Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare the income statement for the month of April 30. Prepare the statement of retained earnings for the month of April 30. (Amounts to be
Prepare the income statement for the month of April 30. Prepare the statement of retained earnings for the month of April 30. (Amounts to be deducted should be entered with a minus sign.) Ilcinn adiucted arrnunt halanrec from Renuirement fh nrenare an adiucted trial halance as of Apr Prepare the balance sheet at April 30. Required: 1. \& 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts. 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30. 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. 5a. Prepare the income statement for the month of April 30. 5b. Prepare the statement of retained earnings for the month of April 30. 5c. Prepare the balance sheet at April 30. 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b. 6b. Post the journal entries to the ledger. 7. Prepare a post-closing trial balance. Prepare a post-closing trial balance. Post the journal entries to the ledger. Using account balances from Requirement 6b, prepare an unadjusted trial balance as On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $47,000 cash and computer equipment worth $30,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,800 cash for the first month's (April) rent. 3 The company purchased $1,500 of office supplies for cash. 10 The company paid $2,500 cash for the premium on a 12-month insurance policy. Coverage begins on April 11 . 14 The company paid $1,400 cash for two weeks' salaries earned by employees. 24 The company collected $13,500 cash for commissions earned. 28 The company paid $1,400 cash for two weeks' salaries earned by employees. 29 The company paid $500 cash for minor repairs to the company's computer. 30 The company paid $950 cash for this month's telephone bill. 30 The company paid $2,400 cash in dividends. The company's chart of accounts follows: Use the following information: a. Prepaid insurance of $139 has expired this month. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $500. d. Employees earned $540 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started