req 5
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 $37,000 cash and computer equipment worth $30,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. 3 The company purchased $2,000 of office supplies for cash. 10 The company paid $2,600 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,300 cash for two weeks' salaries earned by employees. 24 The company collected $13,000 cash for comissions barned. 28 The company paid $1,300 cash for two weeks' salaries earned by employees. 29 The company paid $400 cash for minor repairs to the company's computer. 30 The company paid $1,200 cash for this month's telephone bill. 30 The company paid $1,800 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 Salarios Payable 307 Comon Stock 318 Retained Earnings 319 Dividende 405 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 salaries Expense 637 Insurance pense 640 Ront pense 650 Office Supplies pense 684 Repaire pense 600 Telephone ponse 901 Income Suary Use the following information: a. Prepaid Insurance of $144 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 $600. d. Employees earned $350 of unpaid and unrecorded salaries as of month-end. e. The company earned $2.400 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 66. The company records prepaid and uneared items in balance sheet accounts 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30, Prev 1 of 1 !!! Next a. Prepaid Insurance of $144 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 $600. d. Employees earned $350 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,400 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. Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Req 4 Adj Entries Req 4 Adj Trial Bal Req 5A Reg 5 Reg 5C Reg 6A Red 68 GL Reg 7 Prepare the income statement for the month of April 30. ADVENTURE TRAVEL Income Statement For Month Ended April 30 Revenues: Expenses: Prev 1 of 1 Hi! Next Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Req 4 Adj Entries Req 4 Adj Trial Ball Req 5A Reg 5B Req 5C Reg 6A Reg 6B GL Prepare the income statement for the month of April 30. ADVENTURE TRAVEL Income Statement For Month Ended April 30 Revenues: Expenses: Total expenses 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. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 4 Adj Reg 3 Reg 4 Adj Entries Trial Bal Req 5A Req 5B Req 5C Req 6A Req 6B GL DEU Prepare the statement of retained earnings for the month of April 30. (Amounts to be deducted should be entered minus sign.) TO ADVENTURE TRAVEL Statement of Retained Earnings For Month Ended April 30 Retained earnings, April 1 Retained earnings, April 30 Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Req 4 Adj Entries Req 4 Adj Trial Bal Reg 5A Reg 58 Req 5C Req 6A Req 6B Prepare the balance sheet at April 30. ADVENTURE TRAVEL Balance Sheet April 30 Total assets Total equity Total liabilities and equity Prev 1 of 1 !!! Next
