Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Thank you! I will definitely rate! On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Thank you! I will definitely rate!

On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 2 Nozomi invested $33,000 cash and computer equipment worth $30,000 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. April 4 The company purchased $1,000 of office supplies for cash. April 10 The company paid $2,700 cash for a 12 -month insurance policy. Coverage begins on April 11 . April 14 The company paid $1,800 cash for two weeks' salaries earned by employees. April 24 The company collected $13,000 cash for commissions revenue. April 28 The company paid $1,800 cash for two weeks' salaries earned by employees. April 29 The company paid $300 cash for minor repairs to computer equipment. April 30 The company paid $1,250 cash for this month's telephone bill. April 30 The company paid $1,560 cash in dividends. April 2 Nozomi invested $33,000 cash and computer equipment worth $30,000 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. April 4 The company purchased $1,000 of office supplies for cash. April 10 The company paid $2,700 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,800 cash for two weeks' salaries earned by employees. April 24 The company collected $13,000 cash for commissions revenue. April 28 The company paid $1,800 cash for two weeks' salaries earned by employees. April 29 The company paid $300 cash for minor repairs to computer equipment. April 30 The company paid $1,250 cash for this month's telephone bill. April 30 The company paid $1,560 cash in dividends. The company's chart of accounts follows: Use the following information to prepare adjusting entries: a. Prepaid insurance of $150 expired this month. b. At the end of the month, $400 of office supplies are still available. c. This month's depreciation on computer equipment is $500. d. Employees earned $340 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,300 of commissions 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 tab. The company records prepaid and unearned items in balance sheet accounts. 3. Using account balances from Requirement 6BGL 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 6BGL tab, using April 30 Adjusted as the date. 5a. Using adjusted account balances from Requirement 6B GL 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. 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6BGL tab, using April 30 Close as the date. 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. Using account balances from Requirement 6B, prepare an unadjusted trial balance as of April 30. Complete this question by entering your answers in the tabs below. Journalize the adjusting entries for the month, and then post to the ledger on Requirement 6BGL tab, using April 30 Adjusted as the date. Note: Do not round intermediate calculations and round the final answers to nearest whole number. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Prepare the income statement for the month of April 30. Complete this question by entering your answers in the tabs below. Prepare the statement of retained earnings for the month of April 30 . Complete this question by entering your answers in the tabs below. Prepare the balance sheet at April 30 . Complete this question by entering your answers in the tabs below. Prepare journal entries to close the temporary accounts and then post to Requ Journal entry worksheet Record the entry to close the revenue account(s). Note: Enter debits before credits. Complete this question by entering your answers in the tabs below. Post the journal entries to the ledger. Note: Select April 30 Adjusted as date for all adjusting entries, and April 30 Close as date for all closing entries. Complete this question by entering your answers in the tabs below. Prepare journal entries to record the transactions for April and post them to ledger accounts in Requirement 6BGL tab. The company records prepaid and unearned items in balance sheet accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

what services does a typical operating system provide

Answered: 1 week ago