\" Problem 3-5A (Static) Applying the accounting cycle LO P1, P3, P4, P5, P6 On April 1, Jim Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's rst month. April 2 Nozomi invested $33,333 cash and computer equipment worth $23,333 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $1,333 cash for the first month's (April) rent. April 4 The company purchased $1,333 of office supplies for cash. April 13 The company paid $2,433 cash for a 12month insurance policy. Coverage begins on April 11. April 14 The company paid $1,633 cash for two weeks' salaries earned by employees. April 24 The company collected $3,333 cash for commissions revenue. April 23 The company paid $1,633 cash for two weeks' salaries earned by employees. April 23 The company paid $353 cash for minor repairs to computer equipment. April 33 The company paid $753 cash for this month's telephone bill. April 33 The company paid $1,533 cash in dividends. The company's chart of accounts follows. 131 Cash 433 Commissions Revenue 136 Accounts Receivable 612 Depreciation ExpenseComputer Equipment 124 Cffice Supplies 622 Salaries Expense 123 Prepaid Insurance 63? Insurance Expense 16? Computer Equipment 643 Rent Expense 163 Accumulated DepreciationComputer Equipment 653 Office Supplies Expense 239 Salaries Payable 634 Repairs Expense 33? Common Stock 633 Telephone Expense 313 Retained Earnings 331 Income Summary 319 Dividends Use the following information to prepare adjusting entries: a. Prepaid insurance of $133 expired this month. 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 6B GL tab, prepare an unadjusted trial balance as of April 30. 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 April 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 entries to the ledger. 7. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Req 4 Req 5A Req 5B Req 5C Req 5D Req 6A Req 6B GL Reg 7 Journalize the adjusting entries for the month, and then post to the ledger on Requirement 6B GL tab, using April 30 Adju date. (Do not round intermediate calculations and round the final answers to nearest whole number.) View transaction list View journal entry worksheet X No Transaction General Journal Debit Credit 1 a. Insurance expense 133 Prepaid insurance 133 2 b Office supplies expense 600 Office supplies 600 3 C. Accumulated depreciation-Computer equipment 500 Depreciation expense-Computer equipment 500 4 d 420 Salaries expense 420 5 e Commissions revenue 1,750 Cash 1,750 Adjusted Trial Balance April 30 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 stock 318: Retained earnings 319: Dividends 403: 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 Totals $ 0 Req 1 and 2 Req 3 Reg 4 Req 5A Req 5B Req 5C Req 5D Req 6A Req 6B Prepare the income statement for the month of April 30. ADVENTURE TRAVEL Income Statement For Month Ended April 30 Revenues: Expenses: Total expenses $ 0 Req 1 and 2 Req 3 Req 4 Req 5A Req 5B Req 5C Req 5D Req 6A Req 6B GL 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 0 Retained earnings, April 30 $ 0 Prepare the balance sheet at April 30. ADVENTURE TRAVEL Balance Sheet April 30 Total assets 0 Total equity Total liabilities and equity $ Req 1 and 2 Req 3 Reg 4 Req 5A Req 5B Req 5C Req 5D Req 6A Req 6B GL Reg 7 Prepare journal entries to close the temporary accounts and then post to Requirement 6B GL tab, using April 30 Close as the date. View transaction list 1 Record the entry to close the revenue account(s). > 2 Record the entry to close the expense account(s). 3 Record the entry to close the income summary. 4 Record the entry to close the dividends account. Debit Credit Journal entry worksheet Record the entry to clause the revenue account[s}. Note: Enter debits before credits. Req 1 and 2 Req 3 Req 4 Req 5A Req 5B Req 5C Req 5D Req 6A Req 6B GL Req 7 Post the journal entries to the ledger. (Select April 30 Adjusted as date for all adjusting entries, and April 30 Close as date for all closing entr General Ledger accounts 101: Cash 106: Accounts receivable Date Debit Credit Balance Date Debit Credit Balance 124: Office supplies 128: Prepaid insurance Date Debit Credit Balance Date Debit Credit Balance 124: Office supplies 128: Prepaid insurance Date Debit Credit Balance Date Debit Credit Balance 167: Computer equipment 168: Accumulated depreciation-Computer equipment Date Debit Credit Balance Date Debit Credit Balance Screen capture . now Screenshot taken Show in folder 209: Salaries payable 307: Common stock Date Debit Credit Balance Date Debit Credit 2 [ Copied to clipboard 318. Retained earnings 319. Dividends EDIT DELETE318: Retained earnings 319: Dividends Date Debit Credit Balance Date Debit Credit Balance 403: Commissions revenue 612: Depreciation expense-Computer equipment Date Debit Credit Balance Date Debit Credit Balance Screen capture . no Screenshot taken Show in folder 622: Salaries expense 637: Insurance expense 2 Date Debit Credit Balance Date Debit Credit C Copied to clipboa EDIT DELETE640: Rent expense 650: Office supplies expense Date Debit Credit Balance Date Debit Credit Balance 684: Repairs expense 688: Telephone expense Date Debit Credit Balance Date Debit Credit Balance Screen capture . now Screenshot taken Show in folder +com 901: Income summary Date Debit Credit Balance 2 Copied to clipboard EDIT DELETEMcGraw Hi X Question 2 X Fair Trial Balan X P Ch 2 ppt.p| X Search Res X Homework X Mail - Smit x M (no subject x P Ch 3 ppt.p X + X ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252FIms.mheducation.com%252Fmghmiddleware%. Smarthinking Academic Writer -. M McGraw-Hill Connect @ Grammarly Co Claimant Self Servi. Dashboard - Identit. A Secure Client Acces. ) Ally Auto Online Ser. > > Reading list 2.3 Connect: Exercises and Problems i Saved Help Save & Exit Submit Check my work 2 Req 1 and 2 Req 3 Reg 4 Req 5A Req 5B Req 5C Req 5D Req 6A Req 6B GL Req 7 Prepare a post-closing trial balance. 14.28 points ADVENTURE TRAVEL Post-Closing Trial Balance April 30 eBook Account Title Debit Credit Print References Totals $ 0 $ Mc Graw Hill