Problem 3-5A (Algo) Applying the accounting cycle LO P1, P3, P4, P5, P6 On April 1. Jiro Nozoml created a new travel agency. Adventure Travel. The following transactions occurred during the company's first month. Apri1 2 Nozowi invested $35,000 cash and coeputer equipnent worth $30, 000 in the conpany in exchange for its coemon stock. April 3 The company rented furnished office space by paying $3,000 cash for the first moeth's (ApeJl) rent. April 4 The coepany purchased $1,200 of office supplies for cash. April 10 the company paid $2,160 cash for a 12 -nonth insurance policy. Coverage begins on April 11. April 14 the conpany paid $800 cash for two weeks" salaries earned by enployees. Apri1 24 The conpany collected \$11,090 cash for connisstons revenue. April 218 The company paid $800 cash for two weeks' salaries earned by enployees. fprit 29 The company paid $400 cash for minor repairs to computer equipenent. April 30 the coepany paid $1,400 cash for this month's telephene bil1. April 30 The coepany paid $1,570 cash in dividends. The company's chart of accounts follows: Use the following information to prepare adjusting entries: a. Prepaid insurance of $120 explired this month. b. At the end of the month, $700 of office supplies are still available. c. Thic month's denteriation on romnuter eruitiment is $An Use the following information to prepare adjusting entries: o. Prepaid insurance of $120 expired this month. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on computer equipment is $400. d. Employees earned $600 of unpaid and unrecorded salarles as of month-end. e. The company earned $2.350 of commissions revenue that is not yet recorded at month-end. Required: 1. \& 2. Prepare journat entries to record the transactions for April and post them to ledger accounts in Requirement 68.GL tab. The company records prepaid and uneamed items in balance sheet accounts. 3. Using account balances from Requirement 6BGL tab, prepare an unadjusted tribi balance as of April 30 . 4. Journalize the adjusting entries for the month, and then post to the ledger on Requirement 6BBL tab, using April 30 Adjusted as the date. 5o. Using adjusted account balances from Requirement 6BGL 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 Aprill 30. 6. Prepare journal entries to close the temporary accounts and then post to Requirement 68GL 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
