I will attach the instructions as well.

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $41,000 cash and computer equipment worth $25,000 in the company in exchange for common stock 2 The company rented furnished office space by paying $2,300 cash for the first month's (April) rent. 3 The company purchased $1,800 of office supplies for cash. 10 The company paid $2,900 cash for the premium on a 12-month insurance policy. Coverage begins on April 11 14 The company paid $1,200 cash for two weeks' salaries earned by employees 24 The company collected $23,500 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $1,200 cash for two weeks' salaries earned by employees 29 The company paid $300 cash for minor repairs to the company's computer. 30 The company paid $850 cash for this month's telephone bill. 30 The company paid $2,400 cash in dividends The company's chart of accounts follows 405 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends Use the following information a. Two-thirds (or $161) of one month's insurance coverage has expired b. At the end of the month, $400 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 $2,500 of commissions that are not yet billed at month-end Required: 1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30 4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance 5a. Prepare the income statement for the month of April 30, 2017 5b. Prepare the statement of retained earnings for the month of April 30, 2017 5c. Prepare the balance sheet at April 30, 2017 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b 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 Req 4 AdjReq 4 Adj Trial Bal Req 1 and 2 Req 3 Reg 5A Req 5C Req 5B Req 6AReq 6B GL Req 7 Entries Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts View transaction list Journal entry worksheet 123 4 5 678 9 0 Nozomi invested $41,000 cash and computer equipment worth $25,000 in the company in exchange for common stock Note: Enter debits before credits Date Debit Credit General Journal April 01 View general journal Record entry Clear entry Req 1 and 2 Complete this question by entering your answers in the tabs below. Rted 4 Ad Req SA Req 58 Req SCReq 6A Req 68 GLReq 7 Req 1 and 2Rq 3Req 4 Adj Req 4 Adj EntriesTrial Bal Prepare the balance sheet at April 30, 2017. ADVENTURE TRAVEL Balance Sheet April 30, 2017 Total assets 0 Total equity Total liabilities and equity 0 Req 5B Req 6A > Complete this question by entering your answers in the tabs below Req 4 AdjReq 4 Adj Trial Bal Reg 5A Req 5C Req 1 and 2 Req 3 Req 5B Req 6A Req 6BGLReq 7 Entries Prepare journal entries to close the temporary accounts and then post to Req 6B General Ledger, using April 30 Close as the date View transaction list Journal entry worksheet 4 Record the entry to close revenue account(s) Note: Enter debits before credits Date Debit Credit General Journal April 30 View general journal Record entry Clear entry Req 50 Req 6B GL > Screenshot Complete this question by entering your answers in the tabs below. eq1 and 2Req3 ArdR Ad Post the Iournal entnes to the ledger. If there is more than one transaction Qn a specific date, make sure to select the specific abbreviated) date doce fer that transaction in the date field. Daie Daie Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3Re4 Adj Req 4 Adj Req 6A Req 6B GL EntriesTrial Bal Prepare a post-closing trial balance. ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2017 Account Title Debit Credit Totals 0 Req 6B GL Req 7 Complete this question by entering your answers in the tabs below Req 4 AdjReq 4 Adj Trial Bal Reg 5A Req 5C Req 1 and 2 Req 3 Req 5B Req 6AReq 6B GL Req 7 Entries Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30 ADVENTURE TRAVE Unadjusted Trial Balance April 30, 2017 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 307: Common stoclk 318: Retained earnings 319: Dividends 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 0 Req 4 Adj Entries Req 1 and 2 Complete this question by entering your answers in the tabs below Req 4 Adj Req 4 AdjReg 5A. Trial Bal Req 5C Req 1 and 2 Req 3 Req 5B Req 6AReq 6B GL Req 7 Entries Journalize the adjusting entries for the month, and then post to the ledger on Req 6B tab, using April 30 Adj. as the date View transaction list Journal entry worksheet 4 Two-thirds (or $161) of one month's insurance coverage has expired Note: Enter debits before credits Debit Credit Transaction General Journal View general journal Record entry Clear entry Req 3 > Req 4 Adj Trial Bal Complete this question by entering your answers in the tabs below Req 4 AdjReq 4 AdjReq 5A Trial Bal Req 5C Req 1 and 2 Req 3 Req 5B Req 6AReq 6B GL Req 7 Entries Using adjusted account balances from Requirement 6b, prepare an adjusted trial balance as of April 30. (Do not round intermediate calculations.) ADVENTURE TRAVE Adjusted Trial Balance April 30, 2017 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 307: Common stoclk 318: Retained earnings 319: Dividends 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 0 Req 4 Adj Entries Req 5A > Complete this question by entering your answers in the tabs below. Rte Req SA Req 5B Req SCReq 6ARq 68 GL Req 7 Req 1 and 2Rq 3Req 4 Adj Req 4 Adj Entries Trial Bal 5A Prepare the income statement for the month of April 30, 2017. ADVENTURE TRAVEL ncome Statement For Month Ended April 30, 2017 Revenues: Expenses Total expenses 0 0 KReq 4 Adj Trial Bal Req 5B> d. Employees earned $420 of unpaid and unrecorded salaries as of month-end e. The company earned $2,500 of commissions that are not yet billed at month-end Required 1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30 4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance 5a. Prepare the income statement for the month of April 30, 2017 5b. Prepare the statement of retained earnings for the month of April 30, 2017 5c. Prepare the balance sheet at April 30, 2017 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b. 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 Req 4 AdjReq 4 Adj Trial Bal Reg 5A Req 1 and 2 Req 3 Req 5B Req 5C Req 6AReq 6B GL Req 7 Entries Prepare the statement of retained earnings for the month of April 30, 2017 ADVENTURE TRAVEL Statement of Retained Earnings For Month Ended April 30, 2017 Retained earnings, April 1, 2017 0 17,669 17,669 Retained earnings, April 30, 201717,669 Req 5A Req 5C > ACCT 2301 - Principles of Financial Accounting Comprehensive Accounting Cycle Project Overview This comprehensive accounting project takes you through all steps of the accounting cycle, from analyzing and journalizing transactions, all the way to constructing financial statements and closing entries. While this problem is to be completed in Connect, the set-up of the problem itself can be somewhat confusing. As such, please read and print this project overview document in order to get a better sense of how to complete this project. NOTE: There is only 1 attempt on this project, however, there are unlimited "Check my Work" opportunities in order for you to review your progress. Thus, please do NOT submit this project before the deadline unless you are completely sure of your answers. As a refresher, here are the steps within the accounting cycle: 1. Analyze transactions 2. Record journal entries 3. Post journal entries to respective ledger accounts 4. Create unadjusted trial balance 5. Record adjusting entries 6. Post adjusting entries to respective ledger accounts 7. Create adjusted trial balance 8. Construct financial statements 9. Record closing entries 10. Create post-closing trial balance Thus, the project will begin by providing a list of transactions that occur in a particular month for a given business entity Furthermore, you are provided with a Chart of Accounts to help you with your work, with an example The company's chart of accounts follows 485 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 901 Income Summary 101 Cash 106 Accounts Receivable 124 Office Supp1ies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends Telephone Expense Finally, you are also provided with additional information below the chart of accounts that will help with your month- end adjusting entries. There are instructions provided that tell you what to complete; however, the instructions are a little vague as to what each tab does in the assignment. Thus, let's discuss these tabs more in detail Complete this question by entering your answers in the tabs below Req 4 Adj Entries Req 4 Adj Trial Bal Req 1 and 2 Req 3 Req 5B Req 5C Req 6A Req 6B GLReq 7 Req 1 and 2 This tab is your general journal where re your transactions are journalized during the month. Each transaction is provided to you in a box with numbers above the description indicating what transaction you are journalizing: Journal entry worksheet 7 Nozomi invested $32,000 cash and computer equipment worth $35,000 in the company in exchange for common stock Note: Enter debits before credits General Journal Debit Credit Date April 01 Clear entry Record entry View general journal Below the transaction description box, you will enter your journal entry for that particular transaction. Be sure to enter debits before any credits as indicated by the red text above. Furthermore, use the Chart of Accounts provided at the beginning of the problem for your accounts names. .Once you enter your accounts, and their respective debit and credit amounts, you will click on the button that says "Record entry" which will record it into the journal (see red box below) Journal entry worksheet 1 2 345 78 9 10 Nozoml Invested $32,000 cash and computer equipment worth $35,000 In the company in exchange for common stock. Note: Enter debits before credits Debit Credit General Journal Date April 01 Record entry Clear entry View general journal Once you have entered all numbered transactions into the General Journal, you will move on to the next tab. Req 6B GL This tab is where your General Ledger is found, and where you will post your journal entries from the Req 1 and 2 tab. This is very similar to posting that was discussed in Chapter 2. Here is an example of that tab General Ledger accounts Cash Accounts Receivable Credit Date Debit Credit Balance Date Balance Debit To post your entries, you will start at the top line of each ledger and enter the date, and the debit or credit amount from the journal entry. For example, let's say we had the following entry: April 1 zoni invested $32,000 cash and computer equipment worth $35,000 in the company in exchange for common stock . We would first record the journal entry onto the Req 1 and 2 tab as follows, and push the "Record entry" button Journal entry worksheet |1 2 3 4 5 6 7 8 9 10 Nozomi invested $32,000 cash and computer equipment worth $35,000 in the company in exchange for common stock Note: Enter debits before credits Date Debit Credit sh 32,000 April 01 35,000 cquipment Common stock 67 Record entry Clear entry View general journal Next, we would post this journal entry to the general ledger (assuming that we have completed the other transactions and are ready to post). Let's post the first line of the entry, the debit of $32,000 to cash General Cash Debit Date Credit Balance April 1 32,000 32,000 As you can see, we put the date of the transaction above, followed by the amount that was debited. Thus, the current balance in this account after this posting is $32,000 (right-hand column that says "Balance") Next, let's post the computer equipment line in the journal entry, a debit for $35,000, and then the credit to common stock for $67,000 Common Stock Computer Equipment Debit Debit Credit Date Credit Balance Date Balance 5,000April 1 67,000 April 1 35,000 67,000 You would keep doing this for all of the entries for the month until you have posted all of the entries recorded in the general journal. For postings to Cash that are at the end of the month, especially for telephone expenses and dividends, use the dates with the words "Tele" and "Div" respectively Req 3 This tab is where you will create your Unadjusted Trial Balance. Use the balances from the Req 6B GL tab to help you. Make sure your total debits equal your total credits; otherwise, you have to go back to Req 1 and 2, as well as Req 6B GL to ensure your journal entries and postings were correct. Req 4 Adj Entries This tab is where you will record your adjusting entries at month-end. CRITICAL NOTE: Do NOT record your adjusting entries on the Req 1 and 2 tab! Use this Req 4 Adj Entries tab! The mechanics are the same as the Req 1 and 2 tab: the transaction is provided to you in an information box, and once you enter your account titles, debit and/or credit amounts, you will push the "Record entry" button below the entry. Scroll through the numbers above the transaction description box to record each adjusting entry Make sure you post your adjusting entries into the GL once you have finished them. When posting adjusting entries, use the dates that have "Adj" in them -they will reflect the last day of the month (since these are normally recorded at the end of a month or year) Accounts Receivab Date Debit April 29 April 30 April 30 Adj April 30 Close April 30 Exp April 30 Rev Req 4 Adj Trial Balance After posting your adjusting entries to the GL, create your Adjusted Trial Balance using the now-current balances in the GL accounts. Again, make sure all debits equal all credits at the bottom. Req 5A This is used to create your Income Statement. Make sure you use the correct trial balance to make this statement. Req 5B This is used to create your Statement of Retained Earnings. Make sure you use the correct trial balance to make this statement Req 5C This is used to create your Balance Sheet. Make sure you use the correct trial balance to make this statement. Req 6A This tab is where you will record your closing entries. This is again structured just like the Req 1 and 2, as well as the Req 4 Adj Entries tabs. Record your journal entry with the accounts, debits and/or credits, and then push "Record entry". Once your closing entries are recorded, remember to post these onto the GL. when posting to the GL, you w ill use the dates with the word "Close" in them for your revenues and expense accounts (as shown below) . Commissions ea Date Debit April 30 Close April 30 Exp April 30 Rev. April 30 Tel. April 30 Div Salaries Expe When entering amounts into the Income Summary account on the GL, you will use the "Rev" date for the revenue posting, and the "Exp" date for the expense posting. Req 7 This is where you will create your final document, the Post-Closing Trial Balance. You will use the most recent Req 6B GL balances after closing to complete this document. On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $41,000 cash and computer equipment worth $25,000 in the company in exchange for common stock 2 The company rented furnished office space by paying $2,300 cash for the first month's (April) rent. 3 The company purchased $1,800 of office supplies for cash. 10 The company paid $2,900 cash for the premium on a 12-month insurance policy. Coverage begins on April 11 14 The company paid $1,200 cash for two weeks' salaries earned by employees 24 The company collected $23,500 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $1,200 cash for two weeks' salaries earned by employees 29 The company paid $300 cash for minor repairs to the company's computer. 30 The company paid $850 cash for this month's telephone bill. 30 The company paid $2,400 cash in dividends The company's chart of accounts follows 405 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip. 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends Use the following information a. Two-thirds (or $161) of one month's insurance coverage has expired b. At the end of the month, $400 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 $2,500 of commissions that are not yet billed at month-end Required: 1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30 4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance 5a. Prepare the income statement for the month of April 30, 2017 5b. Prepare the statement of retained earnings for the month of April 30, 2017 5c. Prepare the balance sheet at April 30, 2017 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b 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 Req 4 AdjReq 4 Adj Trial Bal Req 1 and 2 Req 3 Reg 5A Req 5C Req 5B Req 6AReq 6B GL Req 7 Entries Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts View transaction list Journal entry worksheet 123 4 5 678 9 0 Nozomi invested $41,000 cash and computer equipment worth $25,000 in the company in exchange for common stock Note: Enter debits before credits Date Debit Credit General Journal April 01 View general journal Record entry Clear entry Req 1 and 2 Complete this question by entering your answers in the tabs below. Rted 4 Ad Req SA Req 58 Req SCReq 6A Req 68 GLReq 7 Req 1 and 2Rq 3Req 4 Adj Req 4 Adj EntriesTrial Bal Prepare the balance sheet at April 30, 2017. ADVENTURE TRAVEL Balance Sheet April 30, 2017 Total assets 0 Total equity Total liabilities and equity 0 Req 5B Req 6A > Complete this question by entering your answers in the tabs below Req 4 AdjReq 4 Adj Trial Bal Reg 5A Req 5C Req 1 and 2 Req 3 Req 5B Req 6A Req 6BGLReq 7 Entries Prepare journal entries to close the temporary accounts and then post to Req 6B General Ledger, using April 30 Close as the date View transaction list Journal entry worksheet 4 Record the entry to close revenue account(s) Note: Enter debits before credits Date Debit Credit General Journal April 30 View general journal Record entry Clear entry Req 50 Req 6B GL > Screenshot Complete this question by entering your answers in the tabs below. eq1 and 2Req3 ArdR Ad Post the Iournal entnes to the ledger. If there is more than one transaction Qn a specific date, make sure to select the specific abbreviated) date doce fer that transaction in the date field. Daie Daie Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3Re4 Adj Req 4 Adj Req 6A Req 6B GL EntriesTrial Bal Prepare a post-closing trial balance. ADVENTURE TRAVEL Post-Closing Trial Balance April 30, 2017 Account Title Debit Credit Totals 0 Req 6B GL Req 7 Complete this question by entering your answers in the tabs below Req 4 AdjReq 4 Adj Trial Bal Reg 5A Req 5C Req 1 and 2 Req 3 Req 5B Req 6AReq 6B GL Req 7 Entries Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30 ADVENTURE TRAVE Unadjusted Trial Balance April 30, 2017 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 307: Common stoclk 318: Retained earnings 319: Dividends 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 0 Req 4 Adj Entries Req 1 and 2 Complete this question by entering your answers in the tabs below Req 4 Adj Req 4 AdjReg 5A. Trial Bal Req 5C Req 1 and 2 Req 3 Req 5B Req 6AReq 6B GL Req 7 Entries Journalize the adjusting entries for the month, and then post to the ledger on Req 6B tab, using April 30 Adj. as the date View transaction list Journal entry worksheet 4 Two-thirds (or $161) of one month's insurance coverage has expired Note: Enter debits before credits Debit Credit Transaction General Journal View general journal Record entry Clear entry Req 3 > Req 4 Adj Trial Bal Complete this question by entering your answers in the tabs below Req 4 AdjReq 4 AdjReq 5A Trial Bal Req 5C Req 1 and 2 Req 3 Req 5B Req 6AReq 6B GL Req 7 Entries Using adjusted account balances from Requirement 6b, prepare an adjusted trial balance as of April 30. (Do not round intermediate calculations.) ADVENTURE TRAVE Adjusted Trial Balance April 30, 2017 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 307: Common stoclk 318: Retained earnings 319: Dividends 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 0 Req 4 Adj Entries Req 5A > Complete this question by entering your answers in the tabs below. Rte Req SA Req 5B Req SCReq 6ARq 68 GL Req 7 Req 1 and 2Rq 3Req 4 Adj Req 4 Adj Entries Trial Bal 5A Prepare the income statement for the month of April 30, 2017. ADVENTURE TRAVEL ncome Statement For Month Ended April 30, 2017 Revenues: Expenses Total expenses 0 0 KReq 4 Adj Trial Bal Req 5B> d. Employees earned $420 of unpaid and unrecorded salaries as of month-end e. The company earned $2,500 of commissions that are not yet billed at month-end Required 1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30 4. Journalize and post the adjusting entries for the month and prepare the adjusted trial balance 5a. Prepare the income statement for the month of April 30, 2017 5b. Prepare the statement of retained earnings for the month of April 30, 2017 5c. Prepare the balance sheet at April 30, 2017 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b. 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 Req 4 AdjReq 4 Adj Trial Bal Reg 5A Req 1 and 2 Req 3 Req 5B Req 5C Req 6AReq 6B GL Req 7 Entries Prepare the statement of retained earnings for the month of April 30, 2017 ADVENTURE TRAVEL Statement of Retained Earnings For Month Ended April 30, 2017 Retained earnings, April 1, 2017 0 17,669 17,669 Retained earnings, April 30, 201717,669 Req 5A Req 5C > ACCT 2301 - Principles of Financial Accounting Comprehensive Accounting Cycle Project Overview This comprehensive accounting project takes you through all steps of the accounting cycle, from analyzing and journalizing transactions, all the way to constructing financial statements and closing entries. While this problem is to be completed in Connect, the set-up of the problem itself can be somewhat confusing. As such, please read and print this project overview document in order to get a better sense of how to complete this project. NOTE: There is only 1 attempt on this project, however, there are unlimited "Check my Work" opportunities in order for you to review your progress. Thus, please do NOT submit this project before the deadline unless you are completely sure of your answers. As a refresher, here are the steps within the accounting cycle: 1. Analyze transactions 2. Record journal entries 3. Post journal entries to respective ledger accounts 4. Create unadjusted trial balance 5. Record adjusting entries 6. Post adjusting entries to respective ledger accounts 7. Create adjusted trial balance 8. Construct financial statements 9. Record closing entries 10. Create post-closing trial balance Thus, the project will begin by providing a list of transactions that occur in a particular month for a given business entity Furthermore, you are provided with a Chart of Accounts to help you with your work, with an example The company's chart of accounts follows 485 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 901 Income Summary 101 Cash 106 Accounts Receivable 124 Office Supp1ies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends Telephone Expense Finally, you are also provided with additional information below the chart of accounts that will help with your month- end adjusting entries. There are instructions provided that tell you what to complete; however, the instructions are a little vague as to what each tab does in the assignment. Thus, let's discuss these tabs more in detail Complete this question by entering your answers in the tabs below Req 4 Adj Entries Req 4 Adj Trial Bal Req 1 and 2 Req 3 Req 5B Req 5C Req 6A Req 6B GLReq 7 Req 1 and 2 This tab is your general journal where re your transactions are journalized during the month. Each transaction is provided to you in a box with numbers above the description indicating what transaction you are journalizing: Journal entry worksheet 7 Nozomi invested $32,000 cash and computer equipment worth $35,000 in the company in exchange for common stock Note: Enter debits before credits General Journal Debit Credit Date April 01 Clear entry Record entry View general journal Below the transaction description box, you will enter your journal entry for that particular transaction. Be sure to enter debits before any credits as indicated by the red text above. Furthermore, use the Chart of Accounts provided at the beginning of the problem for your accounts names. .Once you enter your accounts, and their respective debit and credit amounts, you will click on the button that says "Record entry" which will record it into the journal (see red box below) Journal entry worksheet 1 2 345 78 9 10 Nozoml Invested $32,000 cash and computer equipment worth $35,000 In the company in exchange for common stock. Note: Enter debits before credits Debit Credit General Journal Date April 01 Record entry Clear entry View general journal Once you have entered all numbered transactions into the General Journal, you will move on to the next tab. Req 6B GL This tab is where your General Ledger is found, and where you will post your journal entries from the Req 1 and 2 tab. This is very similar to posting that was discussed in Chapter 2. Here is an example of that tab General Ledger accounts Cash Accounts Receivable Credit Date Debit Credit Balance Date Balance Debit To post your entries, you will start at the top line of each ledger and enter the date, and the debit or credit amount from the journal entry. For example, let's say we had the following entry: April 1 zoni invested $32,000 cash and computer equipment worth $35,000 in the company in exchange for common stock . We would first record the journal entry onto the Req 1 and 2 tab as follows, and push the "Record entry" button Journal entry worksheet |1 2 3 4 5 6 7 8 9 10 Nozomi invested $32,000 cash and computer equipment worth $35,000 in the company in exchange for common stock Note: Enter debits before credits Date Debit Credit sh 32,000 April 01 35,000 cquipment Common stock 67 Record entry Clear entry View general journal Next, we would post this journal entry to the general ledger (assuming that we have completed the other transactions and are ready to post). Let's post the first line of the entry, the debit of $32,000 to cash General Cash Debit Date Credit Balance April 1 32,000 32,000 As you can see, we put the date of the transaction above, followed by the amount that was debited. Thus, the current balance in this account after this posting is $32,000 (right-hand column that says "Balance") Next, let's post the computer equipment line in the journal entry, a debit for $35,000, and then the credit to common stock for $67,000 Common Stock Computer Equipment Debit Debit Credit Date Credit Balance Date Balance 5,000April 1 67,000 April 1 35,000 67,000 You would keep doing this for all of the entries for the month until you have posted all of the entries recorded in the general journal. For postings to Cash that are at the end of the month, especially for telephone expenses and dividends, use the dates with the words "Tele" and "Div" respectively Req 3 This tab is where you will create your Unadjusted Trial Balance. Use the balances from the Req 6B GL tab to help you. Make sure your total debits equal your total credits; otherwise, you have to go back to Req 1 and 2, as well as Req 6B GL to ensure your journal entries and postings were correct. Req 4 Adj Entries This tab is where you will record your adjusting entries at month-end. CRITICAL NOTE: Do NOT record your adjusting entries on the Req 1 and 2 tab! Use this Req 4 Adj Entries tab! The mechanics are the same as the Req 1 and 2 tab: the transaction is provided to you in an information box, and once you enter your account titles, debit and/or credit amounts, you will push the "Record entry" button below the entry. Scroll through the numbers above the transaction description box to record each adjusting entry Make sure you post your adjusting entries into the GL once you have finished them. When posting adjusting entries, use the dates that have "Adj" in them -they will reflect the last day of the month (since these are normally recorded at the end of a month or year) Accounts Receivab Date Debit April 29 April 30 April 30 Adj April 30 Close April 30 Exp April 30 Rev Req 4 Adj Trial Balance After posting your adjusting entries to the GL, create your Adjusted Trial Balance using the now-current balances in the GL accounts. Again, make sure all debits equal all credits at the bottom. Req 5A This is used to create your Income Statement. Make sure you use the correct trial balance to make this statement. Req 5B This is used to create your Statement of Retained Earnings. Make sure you use the correct trial balance to make this statement Req 5C This is used to create your Balance Sheet. Make sure you use the correct trial balance to make this statement. Req 6A This tab is where you will record your closing entries. This is again structured just like the Req 1 and 2, as well as the Req 4 Adj Entries tabs. Record your journal entry with the accounts, debits and/or credits, and then push "Record entry". Once your closing entries are recorded, remember to post these onto the GL. when posting to the GL, you w ill use the dates with the word "Close" in them for your revenues and expense accounts (as shown below) . Commissions ea Date Debit April 30 Close April 30 Exp April 30 Rev. April 30 Tel. April 30 Div Salaries Expe When entering amounts into the Income Summary account on the GL, you will use the "Rev" date for the revenue posting, and the "Exp" date for the expense posting. Req 7 This is where you will create your final document, the Post-Closing Trial Balance. You will use the most recent Req 6B GL balances after closing to complete this document