Problem 4-1A Applying the accounting cycle LO C2, P2, P3 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 436,000 cash and computer equipment worth $35,000 in the company. 2 The company rented furnished office space by paying 2,100 cash for the first month's (April) rent. 3 The company purchased 61,400 of office supplies for cash. 10 The company paid $2,300 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 $9.000 cash for commissions carned. 28 The company paid $1,400 canh for two weeks' salaries earned by employees 29 The company paid 4400 cash for minor repairs to the company's computer. 30 The company paid $1,150 cash for this month's telephone biii. 30 Noroni withdrew $1,700 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 106 Accounts Receivable 124 Ottice Supplies 120 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation Computer Equip. 209 Salarles Payable 301 3. Moso, Capital 302 3. Honomi, withdrawals 405 Commissions Karned 612 Depreciation Expense-computer Equip 622 salaries Expense 637 Insurance Expense 640 Rent Expense 650 office Supplies Expense 684 Repairs Expense 610 Telephone Expenne 501 Income Surry Use the following information .. Prepaid insurance of $128 has expired this month b. At the end of the month $800 of office supplies are still available C. This month's depreciation on the computer equipment is $400 d. Employees earned $310 of unpaid and unrecorded salaries as of month-end e. The company eamed $2.050 of commissions that are not yet billed at month-end. Required: 1.8 2. Prepare journal entries to record the transactions for Apni and post them to the ledger accounts in Requirement 66. The company records prepaid and unearned items in balance sheet accounts 3. Using account balances from Requirement 6b, prepare an unadjusted tral balance as of April 30 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance, 5o. Prepare the income statement for the month of April 30 56. Prepare the statement of owner's equity for the month of Apr 30 Bc. Prepare the balance sheet at Apre 30 On Prepare journal entines to close the temporary account and then patto Requirement 6. Post Une journal entries to the ledger Complete the quali by ste answer the table Rez Res 1 and Reed RA Tres Thall Res 3 Uning sound balances from Regement pour D 101 we can 200 Sen 101 C Reland 2 te Ad Rent Tralal Re SA Rese Rees RA Prepare the income statement for the month of 30 ADVERTURE TRAVEL Come by the Res Res Rea 4 Ad Res4A Complete this question by entering your newers in the tabs below. Rog and Reg 3 Reg 4 Ady Reg Ad) Entries The Ball Reg SA Roge Reg SC Reg Reg 68 OL Reg 2 Prepare journal entries to dose the temporary accounts and then port to Rede General Ledge using April 30 Clove the de NO One General De C Complete this question by entering your answers in the tabs below Reg 1 and 2 Rega Reg 4 Adi Entries Reg 4 Ad) Tral Bal Red SA Reg 55 Red SC Red SA Red & GL Rog Prepao post.closing trial balance, ADVENTURE TRAVEL Pont Closing That Balance A 50 ACCO Det re 15 D 000 16.00 131319 ooo DOT 12:00 BOE OK 400 14 30 O O 1.000 o
