Exercise $4-1$

On April $7,2024,$ Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month.

April$1.$ Nozomi invested $$30,000$ cash and computer equipment worth $$20,000$ in the company.

$2.$ The company rented furnished office space by paying $$1,800$ cash for the first month's $($April$)$ rent.

$3.$ The company purchased $$1,000$ of office supplies for cash.

$10.$ The company paid $$2,400$ cash for the premium on a $12-$month insurance policy. Coverage begins on Apr $11.$

$14.$ The company paid $$1,600$ cash for two weeks' salaries earned by employees.

$24.$ The company collected $$8,000$ cash on commissions from airlines on tickets obtained for customers.

$28.$ The company paid $$1,600$ 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 $$750$ cash for this month's telephone bill.

$30.$ Nozorni withdrew $$1,500$ cash from the company for personal use.

Required

Prepare journal entries to record the transactions for April and post them to the ledger accounts.

Prepare an unadjusted trial balance as of April $30.$

Use the following information to journalize and post adjusting entries for the month:

a$.$ Two$-$thirds $($or $$133)$ of one month's insurance coverage has expired.

b$.$ At the end of the month, $$600$ of office supplies are still available.

c$-.$ This month's depreciation on the computer equipment is $$500.$

d$.$ Employees earned $$420$ of unpaid and unrecorded salaries as of month$-$end.

e$.$ The company earned $$1,750$ of commissions that are not yet billed at month$-$end.

Prepare the adjusted triaf balance as of April $30.$

Prepare the income statement and the statement of owner's equity for the month of April and the balance sheet at April $30,2024.$

Prepare fournal entries to close the temporary accounts and post these entries to the ledger.

Prepare a post$-$closing trial balance.

Was co

The company's chart of accounts followsici

$3$ng $101$ Cash

$106$ Accounts Receivable

$124$ Office Supplies

e followirg tralasec

$128$ prepaid Insurance

pairs to the companys

$167$ Computer Equipment

$405$ Commissions Earned

$612$ Depreciation Expense

$--$Computer Equip.

$168$ Accumulated Depreciation $=$ Computer Equip.

$622$ Salaries Expenses

$637$ Insurance Expense

$209$ Salaries Payable

$640$ Rent Expense

$301$ J$.$ Nozomi, Capital

$650$ Office Supplies Expense

$302$ Jonomi, Drawing asternce us of

$684$ Repairs Expense

$688$ Telephone Expense

$901$ Income Summary