only need to know answer to 6B and 7
April 1 Balo invested $36,000 cash and computer equipment worth $40,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,700 cash for the first month's (April) rent. 3 The company purchased $1,000 of office supplies for cash. 10 The company paid $2,200 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,400 cash for two weeks' salaries earned by employees. 24 The company collected $15,000 cash for comissions earned. 28 The company paid $1,400 cash for two weeks' salaries earned by employees. 29 The company paid $550 cash for minor repairs to the company's computer. 30 The company paid $1,050 canh for this month's telephone bill. 30 The company paid $1,800 cash in dividends. The company's chart of accounts follows: 101 Cash 106 Accounts Receivable 124 office Supplies 128 Prepaid Innurance 167 Computer Equipment 168 Accumulated Depreciation Computer Equip. 209 Salaries Tayable 307 Common Stock 318 Betained Earnings 319 Dividendo 405 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repaire expense 688 Telephone Expense 501 Incone Summary Use the following Information: a. Prepaid insurance of $122 has expired this month. b. At the end of the month, $500 of office supplies are still available. c. This month's depreciation on the computer equipment is $300. d. Employees earned $510 of unpold and unrecorded salaries as of month-end. e. The company earned $1,650 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. April 1 Balo invested $36,000 cash and computer equipment worth $40,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,700 cash for the first month's (April) rent. 3 The company purchased $1,000 of office supplies for cash. 10 The company paid $2,200 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,400 cash for two weeks' salaries earned by employees. 24 The company collected $15,000 cash for comissions earned. 28 The company paid $1,400 cash for two weeks' salaries earned by employees. 29 The company paid $550 cash for minor repairs to the company's computer. 30 The company paid $1,050 canh for this month's telephone bill. 30 The company paid $1,800 cash in dividends. The company's chart of accounts follows: 101 Cash 106 Accounts Receivable 124 office Supplies 128 Prepaid Innurance 167 Computer Equipment 168 Accumulated Depreciation Computer Equip. 209 Salaries Tayable 307 Common Stock 318 Betained Earnings 319 Dividendo 405 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repaire expense 688 Telephone Expense 501 Incone Summary Use the following Information: a. Prepaid insurance of $122 has expired this month. b. At the end of the month, $500 of office supplies are still available. c. This month's depreciation on the computer equipment is $300. d. Employees earned $510 of unpold and unrecorded salaries as of month-end. e. The company earned $1,650 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
