Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help filling out the unadjusted and adjusted trial balance tables based on info On April 1, 2017, Jiro Nozomi created a new travel agency,

Please help filling out the unadjusted and adjusted trial balance tables based on infoimage text in transcribedimage text in transcribed

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 $45,000 cash and computer equipment worth $30,000 in the company 2 The company rented furnished office space by paying $2,400 cash for the first month's (April) rent. 3 The company purchased $1,600 of office supplies for cash. 10 The company paid $2,800 cash for the premium on a 12-month insurance policy. Coverage begins on April 11 14 The company paid $1,500 cash for two weeks' salaries earned by employees. 24 The company collected $17,500 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $1,500 cash for two weeks salaries earned by employees. 29 The company paid $400 cash for minor repairs to the company's computer. 30 The company paid $1,200 cash for this month's telephone bil1 30 Nozomi withdrew $1,700 cash from the company for personal use The company's chart of accounts follows 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Pavable 301 J. Nozomi, Capital 302 J. Nozomi, Withdrawals 405 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Two-thirds (or $156) of one month's insurance coverage has expired b. At the end of the month, $400 of office supplies are still available c. This month's depreciation on the computer equipment is $600 d. Employees earned $340 of unpaid and unrecorded salaries as of month-end e. The company earned $1,550 of commissions that are not yet billed at month-end

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 Auditing: Principles And Techniques

Authors: Richard L. Ratliff, W. Wallace, Walter B. Mcfarland, J. Loeboecke

1st Edition

0894131672, 978-0894131677

More Books

Students also viewed these Accounting questions