Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer all the questions On mpri 1, Jiro wozomi created a new uave dgericy, Auveriture iravet, l me lonowing trarisacuons occurrea auring the cornpany

Please answer all the questions
image text in transcribed
image text in transcribed
On mpri 1, Jiro wozomi created a new uave dgericy, Auveriture iravet, l me lonowing trarisacuons occurrea auring the cornpany s mrst minth4 April 2 Nozomi invested $30,000 casb and computer equipment worth $20,000 in the company in exchange for its common Erock. April 3 The company rented furnished offiee space by paying $1,800 eanh for the f irat nonth's (Xpril) rent, April 4 the company purchased $1,000 of oftice supplies for cabh. April 14 The company paid $1,600 cash for two veeke salaries earned by eeployees. April 24 The company collected $8,000 cash for comnissions revenue. April 28 The company pafd $1,600 eash for two weekn salaries earned by enployees. hpri1 29 The conpany paid $350 cash for minor repalr to computer equipment. Apell 30 the company paid 5750 cash for this month's telephone bi11. April 30 The eorpany pald $1,500 cash in dividends. The company's chart of occounts follows. Use the following information to prepare adjusting entries: a. Prepaid insurance of $133 expired this month. b. At the end of the month, $600 of office supples are still avaliable. c. This month's depreciation on computer equipment is $500. d. Employees earned $420 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,750 of commissions revenue that is not yet recorded at month-end. Required: 1. \&2. Prepare journal entries to record the transactions for April and post them to ledger accounts in Requirement 6B GL tab. The company records prepaid and unearned items in balance sheet accounts 3. Using becount bolences from Requirement 6 GL tab; prepare an anddjusted trial balance as of April 30. Jse the following information to prepare adjusting entries: a. Prepaid insurance of $133 expired this month. b. At the end of the month, $600 of office supplies are still available. c. This month's depreciation on computer equipment is $500. d. Employees earned $420 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,750 of commissions revenue that is not yet recorded at month-end. Required: 1. \& 2. Prepare journal entries to record the transactions for April and post them to ledger accounts in Requirement 6B GL tab. The company records prepaid and unearned items in balance sheet accounts. 3. Using account balances from Requirement 68GL tab, prepare an unadjusted trial balance as of April 30 . 4. Journalize the adjusting entries for the month, and then post to the ledger on Requirement 6BGL tab, using 4 April 30 Adjusted as the date. 5a. Using adjusted account balances from Requirement 6BGL tab, prepare an adjusted trial balance as of April 30. 5b. Prepare the income statement for the month of April 30 . 5c. Prepare the statement of retained earnings for the month of April 30. 5d. Prepare the balance sheet at April 30 . 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6BGL tab, using April 30 Close as the date 6b. Post the journal entries to the ledger. 7. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Prepare a post-closing trial balance

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

Step: 3

blur-text-image

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

Internal Audit Practice From A To Z

Authors: Patrick Onwura Nzechukwu

1st Edition

149874205X, 978-1498742054

More Books

Students also viewed these Accounting questions

Question

What is an ANOVA table?

Answered: 1 week ago