[The following information applies to the questions displayed below.] On April 1, 2015, Dana Al-Waleed created...
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[The following information applies to the questions displayed below.] On April 1, 2015, Dana Al-Waleed created new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,500 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 $1,500 cash for two weeks' salaries earned by employees. 24 The company collected $9,000 cash on commissions from airlines on tickets obtained for customers, 28 The company paid $1,500 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $950 cash for this month's telephone bill. 30 Al-Waleed withdrew $2,400 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 301 D. Al-Waleed, Capital 302 D. Al-Waleed, Withdrawals 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Two-thirds (or $128) of one month's insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $400. d. Employees earned $540 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,200 of commissions that are not yet billed at month-end. 1. value: 15.00 points Required: 1. The general ledger and all the necessary accounts are provided in the above part. Post all journal entries, adjusting entries and closing entries to the general ledger given in the above part. 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in the above part. The company records prepaid and unearned items in balance sheet accounts. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Record entry Clear entry View general journal 2. value: 15.00 points 3. Using account balances from the above part, prepare an unadjusted trial balance as of April 30. ADVENTURE TRAVEL Unadjusted Trial Balance April 30, 2015 Account Title Debit Credit 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation- Computer equipment 209: Salaries payable 301: D. Al-Waleed, Capital 302: D. Al-Waleed, Withdrawals 405: Commissions earned 612: Depreciation expense- Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense 684: Repairs expense 688: Telephone expense Total value: 20.00 points 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 > Two-thirds (or $128) of one month's insurance coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal ADVENTURE TRAVEL Adjusted Trial Balance April 30, 2015 3. 4. value: 20.00 points 5.1 Prepare the income statement for the month of April 30, 2015. ADVENTURE TRAVEL Income Statement For Month Ended April 30, 2015 Revenues: Expenses: Total expenses 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 $ 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 D. Al-Waleed, Capital, April 30, 2015 5.3 Prepare the balance sheet at April 30, 2015. ADVENTURE TRAVEL Balance Sheet April 30, 2015 Assets Total assets Liabilities Equity Total liabilities and equity 5. value: Require 20.00 points 6.1 Prepare journal entries to close the temporary accounts and then post to section 6.2. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Gredit Balance 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Credit Balance Office Supplies Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance Computer Equipment Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Date Debit Credit Balance Salaries Payable D. Al-Waleed, Capital Date Debit Credit Balance Date Debit Credit Balance D. Al-Waleed, Withdrawals Commissions Earned Date Debit Credit Balance Date Debit Credit Balance Depreciation Expense-Computer Equipment Salaries Expense Date Debit Credit Balance Date Debit Credit Balance Insurance Expense Rent Expense Date Debit Credit Balance Date Debit Credit Balance Office Supplies Expense Repairs Expense Date Debit Credit Balance Date Debit Credit Balance Telephone Expense Income Summary Date Debit Credit Balance Date Debit Credit Balance 6. value: 10.00 points 7. Prepare a post-closing trial balance. (Please prepare your trial balance in chart of accounts order given in the question.) ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2015 Account Title Debit Credit [The following information applies to the questions displayed below.] On April 1, 2015, Dana Al-Waleed created new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,500 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 $1,500 cash for two weeks' salaries earned by employees. 24 The company collected $9,000 cash on commissions from airlines on tickets obtained for customers, 28 The company paid $1,500 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $950 cash for this month's telephone bill. 30 Al-Waleed withdrew $2,400 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 301 D. Al-Waleed, Capital 302 D. Al-Waleed, Withdrawals 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Two-thirds (or $128) of one month's insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $400. d. Employees earned $540 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,200 of commissions that are not yet billed at month-end. 1. value: 15.00 points Required: 1. The general ledger and all the necessary accounts are provided in the above part. Post all journal entries, adjusting entries and closing entries to the general ledger given in the above part. 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in the above part. The company records prepaid and unearned items in balance sheet accounts. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Record entry Clear entry View general journal 2. value: 15.00 points 3. Using account balances from the above part, prepare an unadjusted trial balance as of April 30. ADVENTURE TRAVEL Unadjusted Trial Balance April 30, 2015 Account Title Debit Credit 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation- Computer equipment 209: Salaries payable 301: D. Al-Waleed, Capital 302: D. Al-Waleed, Withdrawals 405: Commissions earned 612: Depreciation expense- Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense 684: Repairs expense 688: Telephone expense Total value: 20.00 points 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 > Two-thirds (or $128) of one month's insurance coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal ADVENTURE TRAVEL Adjusted Trial Balance April 30, 2015 3. 4. value: 20.00 points 5.1 Prepare the income statement for the month of April 30, 2015. ADVENTURE TRAVEL Income Statement For Month Ended April 30, 2015 Revenues: Expenses: Total expenses 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 $ 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 D. Al-Waleed, Capital, April 30, 2015 5.3 Prepare the balance sheet at April 30, 2015. ADVENTURE TRAVEL Balance Sheet April 30, 2015 Assets Total assets Liabilities Equity Total liabilities and equity 5. value: Require 20.00 points 6.1 Prepare journal entries to close the temporary accounts and then post to section 6.2. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Gredit Balance 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Credit Balance Office Supplies Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance Computer Equipment Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Date Debit Credit Balance Salaries Payable D. Al-Waleed, Capital Date Debit Credit Balance Date Debit Credit Balance D. Al-Waleed, Withdrawals Commissions Earned Date Debit Credit Balance Date Debit Credit Balance Depreciation Expense-Computer Equipment Salaries Expense Date Debit Credit Balance Date Debit Credit Balance Insurance Expense Rent Expense Date Debit Credit Balance Date Debit Credit Balance Office Supplies Expense Repairs Expense Date Debit Credit Balance Date Debit Credit Balance Telephone Expense Income Summary Date Debit Credit Balance Date Debit Credit Balance 6. value: 10.00 points 7. Prepare a post-closing trial balance. (Please prepare your trial balance in chart of accounts order given in the question.) ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2015 Account Title Debit Credit [The following information applies to the questions displayed below.] On April 1, 2015, Dana Al-Waleed created new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,500 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 $1,500 cash for two weeks' salaries earned by employees. 24 The company collected $9,000 cash on commissions from airlines on tickets obtained for customers, 28 The company paid $1,500 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $950 cash for this month's telephone bill. 30 Al-Waleed withdrew $2,400 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 301 D. Al-Waleed, Capital 302 D. Al-Waleed, Withdrawals 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Two-thirds (or $128) of one month's insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $400. d. Employees earned $540 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,200 of commissions that are not yet billed at month-end. 1. value: 15.00 points Required: 1. The general ledger and all the necessary accounts are provided in the above part. Post all journal entries, adjusting entries and closing entries to the general ledger given in the above part. 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in the above part. The company records prepaid and unearned items in balance sheet accounts. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Record entry Clear entry View general journal 2. value: 15.00 points 3. Using account balances from the above part, prepare an unadjusted trial balance as of April 30. ADVENTURE TRAVEL Unadjusted Trial Balance April 30, 2015 Account Title Debit Credit 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation- Computer equipment 209: Salaries payable 301: D. Al-Waleed, Capital 302: D. Al-Waleed, Withdrawals 405: Commissions earned 612: Depreciation expense- Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense 684: Repairs expense 688: Telephone expense Total value: 20.00 points 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 > Two-thirds (or $128) of one month's insurance coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal ADVENTURE TRAVEL Adjusted Trial Balance April 30, 2015 3. 4. value: 20.00 points 5.1 Prepare the income statement for the month of April 30, 2015. ADVENTURE TRAVEL Income Statement For Month Ended April 30, 2015 Revenues: Expenses: Total expenses 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 $ 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 D. Al-Waleed, Capital, April 30, 2015 5.3 Prepare the balance sheet at April 30, 2015. ADVENTURE TRAVEL Balance Sheet April 30, 2015 Assets Total assets Liabilities Equity Total liabilities and equity 5. value: Require 20.00 points 6.1 Prepare journal entries to close the temporary accounts and then post to section 6.2. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Gredit Balance 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Credit Balance Office Supplies Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance Computer Equipment Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Date Debit Credit Balance Salaries Payable D. Al-Waleed, Capital Date Debit Credit Balance Date Debit Credit Balance D. Al-Waleed, Withdrawals Commissions Earned Date Debit Credit Balance Date Debit Credit Balance Depreciation Expense-Computer Equipment Salaries Expense Date Debit Credit Balance Date Debit Credit Balance Insurance Expense Rent Expense Date Debit Credit Balance Date Debit Credit Balance Office Supplies Expense Repairs Expense Date Debit Credit Balance Date Debit Credit Balance Telephone Expense Income Summary Date Debit Credit Balance Date Debit Credit Balance 6. value: 10.00 points 7. Prepare a post-closing trial balance. (Please prepare your trial balance in chart of accounts order given in the question.) ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2015 Account Title Debit Credit [The following information applies to the questions displayed below.] On April 1, 2015, Dana Al-Waleed created new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,500 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 $1,500 cash for two weeks' salaries earned by employees. 24 The company collected $9,000 cash on commissions from airlines on tickets obtained for customers, 28 The company paid $1,500 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $950 cash for this month's telephone bill. 30 Al-Waleed withdrew $2,400 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 301 D. Al-Waleed, Capital 302 D. Al-Waleed, Withdrawals 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Two-thirds (or $128) of one month's insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $400. d. Employees earned $540 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,200 of commissions that are not yet billed at month-end. 1. value: 15.00 points Required: 1. The general ledger and all the necessary accounts are provided in the above part. Post all journal entries, adjusting entries and closing entries to the general ledger given in the above part. 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in the above part. The company records prepaid and unearned items in balance sheet accounts. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Record entry Clear entry View general journal 2. value: 15.00 points 3. Using account balances from the above part, prepare an unadjusted trial balance as of April 30. ADVENTURE TRAVEL Unadjusted Trial Balance April 30, 2015 Account Title Debit Credit 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation- Computer equipment 209: Salaries payable 301: D. Al-Waleed, Capital 302: D. Al-Waleed, Withdrawals 405: Commissions earned 612: Depreciation expense- Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense 684: Repairs expense 688: Telephone expense Total value: 20.00 points 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 > Two-thirds (or $128) of one month's insurance coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal ADVENTURE TRAVEL Adjusted Trial Balance April 30, 2015 3. 4. value: 20.00 points 5.1 Prepare the income statement for the month of April 30, 2015. ADVENTURE TRAVEL Income Statement For Month Ended April 30, 2015 Revenues: Expenses: Total expenses 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 $ 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 D. Al-Waleed, Capital, April 30, 2015 5.3 Prepare the balance sheet at April 30, 2015. ADVENTURE TRAVEL Balance Sheet April 30, 2015 Assets Total assets Liabilities Equity Total liabilities and equity 5. value: Require 20.00 points 6.1 Prepare journal entries to close the temporary accounts and then post to section 6.2. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Gredit Balance 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Credit Balance Office Supplies Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance Computer Equipment Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Date Debit Credit Balance Salaries Payable D. Al-Waleed, Capital Date Debit Credit Balance Date Debit Credit Balance D. Al-Waleed, Withdrawals Commissions Earned Date Debit Credit Balance Date Debit Credit Balance Depreciation Expense-Computer Equipment Salaries Expense Date Debit Credit Balance Date Debit Credit Balance Insurance Expense Rent Expense Date Debit Credit Balance Date Debit Credit Balance Office Supplies Expense Repairs Expense Date Debit Credit Balance Date Debit Credit Balance Telephone Expense Income Summary Date Debit Credit Balance Date Debit Credit Balance 6. value: 10.00 points 7. Prepare a post-closing trial balance. (Please prepare your trial balance in chart of accounts order given in the question.) ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2015 Account Title Debit Credit [The following information applies to the questions displayed below.] On April 1, 2015, Dana Al-Waleed created new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,500 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 $1,500 cash for two weeks' salaries earned by employees. 24 The company collected $9,000 cash on commissions from airlines on tickets obtained for customers, 28 The company paid $1,500 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $950 cash for this month's telephone bill. 30 Al-Waleed withdrew $2,400 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 301 D. Al-Waleed, Capital 302 D. Al-Waleed, Withdrawals 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Two-thirds (or $128) of one month's insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $400. d. Employees earned $540 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,200 of commissions that are not yet billed at month-end. 1. value: 15.00 points Required: 1. The general ledger and all the necessary accounts are provided in the above part. Post all journal entries, adjusting entries and closing entries to the general ledger given in the above part. 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in the above part. The company records prepaid and unearned items in balance sheet accounts. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Record entry Clear entry View general journal 2. value: 15.00 points 3. Using account balances from the above part, prepare an unadjusted trial balance as of April 30. ADVENTURE TRAVEL Unadjusted Trial Balance April 30, 2015 Account Title Debit Credit 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation- Computer equipment 209: Salaries payable 301: D. Al-Waleed, Capital 302: D. Al-Waleed, Withdrawals 405: Commissions earned 612: Depreciation expense- Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense 684: Repairs expense 688: Telephone expense Total value: 20.00 points 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 > Two-thirds (or $128) of one month's insurance coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal ADVENTURE TRAVEL Adjusted Trial Balance April 30, 2015 3. 4. value: 20.00 points 5.1 Prepare the income statement for the month of April 30, 2015. ADVENTURE TRAVEL Income Statement For Month Ended April 30, 2015 Revenues: Expenses: Total expenses 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 $ 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 D. Al-Waleed, Capital, April 30, 2015 5.3 Prepare the balance sheet at April 30, 2015. ADVENTURE TRAVEL Balance Sheet April 30, 2015 Assets Total assets Liabilities Equity Total liabilities and equity 5. value: Require 20.00 points 6.1 Prepare journal entries to close the temporary accounts and then post to section 6.2. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Gredit Balance 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Credit Balance Office Supplies Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance Computer Equipment Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Date Debit Credit Balance Salaries Payable D. Al-Waleed, Capital Date Debit Credit Balance Date Debit Credit Balance D. Al-Waleed, Withdrawals Commissions Earned Date Debit Credit Balance Date Debit Credit Balance Depreciation Expense-Computer Equipment Salaries Expense Date Debit Credit Balance Date Debit Credit Balance Insurance Expense Rent Expense Date Debit Credit Balance Date Debit Credit Balance Office Supplies Expense Repairs Expense Date Debit Credit Balance Date Debit Credit Balance Telephone Expense Income Summary Date Debit Credit Balance Date Debit Credit Balance 6. value: 10.00 points 7. Prepare a post-closing trial balance. (Please prepare your trial balance in chart of accounts order given in the question.) ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2015 Account Title Debit Credit [The following information applies to the questions displayed below.] On April 1, 2015, Dana Al-Waleed created new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,500 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 $1,500 cash for two weeks' salaries earned by employees. 24 The company collected $9,000 cash on commissions from airlines on tickets obtained for customers, 28 The company paid $1,500 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $950 cash for this month's telephone bill. 30 Al-Waleed withdrew $2,400 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 301 D. Al-Waleed, Capital 302 D. Al-Waleed, Withdrawals 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Two-thirds (or $128) of one month's insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $400. d. Employees earned $540 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,200 of commissions that are not yet billed at month-end. 1. value: 15.00 points Required: 1. The general ledger and all the necessary accounts are provided in the above part. Post all journal entries, adjusting entries and closing entries to the general ledger given in the above part. 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in the above part. The company records prepaid and unearned items in balance sheet accounts. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Record entry Clear entry View general journal 2. value: 15.00 points 3. Using account balances from the above part, prepare an unadjusted trial balance as of April 30. ADVENTURE TRAVEL Unadjusted Trial Balance April 30, 2015 Account Title Debit Credit 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation- Computer equipment 209: Salaries payable 301: D. Al-Waleed, Capital 302: D. Al-Waleed, Withdrawals 405: Commissions earned 612: Depreciation expense- Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense 684: Repairs expense 688: Telephone expense Total value: 20.00 points 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 > Two-thirds (or $128) of one month's insurance coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal ADVENTURE TRAVEL Adjusted Trial Balance April 30, 2015 3. 4. value: 20.00 points 5.1 Prepare the income statement for the month of April 30, 2015. ADVENTURE TRAVEL Income Statement For Month Ended April 30, 2015 Revenues: Expenses: Total expenses 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 $ 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 D. Al-Waleed, Capital, April 30, 2015 5.3 Prepare the balance sheet at April 30, 2015. ADVENTURE TRAVEL Balance Sheet April 30, 2015 Assets Total assets Liabilities Equity Total liabilities and equity 5. value: Require 20.00 points 6.1 Prepare journal entries to close the temporary accounts and then post to section 6.2. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Gredit Balance 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Credit Balance Office Supplies Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance Computer Equipment Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Date Debit Credit Balance Salaries Payable D. Al-Waleed, Capital Date Debit Credit Balance Date Debit Credit Balance D. Al-Waleed, Withdrawals Commissions Earned Date Debit Credit Balance Date Debit Credit Balance Depreciation Expense-Computer Equipment Salaries Expense Date Debit Credit Balance Date Debit Credit Balance Insurance Expense Rent Expense Date Debit Credit Balance Date Debit Credit Balance Office Supplies Expense Repairs Expense Date Debit Credit Balance Date Debit Credit Balance Telephone Expense Income Summary Date Debit Credit Balance Date Debit Credit Balance 6. value: 10.00 points 7. Prepare a post-closing trial balance. (Please prepare your trial balance in chart of accounts order given in the question.) ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2015 Account Title Debit Credit [The following information applies to the questions displayed below.] On April 1, 2015, Dana Al-Waleed created new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,500 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 $1,500 cash for two weeks' salaries earned by employees. 24 The company collected $9,000 cash on commissions from airlines on tickets obtained for customers, 28 The company paid $1,500 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $950 cash for this month's telephone bill. 30 Al-Waleed withdrew $2,400 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 301 D. Al-Waleed, Capital 302 D. Al-Waleed, Withdrawals 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Two-thirds (or $128) of one month's insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $400. d. Employees earned $540 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,200 of commissions that are not yet billed at month-end. 1. value: 15.00 points Required: 1. The general ledger and all the necessary accounts are provided in the above part. Post all journal entries, adjusting entries and closing entries to the general ledger given in the above part. 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in the above part. The company records prepaid and unearned items in balance sheet accounts. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Record entry Clear entry View general journal 2. value: 15.00 points 3. Using account balances from the above part, prepare an unadjusted trial balance as of April 30. ADVENTURE TRAVEL Unadjusted Trial Balance April 30, 2015 Account Title Debit Credit 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation- Computer equipment 209: Salaries payable 301: D. Al-Waleed, Capital 302: D. Al-Waleed, Withdrawals 405: Commissions earned 612: Depreciation expense- Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense 684: Repairs expense 688: Telephone expense Total value: 20.00 points 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 > Two-thirds (or $128) of one month's insurance coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal ADVENTURE TRAVEL Adjusted Trial Balance April 30, 2015 3. 4. value: 20.00 points 5.1 Prepare the income statement for the month of April 30, 2015. ADVENTURE TRAVEL Income Statement For Month Ended April 30, 2015 Revenues: Expenses: Total expenses 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 $ 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 D. Al-Waleed, Capital, April 30, 2015 5.3 Prepare the balance sheet at April 30, 2015. ADVENTURE TRAVEL Balance Sheet April 30, 2015 Assets Total assets Liabilities Equity Total liabilities and equity 5. value: Require 20.00 points 6.1 Prepare journal entries to close the temporary accounts and then post to section 6.2. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Gredit Balance 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Credit Balance Office Supplies Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance Computer Equipment Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Date Debit Credit Balance Salaries Payable D. Al-Waleed, Capital Date Debit Credit Balance Date Debit Credit Balance D. Al-Waleed, Withdrawals Commissions Earned Date Debit Credit Balance Date Debit Credit Balance Depreciation Expense-Computer Equipment Salaries Expense Date Debit Credit Balance Date Debit Credit Balance Insurance Expense Rent Expense Date Debit Credit Balance Date Debit Credit Balance Office Supplies Expense Repairs Expense Date Debit Credit Balance Date Debit Credit Balance Telephone Expense Income Summary Date Debit Credit Balance Date Debit Credit Balance 6. value: 10.00 points 7. Prepare a post-closing trial balance. (Please prepare your trial balance in chart of accounts order given in the question.) ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2015 Account Title Debit Credit [The following information applies to the questions displayed below.] On April 1, 2015, Dana Al-Waleed created new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent. 3 The company purchased $1,500 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 $1,500 cash for two weeks' salaries earned by employees. 24 The company collected $9,000 cash on commissions from airlines on tickets obtained for customers, 28 The company paid $1,500 cash for two weeks' salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer. 30 The company paid $950 cash for this month's telephone bill. 30 Al-Waleed withdrew $2,400 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 405 Commissions Earned 106 Accounts Receivable 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 301 D. Al-Waleed, Capital 302 D. Al-Waleed, Withdrawals 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Use the following information: a. Two-thirds (or $128) of one month's insurance coverage has expired. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $400. d. Employees earned $540 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,200 of commissions that are not yet billed at month-end. 1. value: 15.00 points Required: 1. The general ledger and all the necessary accounts are provided in the above part. Post all journal entries, adjusting entries and closing entries to the general ledger given in the above part. 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in the above part. The company records prepaid and unearned items in balance sheet accounts. View transaction list Journal entry worksheet 3 4 5 6 7 8 9 10 > Al-Waleed invested $48,000 cash and computer equipment worth $20,000 in the company. Note: Enter debits before credits. Date General Journal Debit Credit April 01 Record entry Clear entry View general journal 2. value: 15.00 points 3. Using account balances from the above part, prepare an unadjusted trial balance as of April 30. ADVENTURE TRAVEL Unadjusted Trial Balance April 30, 2015 Account Title Debit Credit 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation- Computer equipment 209: Salaries payable 301: D. Al-Waleed, Capital 302: D. Al-Waleed, Withdrawals 405: Commissions earned 612: Depreciation expense- Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense 684: Repairs expense 688: Telephone expense Total value: 20.00 points 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. (Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 > Two-thirds (or $128) of one month's insurance coverage has expired. Note: Enter debits before credits. Transaction General Journal Debit Credit a. Record entry Clear entry View general journal ADVENTURE TRAVEL Adjusted Trial Balance April 30, 2015 3. 4. value: 20.00 points 5.1 Prepare the income statement for the month of April 30, 2015. ADVENTURE TRAVEL Income Statement For Month Ended April 30, 2015 Revenues: Expenses: Total expenses 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 $ 5.2 Prepare the statement of owner's equity for the month of April 30, 2015. ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30, 2015 D. Al-Waleed, Capital, April 1, 2015 D. Al-Waleed, Capital, April 30, 2015 5.3 Prepare the balance sheet at April 30, 2015. ADVENTURE TRAVEL Balance Sheet April 30, 2015 Assets Total assets Liabilities Equity Total liabilities and equity 5. value: Require 20.00 points 6.1 Prepare journal entries to close the temporary accounts and then post to section 6.2. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Gredit Balance 6.2 Post the journal entries to the ledger. General Ledger Accounts Accounts Receivable Cash Date Debit Credit Balance Date Debit Credit Balance Office Supplies Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance Computer Equipment Accumulated Depreciation-Computer Equipment Date Debit Credit Balance Date Debit Credit Balance Salaries Payable D. Al-Waleed, Capital Date Debit Credit Balance Date Debit Credit Balance D. Al-Waleed, Withdrawals Commissions Earned Date Debit Credit Balance Date Debit Credit Balance Depreciation Expense-Computer Equipment Salaries Expense Date Debit Credit Balance Date Debit Credit Balance Insurance Expense Rent Expense Date Debit Credit Balance Date Debit Credit Balance Office Supplies Expense Repairs Expense Date Debit Credit Balance Date Debit Credit Balance Telephone Expense Income Summary Date Debit Credit Balance Date Debit Credit Balance 6. value: 10.00 points 7. Prepare a post-closing trial balance. (Please prepare your trial balance in chart of accounts order given in the question.) ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2015 Account Title Debit Credit
Expert Answer:
Related Book For
Fundamental Managerial Accounting Concepts
ISBN: 978-0078025655
7th edition
Authors: Thomas Edmonds, Christopher Edmonds, Bor-Yi Tsay, Philip Old
Posted Date:
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