Question: this is a very long question but please attempt to answer it. The first part I have already filled in. On April 1, Jiro Nozomi
this is a very long question but please attempt to answer it. The first part I have already filled in.
On April 1, Jiro Nozomi created a new travel agency. Adventure Travel. The following transactions occurred during the company's first month. April Nozomi invested $48,666 cash and computer equipment worth $25,666 in the company in exchange for common stock. The company rented furnished office space by paying $2,266 cash for the first month's (April) rent. The company purchased $1,966 of office supplies for cash. The company paid $3,666 cash for the premium on a 12month insurance policy. Coverage begins on April 11. 14 The company paid $1,466 cash for two weeks' salaries earned by employees. 24 The company collected $16,666 cash for commissions earned. 28 The company paid $1,466 cash for two weeks' salaries earned by employees. 29 The company paid $466 cash for minor repairs to the company's computer. 36 The company paid $856 cash for this month's telephone bill. 36 The company paid $2,166 cash in dividends. The company's chart of accounts follows: 161 Cash 465 Commissions Earned 166 Accounts Receivable 612 Depreciation ExpenseComputer Equip. 124 Office Supplies 622 Salaries Expense 128 Prepaid Insurance 63? Insurance Expense 16? Computer Equipment 646 Rent Expense 168 Accumulated DepreciationComputer Equip. 656 Office Supplies Expense 269 Salaries Payable 684 Repairs Expense 36? Common Stock 688 Telephone Expense 318 Retained Earnings 961 Income Summary 319 Dividends Use the following information: a. Prepaid insurance of $16? has expired this month. in. At the end ofthe month, $500 of office supplies are still available. c. This month's depreciation on the computer equipment is $600. d. Employees earned $520 of unpaid and unrecorded salaries as of monthend. e. The company earned $1,950 of commissions that are not yet billed at monthend. Required: 1. 8: 2. Preparejournal 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. 3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30. 4. Journalize the adjusting entries for the month and prepare the adjusted trial balance. Ea. Prepare the income statement for the month of April 30. 5b. Prepare the statement of retained earnings for the month of April 30. 5:. Prepare the balance sheet at April 30. Ga. Preparejournal entries to close the temporary accounts and then post to Requirement 6b. 6b. Postthejournal entries to the ledger. 7. Prepare a postclosing trial balance. \f\fPrepare the balance sheet at April 30. Total equity [1 Total liabilities and equity Prepare journal entries to close the temporary accounts and then post to Req GE General Ledger, using April 30 Close as the date. View transaction list Journal entry worksheet 2 3 4 > Record the entry to close the revenue account(s). F Note: Enter debits before credits. Clearentry View general journal \\ew transacon list Journal entry worksheet Record the entry to close the expense account{5]. Note: Enter debits before credits. Clear entry View general journal View transaction list Journal entry worksheet Record the entry to close the income summary. Note: Enter debits beta-re credits. Clear entry View general juumal Journal entry worksheet Record the entry.r to close the dividends account. Note: Enter debits before credits. Clear entry View general jou rnal \f\fUsing account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30. _ _ _ 15?: Computer equipment 158: Accumulated depreciationComputer equipment 209: Salaries payable 30?: Common stock 405: Commissions eamed 512: Depreciation expenseComputer equipment 522: Salaries expense 63?: Insurance expense 53:1: Repairs expense 588: Telephone expense Total Journalize the adjusting entries for the month, and then post to the ledger on Reg 63 tab, using April 30 Adj. as the date. (Do not round intermediate calculations and round the final answers to nearest whole number.) View transaction list Journal entry worksheet Prepaid insurance of $15? has expired this month. Note: Enter debits before credits. Clear entry View general journal Journal entry worksheet At the end of the month, 5500 of ofce Supplies. are still available. Note: Enter debits before credits. Elear entry mew general journal Journal entry worksheet This month's depreciation on the computer equipment i5 $600. Note: Enter debits before credits. lIElear entry View general journal Journal entry worksheet Employees earned $520 of unpaid and unrecorded salaries as of month-end. Note: Enter debits before credits. lIEleiir entry View general journal Journal entry worksheet The company earned 51,950 of commissions that are not yet billed at month- end. Note: Enter debits before credits. Clear entry View general journal \f\f
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