Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please only Do Required 1 & 2 which is 10 part of the question. Also please put anwser in neatly. Thank you On April 1.

Please only Do Required 1 & 2 which is 10 part of the question. Also please put anwser in neatly. Thank you 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 Nozomi invested $38,900 cash and computer equipment worth $35,000 in the company in exchange for its common stock. Apri1 3 The company rented furnished office space by paying 51,500 cash for the first month's (Apri1) rent. Apri1 4 The coopany purchased $1,200 of office supplies for cash. Apri1 10 The company paid $2,700 cash for a 12-month insurance policy. Coverage begins on ApriI 11. April 14 the company paid $1,200 cash for two weeks' salaries earned by eaployees. April 24 The company collected $12,549 cash for comissions revenue. April 28 The company paid \$1,200 cash for two weeks' salaries earned by employees. Apri1 29 The company paid $250 cash for minor repairs to computer equipment. Apri1 30 The coopany paid $1,400 cash for this month's telephone bI11. Apri1 39. The company paid \$1, 590 cash in dividends. The company's chart of accounts follows: Use the following informovon to prepare adjusting entries a. Prepaid 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 $400 d. Employees eamed $570 of unpaid and untecorded solaries os of month-end e. The company earned $2,500 of commissions revenue that is not yet recorded at month-end Required: 1. \& 2. Prepare joumal entries to record the transactions for April and post them to fedger accounts in Requirement 6B GL tab. The company records prepaid and uneamed items in balance sheet accounts On April 1. Jiro Nozomi created a new travel agency. Adventure Travel. The following transactions occurred during the company's first month. April 2 Nozomi invested $38,900 cash and computer equipment worth $35,000 in the company in exchange for its common stock. Apri1 3 The company rented furnished office space by paying 51,500 cash for the first month's (Apri1) rent. Apri1 4 The coopany purchased $1,200 of office supplies for cash. Apri1 10 The company paid $2,700 cash for a 12-month insurance policy. Coverage begins on ApriI 11. April 14 the company paid $1,200 cash for two weeks' salaries earned by eaployees. April 24 The company collected $12,549 cash for comissions revenue. April 28 The company paid \$1,200 cash for two weeks' salaries earned by employees. Apri1 29 The company paid $250 cash for minor repairs to computer equipment. Apri1 30 The coopany paid $1,400 cash for this month's telephone bI11. Apri1 39. The company paid \$1, 590 cash in dividends. The company's chart of accounts follows: Use the following informovon to prepare adjusting entries a. Prepaid 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 $400 d. Employees eamed $570 of unpaid and untecorded solaries os of month-end e. The company earned $2,500 of commissions revenue that is not yet recorded at month-end Required: 1. \& 2. Prepare joumal entries to record the transactions for April and post them to fedger accounts in Requirement 6B GL tab. The company records prepaid and uneamed items in balance sheet accounts

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

The Organisation Shadow Side Audit

Authors: W Tate

1st Edition

1902433971, 978-1902433974

More Books

Students also viewed these Accounting questions