On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648b52a5819e_0016648b529e09bc.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648b52ae6ca2_0026648b52a8efd4.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6648b52b7f14f_0036648b52b2426c.jpg)
Transcribed Image Text:
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 $30,000 cash and computer equipeent worth $20,000 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. April 4 The company purchased $1,000 of office supplies for cash, April 10 The company paid $2,400 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,600 cash for two weeks' salaries earned by employees. April 24 The company collected $8,000 cash for commissions revenue. April 28 The company paid $1,600 cash for two weeks' salaries earned by employees. April 29 The company paid $350 cash for minor repairs to computer equipment. April 38 The company paid $750 cash for this month's telephone bill. April 30 The company paid $1,500 cash in dividends. The company's chart of accounts follows. 101 Cash 106 Accounts Receivable) 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equipment 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends Use the following Information to prepare adjusting entries a. Prepaid Insurance of $133 expired this month. 403 Commissions Revenue 612 Depreciation Expense-Computer Equipment 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 6se Office Supplies Expense 684 Repairs Expense 688 Telephone Expense sel Income Summary b. At the end of the month, $600 of office supplies are still available. c. This month's depreciation on 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 revenue that is not yet recorded at month-end Required: 1. & 2. Prepare journal entries to record the transactions for April and post them to ledger accounts In Requirement 6B GL tab. The company records prepaid and unearned items in balance sheet accounts 3. Using account balances from Requirement 65 GL tab, prepare an unadjusted trial balance as of April 30 4. Joumalize the adjusting entries for the month, and then post to the ledger on Requirement 68 GL tab, using April 30 Adjusted as the 3. Using account balances from Requirement 6B GL 136. propare an unadjusted that Balance 4. Journalize the adjusting entries for the month, and then post to the ledger on Requirement 6B GL tab, using April 30 Adjusted as the date 5a. Using adjusted account balances from Requirement 6B GL tab, prepare an adjusted trial balance as of Apol 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 April 30. 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6B GL tab. using April 30 Close as the date.) 6b. Post the journal entres to the ledger 7. Prepare a post-closing trial balance, es ADVENTURE TRAVEL Statement of Retained Earnings For Month Ended April 30 Retained earnings, April 1 S 0 O Retained earnings, April 30 S 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 $30,000 cash and computer equipeent worth $20,000 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. April 4 The company purchased $1,000 of office supplies for cash, April 10 The company paid $2,400 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,600 cash for two weeks' salaries earned by employees. April 24 The company collected $8,000 cash for commissions revenue. April 28 The company paid $1,600 cash for two weeks' salaries earned by employees. April 29 The company paid $350 cash for minor repairs to computer equipment. April 38 The company paid $750 cash for this month's telephone bill. April 30 The company paid $1,500 cash in dividends. The company's chart of accounts follows. 101 Cash 106 Accounts Receivable) 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equipment 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends Use the following Information to prepare adjusting entries a. Prepaid Insurance of $133 expired this month. 403 Commissions Revenue 612 Depreciation Expense-Computer Equipment 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 6se Office Supplies Expense 684 Repairs Expense 688 Telephone Expense sel Income Summary b. At the end of the month, $600 of office supplies are still available. c. This month's depreciation on 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 revenue that is not yet recorded at month-end Required: 1. & 2. Prepare journal entries to record the transactions for April and post them to ledger accounts In Requirement 6B GL tab. The company records prepaid and unearned items in balance sheet accounts 3. Using account balances from Requirement 65 GL tab, prepare an unadjusted trial balance as of April 30 4. Joumalize the adjusting entries for the month, and then post to the ledger on Requirement 68 GL tab, using April 30 Adjusted as the 3. Using account balances from Requirement 6B GL 136. propare an unadjusted that Balance 4. Journalize the adjusting entries for the month, and then post to the ledger on Requirement 6B GL tab, using April 30 Adjusted as the date 5a. Using adjusted account balances from Requirement 6B GL tab, prepare an adjusted trial balance as of Apol 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 April 30. 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6B GL tab. using April 30 Close as the date.) 6b. Post the journal entres to the ledger 7. Prepare a post-closing trial balance, es ADVENTURE TRAVEL Statement of Retained Earnings For Month Ended April 30 Retained earnings, April 1 S 0 O Retained earnings, April 30 S
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
A major electronics manufacturer expects to generate additional revenue from its recently won government contract. The company forecasts that the revenue will be $190 million in the first year, but...
-
Why would foreign governments provide MNCs with incentives to undertake DFI there?
-
Biochemical markers are used by emergency room physicians to aid in diagnosing patients who have suffered acute myocardial infarction (AMI), or whats commonly referred to as a heart attack. One type...
-
Using only the data in Table 4-18, create a set of relational tables that solve the update, insert, and delete anomalies. Table 4-18 Purchase Order (PO) Table Purchase Purchase Order Unit Quantity...
-
The following events took place for LAE Manufacturing Company during March, the first month of its operations as a producer of digital clocks: a. Purchased $52,000 of materials. b. Used $40,000 of...
-
How would you determine the market capture rate for a single family for sale housing project? I need correct answer i also submitted but tutor given me wrong answer so if you don't know the answer...
-
Describe a teacher you had whose strong personality left you with mixed feelings. Balance your honest gut feelings with an honest, objective evaluation.
-
the unit vectors i and j are directed horizontally and vertically upwards respectively.] (4Ui+Uj)ms 9.6m 64m Figure 2 The point O is 9.6 m above horizontal ground. A small ball is projected with...
-
What strategies do critical approaches employ to elevate subaltern voices and narratives, and how successful are they in reshaping mainstream discourses?
-
a) c) Assign absolute configurations to the chirality centres in the following molecules: CH3 HC= CH3 CN ONC ECH H3Cu b) H CH3 CH HC d) HNC H
-
How do critical approaches critique the dynamics of neocolonialism within the context of global capitalism, and what solutions do they propose to counteract its effects ?
-
Cairns Consulting Corp. company records revealed the following for the current year: Increase in inventory $7,000 Depreciation expense 24,000 Decrease in accounts payable 3,000 Decrease in accounts...
-
You are engaged in the audit of Simon Corp., a new client, at the close of its first fiscal year, April 30, 20X1. The accounts had been closed before the time you began your year-end fieldwork. You...
-
The maximum pressure that can be developed for a certain fluid power cylinder is 15.0 MPa. Compute the required diameter for the piston if the cylinder must exert a force of 30 kN.
-
Richard, Inc., which closes its books on December 31, is authorized to issue \(\$ 600,000\) of six percent, 20 -year bonds dated March 1, with interest payments on September 1 and March 1. Required...
-
The following data are from the current accounting records of Crest Company: The president of the company is concerned that the company may be in violation of a debt covenant that requires the...
-
On December 31, 2018, Edmand, Inc., issued \(\$ 750,000\) of 11 percent, five-year bonds for \(\$ 722,400\), yielding an effective interest rate of 12 percent. Semiannual interest is payable on June...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App