Accounting Assignment | College Homework Help

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 $48,000 cash and computer equipment worth $30,000 in the company in exchange for common stock 2 The company rented furnished office space by paying $2,2ee cash for the first month’s (April) rent. 3 The company purchased $1,700 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.College Homework Help
14 The company paid $1,000 cash for two weeks’ salaries earned by employees. 24 The company collected $13,500 cash for commissions earned. 28 The company paid $1,000 cash for two weeks’ salaries earned by employees. 29 The company paid $550 cash for minor repairs to the company’s computer. 30 The company paid $750 cash for this month’s telephone bill. 30 The company paid $2,500 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 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends 405 Commissions Earned 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Equip. Use the following information:
a. Prepaid Insurance of $167 has expired this month b. At the end of the month, $400 of office supplies are still available c. This month’s depreciation on the computer equipment is $400 d. Employees earned $370 of unpaid and unrecorded salaries as of month-end e. The company earned $2,000 of commissions that are not yet billed at month-end Required: 1.8 2. 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 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 statement for the month of April 30Get Accounting Homework Help Today

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