Statement, Statement of Retained Earnings, Balance Sheet  READ the information on the accounting cycle, general ledger, etc  prior to beginning the assignment  Use the balance column format to set up each ledger account listed in its chart of accounts  Prepare journal entries to record the transactions for April and post them to the ledger accounts  The company records prepaid and unearned items in balance sheet accounts  Make an unadjusted trial balance as of April 30  Use the following information to journalize and post adjusting entries for the month  Two thirds (or $133) of one month's insurance coverage has expired  At the end of the month, $600 of office supplies are still available  This month's depreciation on the computer equipment is $500  Employees earned $420 of unpaid and unrecorded salaries as of month end  The company earned $1,750 of commissions that are not yet billed at month end  Prepare the adjusted trial balance as of April 30  Prepare the income statement and the statement of retained earnings for the month of April and the balance sheet at April 30  Prepare journal entries to close the temporary accounts and post these entries to the ledger  Make a post closing trial balance  Check (3) Unadj  trial balance totals, $58,000 (4a) Dr  Insurance Expense, $133 (5) Net income, $2,197Retained Earnings (4 30), $697  Total assets, $51,117 (7) P C trial balance totals, $51,617",
    "question_description": "<p>On April 1Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. <\/p> <p> Date<\/p> <p> <\/p> <p> Transaction<\/p> <p> April<\/p> <p> 1<\/p> <p> Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company. Received common stock (50,000 shares at $1 par).<\/p> <p> <\/p> <p> 2<\/p> <p> The company rented furnished office space by paying $1,800 cash for the first & last month's rent.<\/p> <p> <\/p> <p> 3<\/p> <p> The company purchased $1,000 of office supplies for cash.<\/p> <p> <\/p> <p> 10<\/p> <p> The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.<\/p> <p> <\/p> <p> 14<\/p> <p> The company paid $1,600 cash for two weeks' salaries earned by employees.<\/p> <p> <\/p> <p> 24<\/p> <p> The company collected $8,000 cash on commissions from airlines on tickets obtained for customers.<\/p> <p> <\/p> <p> 28<\/p> <p> The company paid $1,600 cash for two weeks' salaries earned by employees.<\/p> <p> <\/p> <p> 29<\/p> <p> The company paid $350 cash for minor repairs to the company's computer.<\/p> <p> <\/p> <p> 30<\/p> <p> The company paid $750 cash for this month's telephone bill.<\/p> <p> <\/p> <p> 30<\/p> <p> Nozomi received $1,500 cash dividends from the company.<\/p> <p> <\/p> <p> The company's chart of accounts follows: <\/p> <p> #<\/p> <p> Name<\/p> <p> #<\/p> <p> Name<\/p> <p> 101<\/p> <p> Cash<\/p> <p> 405<\/p> <p> Commissions Earned<\/p> <p> 106<\/p> <p> Accounts Receivable<\/p> <p> 612<\/p> <p> Depreciation Expense  Computer Equip.<\/p> <p> 124<\/p> <p> Office Supplies<\/p> <p> 622<\/p> <p> Salaries Expense<\/p> <p> 128<\/p> <p> Prepaid Insurance<\/p> <p> 637<\/p> <p> Insurance Expense<\/p> <p> 167<\/p> <p> Computer Equipment<\/p> <p> 640<\/p> <p> Rent Expense<\/p> <p> 168<\/p> <p> Accumulated Depreciation  Computer Equip.<\/p> <p> 650<\/p> <p> Office Supplies Expense<\/p> <p> 209<\/p> <p> Salaries Payable<\/p> <p> 684<\/p> <p> Repairs Expense<\/p> <p> 301<\/p> <p> Common Stock<\/p> <p> 688<\/p> <p> Telephone Expense<\/p> <p> 302<\/p> <p> Dividends<\/p> <p> 901<\/p> <p> Income Summary<\/p> <p> <strong><u>Required<\/u><\/strong>: Make<strong> an Excel worksheet, include the following tabs<\/strong>: Chart of Accounts, General Ledger, General Journal, Unadjusted Trial Balance, Adjusted Trial Balance, Post-Closing Trial Balance, Income Statement, Statement of Retained Earnings, Balance Sheet.<strong>READ the information on the accounting cycle, general ledger, etc. prior to beginning the assignment.<\/strong><\/p> <ol> <li>Use the balance column format to set up each ledger account listed in its chart of accounts.<\/li> <li>Prepare journal entries to record the transactions for April and post them to the ledger accounts. The company records prepaid and unearned items in balance sheet accounts.<\/li> <li>Make an unadjusted trial balance as of April 30.<\/li> <li>Use the following information to journalize and post adjusting entries for the month: <\/li> <li>Two-thirds (or $133) of one month's insurance coverage has expired.<\/li> <li>At the end of the month, $600 of office supplies are still available.<\/li> <li>This month's depreciation on the computer equipment is $500.<\/li> <li>Employees earned $420 of unpaid and unrecorded salaries as of month-end.<\/li> <li>The company earned $1,750 of commissions that are not yet billed at month-end.<\/li> <li>Prepare the adjusted trial balance as of April 30. Prepare the income statement and the statement of retained earnings for the month of April and the balance sheet at April 30.<\/li> <li>Prepare journal entries to close the temporary accounts and post these entries to the ledger.<\/li> <li>Make a post-closing trial balance.<\/li> <\/ol> <p> <\/p> <p> <\/p> <ol><li> <\/li><\/ol> <p>Check (3) Unadj. trial balance totals, $58,000<\/p> <p> (4a) Dr. Insurance Expense, $133<\/p> <p> (5) Net income, $2,197Retained Earnings (4\/30), $697; Total assets, $51,117<\/p> <p> (7) P-C trial balance totals, $51,617<\/p>",
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        "isbn": "979-8439388899",
        "edition": "1st Edition",
        "authors": "Julie Dahlquist, Rainford Knight",
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        "uri": "\/textbooks\/principles-of-finance-1st-edition-9798439388899",
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    "question_posted": "2024-06-29 02:11:03",
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