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Please Help with Accounting Cycle Problem. Help with Required on second image 1-7. Thank you! Problem 3-5A (Algo) Applying the accounting cycle LO P1, P3,
Please Help with Accounting Cycle Problem.
Problem 3-5A (Algo) Applying the accounting cycle LO P1, P3, P4, P5, P6 On April 1, Jiro Nozomi created a new travel agency. Actventure Travel. The following transactions occurred during the company's first month. April 2 Nozomi invested $33,000 cash and computer equipent worth $40,600 in the conpany in exchange for its connon stock. Apri1 3 The company rented furnished office space by paying $2,900 cash for the first month's (Apri1) rent. Apri1 4 The company purchased $1,900 of office supplies for cash. Apri1 10 the company paid $2,760 cash for a 12-month insurance policy. Coverage begins on Apri1 11. April 14 The coepany paid $1,700 cash for two weeks" walaries earned by employees. April 24 The conpany collected \$10,0e0 cash for comaissions revenue. Apri1 28 the company paid $1,700 cash for two weeks" salaries earned by enployees. Apri1 29 The company paid $300 cash for minor repairs to computer equipent. April 30 the coepany paid \$1,100 cash for this month's telephone bil1. Apri1 30 the company paid $1, seo cash in dividends. The company's chart of accounts follows: Use the following information to prepare adjusting enties: Use the following information to prepare adjusting entries: a. Prepald insurance of $150 expired this month. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on computer equipment is $600. d. Employees earned $400 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,650 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 6BGL. tab. The company records prepaid and unearned items in balance sheet accounts. 3. Using account balances from Requirement 6BGL 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 6BC tab, using Apill 30 Adjusted as the date. 50. 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. 6o. Prepare journal entries to close the temporary accounts and then post to Requirement 6B GL tab, using April 30 Close as the date. 6b. Post the journal entries to the ledger. 7. Prepare a post-closing trial balance Help with Required on second image 1-7.
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