Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help On April 1, Jiro Nozomi created a new travel agency. Adventure Travel. The following transactions occurred during the company's first month. April 2

please help
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
On April 1, Jiro Nozomi created a new travel agency. Adventure Travel. The following transactions occurred during the company's first month. April 2 Mozomi invested $33,000 cash and coeputer equipenent worth $35,000 in the company. April 3 The corpany rented furninhed office npace by paying $2,700 cash for the first month' a (April) rent. Apri1 4 The company purchased $1,500 of office aupplies for cash. Apri1 10 The company paid $2,300 eash for a 12-month insurance policy. Coverage begins on April 11 . April 14 The conpany paid $900 cash for two weeks" salarien earned by employees . April 24 The company collected $10,000 cash for comainsion revenue. April 28 The company paid $900 canh for two weeks malariea earned by employees. Apri1 29 The company paid $300 eash for minor repairs to compater equipment. April 30 The conpany paid $1,150 cash for this month's telephone bill. April 30 Nozoni withdres $2,000 casb from the conpany for personal use. The company's chart of accounts follows: Use the following information to prepare adjusting entries: a. Prepaid insurance of $128 expired this month. b. At the end of the month, $700 of office supplies are still avallablo. c. This month's depreciation on computer equipment is $600. d. Employees earned $370 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,800 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 Req 6B GL tab. The company records prepaid and unearned items in balance sheet accounts. 3. Using account balances from Requirement 6b,prepareanunadjustedtrialbalanceasofApril30. 4. Journalize the adjusting entries for the month, and then post to the ledger on Req 6B tab, using April 30 Adjusted as the date. 5a. Using adjusted account balances from Req 68 GL 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 owrier's equity 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 Req 68GL tab, using April 30 Close as the date. 6b. Post the joumal entries to the ledger. 7. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30. Journal entry worksheet 5 Record the required adjusting entry, if any. Prepaid insurance of $128 expired this month. Note: Enter debits before credits. Journal entry worksheet Record the required adjusting entry, if any. At the end of the month, $700 of office supplies are still available. Note: Enter debits before credits. Journal entry worksheet Record the required adjusting entry, if any. This month's depreciation on computer equipment is $600. Note: Enter debits before credits. Journal entry worksheet Record the required adjusting entry, if any. Employees earned $370 of unpaid and unrecorded salaries as of month-end. Note: Enter debits before credits. Journal entry worksheet Record the required adjusting entry, if any. The company earned $1,800 of commissions revenue that is not yet recorded at month-end. Note: Enter debits before credits

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

Contemporary Auditing Real Issues And Cases

Authors: Michael Chris Knapp

9th International Edition

1133187900, 978-1133187905

More Books

Students also viewed these Accounting questions