On April 1, Jiro Nozomi created a new travel agency. Adventure Travel. The following transactions occurred...

 

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On April 1, 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 in exchange for common stock. April 2 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. April 3 The company purchased $1,000 of office supplies for cash. April 18 The company paid $2,400 cash for the premium on 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 the company's computer. April 30 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: a. Prepaid Insurance of $133 has expired this month. 485 Commissions Revenue 612 Depreciation Expense-Computer Equipment 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary 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. 5a. Prepare the Income statement for the month of April 30. 5b. Prepare the statement of retained earnings for the month of April 30. 5c. Prepare the balance sheet at April 30. The Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Adj Entries Req 4 Adj Req 5A Req 5B Req 5C Trial Bal Req 6A Req 6B GL Req 7 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. No 1 Date April 01 Cash Computer equipment Common stock 2 April 02 Rent expense Cash 3 April 03 Office supplies Cash 4 April 10 Prepaid insurance Cash 5 April 14 Salaries expense Cash General Journal B April 24 Cash Commissions revenue 7 April 28 Salaries expense Cash 8 April 29 Repairs expense Cash 9 April 30 Telephone expense Cash Debit Credit 30,000 20,000 50,000 1,800 1,800 1,000 1,000 2,400 2,400- 1,800- 1,600 8,000 8,000- >> >> 10 April 30 Dividends Cash < Req 1 and 2 Req 3 > 1,800 1,600 350- 350- 750- 750 1,500 1,500 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Adj Entries Req 4 Adj Trial Bal Req 5A Req 5B Req 5C Req 6A Req 6B GL Req 7 Prepare the income statement for the month of April 30. ADVENTURE TRAVEL Revenues: Commissions revenue Expenses: Income Statement For Month Ended April 30 Salaries expense 3,200 x Rent expense 1,800 600 x Office supplies expense 133 Insurance expense 350 Repairs expense 750 Telephone expense Total expenses $ 8,000 6,833 1,167 < Req 4 Adj Trial Bal Req 5B > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Adj Entries Req 4 Adj Trial Bal Req SA Req 5B Req 5C Req 6A Req 6B GL Req 7 Prepare the statement of retained earnings for the month of April 30. ADVENTURE TRAVEL Statement of Retained Earnings For Month Ended April 30 Retained earnings, April 1 $ 0 Add: Net income 1,167 1,187 Less: Dividends 1,500 Retained earnings, April 30 $ -333 < Req 5A Req 5C > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Adj Entries Req 4 Adj Req SA Trial Bal Req 5B Req 5C Req 6A Req 6B GL Req 7 Prepare the balance sheet at April 30. ADVENTURE TRAVEL Balance Sheet April 30 Cash Office supplies S 24,763 x 600- 0 Total assets S 25,383 Liabilities Salaries payable S 420- Equity Common stock Retained earnings Total equity Total liabilities and equity 50,000 (333) 49,667 S 50,087 < Req 5B Req 6A > On April 1, 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 in exchange for common stock. April 2 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. April 3 The company purchased $1,000 of office supplies for cash. April 18 The company paid $2,400 cash for the premium on 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 the company's computer. April 30 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: a. Prepaid Insurance of $133 has expired this month. 485 Commissions Revenue 612 Depreciation Expense-Computer Equipment 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary 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. 5a. Prepare the Income statement for the month of April 30. 5b. Prepare the statement of retained earnings for the month of April 30. 5c. Prepare the balance sheet at April 30. The Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Adj Entries Req 4 Adj Req 5A Req 5B Req 5C Trial Bal Req 6A Req 6B GL Req 7 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. No 1 Date April 01 Cash Computer equipment Common stock 2 April 02 Rent expense Cash 3 April 03 Office supplies Cash 4 April 10 Prepaid insurance Cash 5 April 14 Salaries expense Cash General Journal B April 24 Cash Commissions revenue 7 April 28 Salaries expense Cash 8 April 29 Repairs expense Cash 9 April 30 Telephone expense Cash Debit Credit 30,000 20,000 50,000 1,800 1,800 1,000 1,000 2,400 2,400- 1,800- 1,600 8,000 8,000- >> >> 10 April 30 Dividends Cash < Req 1 and 2 Req 3 > 1,800 1,600 350- 350- 750- 750 1,500 1,500 Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Adj Entries Req 4 Adj Trial Bal Req 5A Req 5B Req 5C Req 6A Req 6B GL Req 7 Prepare the income statement for the month of April 30. ADVENTURE TRAVEL Revenues: Commissions revenue Expenses: Income Statement For Month Ended April 30 Salaries expense 3,200 x Rent expense 1,800 600 x Office supplies expense 133 Insurance expense 350 Repairs expense 750 Telephone expense Total expenses $ 8,000 6,833 1,167 < Req 4 Adj Trial Bal Req 5B > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Adj Entries Req 4 Adj Trial Bal Req SA Req 5B Req 5C Req 6A Req 6B GL Req 7 Prepare the statement of retained earnings for the month of April 30. ADVENTURE TRAVEL Statement of Retained Earnings For Month Ended April 30 Retained earnings, April 1 $ 0 Add: Net income 1,167 1,187 Less: Dividends 1,500 Retained earnings, April 30 $ -333 < Req 5A Req 5C > Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Adj Entries Req 4 Adj Req SA Trial Bal Req 5B Req 5C Req 6A Req 6B GL Req 7 Prepare the balance sheet at April 30. ADVENTURE TRAVEL Balance Sheet April 30 Cash Office supplies S 24,763 x 600- 0 Total assets S 25,383 Liabilities Salaries payable S 420- Equity Common stock Retained earnings Total equity Total liabilities and equity 50,000 (333) 49,667 S 50,087 < Req 5B Req 6A >