Problem 4-1A (Algo) Applying the accounting cycle LO P2 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 $41,000 cash and computer equipment worth $25,000 in the company. April 3 The company rented furnished office space by paying $1,900 cash for the first month's (April) rent. April 4 The company purchased $1,900 of office supplies for cash. April 10 The company paid $2,700 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1, 400 cash for two weeks' salaries earned by employees. April 24 The company collected $9,500 cash for commissions revenue. April 28 The company paid $1,400 cash for two weeks' salaries earned by employees. April 29 The company paid $450 cash for minor repairs to computer equipment. April 30 The company paid $1,300 cash for this month's telephone bill. April 30 Nozomi withdrew $2,000 cash from the company for personal use. The company's chart of accounts follows: 101 Cash 403 Commissions Revenue 106 Accounts Receivable Depreciation Expense-Computer Equipment 124 Office Supplies 622 Salaries Expense 128 Prepaid Insurance 637 Insurance Expense 167 Computer Equipment Rent Expense 168 Accumulated Depreciation-Computer Equipment 650 Office Supplies Expense 9 Salaries Payable 684 Repairs Expense 301 J. Nozomi, Capital 688 Telephone Expense 302 J. Nozomi, Withdrawals 901 Income Summary Use the following information to prepare adjusting entries: a. Prepaid insurance of $150 expired this month. b. At the end of the month, $500 of office supplies are still available. c. This month's depreciation on computer equipment is $500 d. Employees earned $380 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,200 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 Req 6B GL tab. The company records prepaid and unearned items in balance sheet accounts. B. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30. 4. Journalize the adjusting entries for the month, and then post to the ledger on Req 6B tab, using April 30 Adjusted as the date. 5a. Using adjusted account balances from Req 6B GL tab, prepare an adjusted trial balance as of April 30. 5b. Prepare the income statement for the month of April 30. 6c. Prepare the statement of owner's equity 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 Req 6B GL tab, using April 30 Close as the date. b. Post the journal entries to the ledger. 7. Prepare a post-closing trial balance.Post the journal entries to the ledger. (For April 30, choose the dropdown that most accurately describes the entry.) General Ledger accounts 101: Cash 106: Accounts Receivable Date Debit Credit Balance Date Debit Credit Balance April 2 41,000 41,000 April 3 1,900 39,100 April 4 1,900 37,200 April 10 2,700 34,500 April 14 1,400 33,100 April 24 9,500 42,600 April 28 1,400 41,200 April 29 150 10,750 April 30 Telephone 1,300 39,450 April 30 WD 2,000 37,450 124: Office Supplies 128: Prepaid Insurance Date Debit Credit Balance Date Debit Credit Balance April 4 1,900 1.900 April 10 2,700 2,700 167: Computer Equipment 168: Accumulated Depreciation-Computer equipment Date Debit Credit Balance Date Debit Credit Balance April 2 25,000 25.000 April 30 Adjusted 500 (500209: Salaries Payable 301: J. Nozomi, Capital Date Debit Credit Balance Date Debit Credit Balance April 30 Adjusted 380 380 April 30 Close 302: J. Nozomi, Withdrawals 403: Commissions Revenue Date Debit Credit Balance Date Debit Credit Balance April 30 2.000 2.000 April 24 9.500 9.500 April 30 Adjusted 2,200 11,700 612: Depreciation Expense-Computer Equipment 622: Salaries Expense Date Debit Credit Balance Date Debit Credit Balance April 30 Adjusted 500 500 April 14 1.400 1,400 April 28 1,400 2,800 637: Insurance Expense 640: Rent Expense Date Debit Credit Balance Date Debit Credit Balance April 30 Adjusted 150 150 April 3 1,900 1,90650: Office Supplies Expense 684: Repairs Expense Date Debit Credit Balance Date Debit Credit Balance April 30 Adjusted 500 (500) April 29 450 450 688: Telephone Expense 901: Income Summary Date Debit Credit Balance Date Debit Credit Balance April 30 1,300 1,300Complete 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 Using account balances from Requirement 6b, prepare an unadjusted trial balance as of ADVENTURE TRAVEL Unadjusted Trial Balance April 30 Account Title Debit Credit 101: Cash 106: Accounts receivable 124: Office supplies 1,900 128: Prepaid insurance 2,700 167: Computer equipment 25,000 168: Accumulated depreciation-Computer equipment 209: Salaries payable 301: J. Nozomi, Capital 302: J. Nozomi, Withdrawals 2,000 403: Commissions revenue 9,500 612: Depreciation expense-Computer equipment 622: Salaries expense 2,800 637: Insurance expense 640: Rent expense 1,900 650: Office supplies expense 684: Repairs expense 450 688: Telephone expense 1,300 Total 38,050 $ 9,500Req 1 and 2 Reg 3 Reg 4 Req 5A Req 5B Reg 5C Req 5D R Using adjusted account balances from Req 68 GL tab, prepare an adjusted trial balance as ADVENTURE TRAVEL 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 301: J. Nozomi, Capital 302: J. Nozomi, Withdrawals 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 Total $ $ 0 Req 1 and 2 Req 3 Reg 4 Req 5A Req 5B Req 5C Req 5D Req 6A Req 6B GL Req 7 Prepare journal entries to close the temporary accounts and then post to Req 6B GL tab, using April 30 Close as the date. View transaction list View journal entry worksheet No Date General Journal Debit Credit April 30 Commissions revenue Income summary 2 April 30 Income summary Depreciation expense-Computer equip. Salaries expense Insurance expense Rent expense Office supplies expense Repairs expense Telephone expense April 30 Income summary J. Nozomi, Capital 4 April 30 J. Nozomi, Capital J. Nozomi, Withdrawals Req 1 and 2 Reg 3 Reg 4 Req 5A Req 5B Req 5C Reg 5D Prepare a post-closing trial balance. ADVENTURE TRAVEL Post-Closing Trial Balance April 30 Account Title Debit Credit Totals $ 0| $ 0