Problem 3-5A Applying the accounting cycle P1 P3 On April 1, Jiro Nozomi created a new travel agency, Adventure Trave1. The following transactions occurred during the company's first month. Apr. 2 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for its common stock. 3 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. 4 The company purchased $1,000 of office supplies for cash. 10 The company paid $2,400 cash for 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 revenue. 28 The company paid $1,600 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to computer equipment. 30 The company paid $750 cash for this month's telephone bill. 30 The company paid $1,500 cash in dividends. The company's chart of accounts follows. Required 1. Use the balance column format to set up each ledger account listed in its chart of accounts. 2. Prepare journal entries to record the transactions for April and post them to ledger accounts. 3. Prepare an unadjusted trial balance as of April 30. Check (3) Unadj. trial balance totals, $58,000 4. Use the following information to journalize and post adjusting entries for the month. a. Prepaid insurance of $133 expired 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 earned $420 of unpaid and unrecorded salaries as of month-end. e. The company carned $1,750 of commissions revenue that is not yet recorded at month-end. 5. Prepare the adjusted trial balance as of April 30. Prepare the income statement and the statement of retained earnings for the month of April and the balance sheet at April 30. (5) Net income, \$2,197; Total assets, $51,117 6. Prepare journal entries to close the temporary accounts and post these entries to the ledger. 7. Prepare a post-closing trial balance. (7) P-C trial balance totals, $51,617