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Use the following information to prepare adjusting entries: a. Prepaid insurance of $160 expired this month. b. At the end of the month, $700 of
Use the following information to prepare adjusting entries: a. Prepaid insurance of $160 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 $500. d. Employees earned $410 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,000 of commissions revenue that is not yet recorded at month-end. 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 $38,000 cash and computer equipment worth $40,000 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $1,900 cash for the first month's (April) rent. April 4 The company purchased $1,800 of office supplies for cash. April 10 The company paid $2,880 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,300 cash for two weeks' salaries earned by employees. April 24 The company collected $11,500 cash for commissions revenue. April 28 The company paid $1,300 cash for two weeks' salaries earned by employees. April 29 The company paid $500 cash for minor repairs to computer equipment. April 30 The company paid $1,100 cash for this month's telephone bill. April 30 The company paid $1,550 cash in dividends. 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
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