Problem 4-2A Applying the accounting cycle LO C1, C2, P2, P3

[The following information applies to the questions displayed below.]

On April 1, 2013, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month.

April 1	Nozomi invested $41,000 cash and computer equipment worth $40,000 in the company.
2	The company rented furnished office space by paying $2,500 cash for the first months (April) rent.
3	The company purchased $1,900 of office supplies for cash.
10	The company paid $3,000 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
14	The company paid $1,600 cash for two weeks' salaries earned by employees.
24	The company collected $8,000 cash on commissions from airlines on tickets obtained for customers.
28	The company paid $1,600 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 $1,250 cash for this month's telephone bill.
30	Nozomi withdrew $1,900 cash from the company for personal use.

The company's chart of accounts follows:

101	Cash	405	Commissions Earned
106	Accounts Receivable	612	Depreciation ExpenseComputer Equip.
124	Office Supplies	622	Salaries Expense
128	Prepaid Insurance	637	Insurance Expense
167	Computer Equipment	640	Rent Expense
168	Accumulated DepreciationComputer Equip.	650	Office Supplies Expense
209	Salaries Payable	684	Repairs Expense
301	J. Nozomi, Capital	688	Telephone Expense
302	J. Nozomi, Withdrawals	901	Income Summary

Use the following information:

a.	Two-thirds (or $167) of one months insurance coverage has expired.
b.	At the end of the month, $500 of office supplies are still available.
c.	This months depreciation on the computer equipment is $500.
d.	Employees earned $360 of unpaid and unrecorded salaries as of month-end.
e.	The company earned $1,500 of commissions that are not yet billed at month-end.

April 01

Cash

41,000

Computer equipment

40,000

J. Nozomi, Capital

81,000

April 02

Rent expense

2,500

Cash

2,500

April 03

Office supplies

1,900

Cash

1,900

April 10

Prepaid insurance

3,000

Cash

3,000

April 14

Salaries expense

1,600

Cash

1,600

April 24

Cash

8,000

Commissions earned

8,000

April 28

Salaries expense

1,600

Cash

1,600

April 29

Repairs expense

300

Cash

300

April 30

Telephone expense

1,250

Cash

1,250

April 30

J. Nozomi, Withdrawals

1,900

Cash

1,900

3.

Using account balances from part 6.2, prepare an unadjusted trial balance as of April 30.

I NEED THE ANSWER FOR THE BELOW

ADVENTURE TRAVEL
Unadjusted Trial Balance
April 30, 2013
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
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

Journalize the adjusting entries for the month and then post to section 6.2. (Do not round intermediate calculations.)

1.

Two-thirds (or $167) of one months insurance coverage has expired.

2.

At the end of the month, $500 of office supplies are still available.

3.

This months depreciation on the computer equipment is $500.

4.

Employees earned $360 of unpaid and unrecorded salaries as of month-end.

5.

The company earned $1,500 of commissions that are not yet billed at month-end.

Problem 4-2A Part 5

5.1	Prepare the income statement for the month of April 30, 2013.

5.2

Prepare the statement of owner's equity for the month of April 30, 2013.

5.3

Prepare the balance sheet at April 30, 2013.

Prepare journal entries to close the temporary accounts and then post to section 6.2.

transaction list

1.

Record closing of the revenue account.

2.

Record closing of the expense accounts.

3.

Record closing of income summary.

4.

Record closing of the withdrawals account.

6.2

Post the journal entries to the ledger.

6.3

Prepare the adjusted trial balance as of April 30.

7.	Prepare a post-closing trial balance. (Please prepare your trial balance in chart of accounts order given in the question.)