Problem 3-5A Applying the accounting cycle LO P1, P2, P3, P4, P5, P6, P7, P8 On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month April 1 Nozoni invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. 3 The company purchased $1,000 of office supplies for cash. 10 The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,600 cash for two weeks! salaries earned by employees. 24 The company collected $8,000 cash for commissions earned. 28 The company paid $1,600 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $758.cash for this month's telephone bill. 30 The company paid $1,500 cash in dividends. The company's chart of accounts follows. 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation Computer Equip. 209 Salaries Payable 307 Connon Stock 318 Retained Earnings 319 Dividends 405 Commissions Earned 612 Depreciation Expense-Computer Equip 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Prepaid insurance of $133 has expired this month b. At the end of the month, $600 of office supplies are still available. c. This month's depreciation on the computer equipment is $500 d. Employees earned $420 of unpaid and unrecorded salaries as of month-end. e. The company earned $1750 of commissions that are not yet billed at month-end, Pre 1 of 1 Next b. At the end of the month, $600 of office supplies are still available. c. This month's depreciation on the computer equipment is $500. d. Employees earned $420 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,750 of commissions that are not yet billed at month-end. 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. ces Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Req 4 Ad) Entries Reg 4 Ad) Trial Bal Req SA Reg 58 Reac Req 6A Reg 6B GL Reg.7 Prepare the balance sheet at April 30. ADVENTURE TRAVEL Balance Sheet April 30 Prepare the balance sheet at April 30. ADVENTURE TRAVEL Balance Sheet April 30 0 Total assets $ 0 Total equity Total liabilities and equity 0 $ 0 RAGA > Prepare journal entries to close the temporary accounts and then post to Req 6 General Ledger, using April 30 Close as the date. View transaction list Journal entry worksheet ook 1 2 3 Record the entry to close the revenue account(s). int rences Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general Journal Post the journal entries to the ledger. General Ledger accounts 101: Cash Debit 106: Accounts receivable Debit Credit Date Credit Balance Date Balance 124: Office supplies Debit Credit Date Balance 128: Prepaid insurance Debit Credit Date Balance 167: Computer equipment Debit Credit 168: Accumulated depreciation Computer equip. Debit Credit Balance Date Balance Date Prov 1 of 1 Next 167: Computer equipment Debit Credit 168: Accumulated depreciation-Computer equip. Debit Credit Balance Date Balance Date DOK 209: Salaries payable Debit Credit Date 307: Common stock Debit Credit Balance Date Balance rint rences 318: Retained earnings Debit Credit 319: Dividends Debit Credit Date Balance Date Balance 405: Commissions earned Debit Credit 612: Depreciation expense Computer equip. Date Debit Credit Balance Date Balance CH 622: Salaries expense Debit Credit 637: Insurance expense Debit Credit Date Balance Date Balance 640: Rent expense Debit Credit 650: Office supplies expenst Debit Credit Date Balance Date Balance 684: Repairs expense Debit Credit 668: Telephone expense Debit Credit Date Balance Date Balance 901: Income summary Debit Credit Date Balance Prepare a post-closing trial balance. ADVENTURE TRAVEL Post-Closing Trial Balance April 30 Account Title Debit Credit ces Totals $ 0 $ 0