Problem 3-5A (Algo) Applying the accounting cycle LO P1, P3, P4, P5, P6 On April 1. Jiro Nozomi created a new travel agency. Adventure Travel. The following transactions occurred during the comb month. Apri1 2 Notoni invested $45,000 cash and coeputer equipeent worth $20,000 in the conpany in exchange for its connon sta Apri1 3 The company rented furnished office space by paying $2,300 cash for the f irst eonth's (April) rent. April \& The cospany purchased $1,100 of effice supplies for cash. Apri1 10 The company paid $2,520cash for a 12 -nonth insurance policy. Coverage begins on April 11. April 14 The coepany paid $1,300 cash for two weeks' salaries earned by employees. April 24 the company collected $10,500 cash for comals sions revenue. April 28 The coepany paid $1,300 cash for two weeks' salories earned by employees. Apri1 29 The cohpany paid $450 cash for minor repairs to coeputer equipeent. April 30 The company paid $1,300 cash for this nonth's telephose bili. April 30 The coepany paid $1,550 cash in dividends. The company's chart of accounts follows: Use the following information to prepare adjusting entries: o. Prepaid insurance of $140 expired this month. Use the following information to prepare adjusting entries: a. Piepaid insurance of $140 explred this month. b. At the end of the month, $600 of office supplies are still available: c. This month's depreciation on computer equipment is $500. d. Employees eamed $340 of unpaid and untecorded salarles as of month-end. e. The company earned $1,850 of commisstons 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 6B GL. fab. The company records prepatd and unearned items in balance sheet accounts. 3. Using account balances from Requirement 6B,GL 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 68GL tab, using April 30 Adjusted as the date. 5o. Using adjusted account balances from Requirement 68GL 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 joumal entries to close the temporary accounts and then post to Requirement 6B GL tab, using April 30 Close as the date. 6b. Post the fournal entries to the ledger: 7. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Using account bolances from Requirement 68 , prepare an unadjusted trial balance as of Apeal 30 1
