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WANT THE ANSWER FOR 6A 6B & 7!!WANT THE ANSWER FOR 6A 6B & 7!! Problem...
WANT THE ANSWER FOR 6A 6B & 7!!
WANT THE ANSWER FOR 6A 6B & 7!!
Problem 3-5A (Algo) Applying the accounting cycle LO P1, P2, P3, P4, P5, P6 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 $49,000 cash and computer equipment worth $30,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,600 cash for the first month's (April) rent. 3 The company purchased $1,200 of office supplies for cash. 10 The company paid $2,500 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 $17,500 cash for commissions revenue. 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 $1,050 cash for this month's telephone bili. 30 The company paid $2,200 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 Equip. 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends 405 Commissions Revenue 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 Use the following information: a. Prepaid insurance of $139 has expired this month. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $400. d. Employees earned $550 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,300 of commissions that are not yet billed at month-end.
Required: 1. & 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. 5a. Prepare the income statement for the month of April 30. 5b. Prepare the statement of retained earnings for the month of April 30. 5c. Prepare the balance sheet at April 30. 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b. 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 Adj Entries Req 4 Adj Trial Bal Req 5A Req 5B Req 5C Req 6A Reg 6B GL Req 7 Prepare journal entries to close the temporary accounts and then post to Req 6B General Ledger, using April 30 Close as the date. View transaction list Journal entry worksheet < 1 2 3 4 Record the entry to close the revenue account(s). Note: Enter debits before credits. Date General Journal Debit Credit April 30 Record entry Clear entry View general journal
Complete this question by entering your answers in the tabs below. Req 1 and 2 Reg 3 Req 4 Adj Entries Req 4 Adj Trial Bal Req 5A Req 5B Req 5C Req 6A Req 6B GL Req 7 Post the journal entries to the ledger. General Ledger accounts 101: Cash Debit 106: Accounts Receivable Debit Credit Date Credit Balance Date Balance 124: Office Supplies Debit Credit 128: Prepaid Insurance Debit Credit Date Balance Date Balance 167: Computer Equipment Debit Credit 168: Accumulated Depreciation Computer Equip. Debit Credit Balance Date Balance Date
Complete this question by entering your answers in the tabs below. Reg 1 and 2 Reg 3 Req 4 Adj Entries Req 4 Adj Trial Bal Req 5A Req 5B Reg 5C Req 6A Req 6B GL Req 7 Prepare a post-closing trial balance. ADVENTURE TRAVEL Post-Closing Trial Balance April 30 Account Title Debit Credit Totals $ 0 $ 0 < Req 6B GL Req 7
Answers
Workings
Req ба Closing entries Date Account 30-Apr Commissions Earned Income Summary Credit Debit $ 19,800 $ 19,800 $ 8,739 30-Apr Income Summary Depreciation Expense-Computer Equip. Salaries expense Insurance expense Rent expense Office Supplies Expense Repairs Expense Telephone Expense $ 400 $ 3,750 $ 139 $ 2,600 $ 500 $ 300 $ 1,050 $ 11,061 30-Apr Income Summary Retained Earnings $ 11,061 $ 2,200 30-Apr Retained Earnings Dividends $ 2,200Adventure Travel Req 2, 6b T Accounts Date Debit Date Cash 1-Apr $ 49,000 24-Apr $ 17,500 Credit Date Credit Credit Date Credit Debit Date Accounts Receivable Date Debit Date Office Supplies 3-Apr $ 1,200 Debit Date Prepaid Insurance 10-Apr $ 2,500 2-Apr $ 2,600 3-Apr $ 1,200 10-Apr $ 2,500 14-Apr $ 1,600 28-Apr $ 1,600 29-Apr $ 300 30-Apr $ 1,050 30-Apr $ 2,200 Unadj Bal. $53,450 Unadj Bal. Unadj Bal. Apr 30 Adj $ $ 2,300 Unadj Bal. $ 1,200 Apr 30 Adj $ $ 2.500 Apr 30 Adj 500 $ 139 Adj Bal. $ Adj Bal. $ 2,361 Adj Bal. $53,450 Computer Equipment 1-Apr $ 30,000 Adj Bal. $ 2,300 Accum. Depr. - Computer Equip 700 Salaries Payable Unadj Bal. $ 30,000 Unadj Bal. Apr 30 Adj $ $ Unadj Bal. Apr 30 Adj $ $ 400 550 Adj Bal. $ 30,000 $ 400 Adj Bal. $ 550 Adj Bal. Retained Earnings Income Summary Common Stock 1-Apr $ 79,000 Dividends 30-Apr $ 2,200 Unadj Bal. $ 79,000 Unadj Bal. $ Unadj Bal. $ 2,200 Unadj Bal. $ Adj Bal. $ 79,000 Adj Bal. Adj Bal. $ Apr 30 Close $ 2,200 Apr 30 Close $ 11,061 $ 2,200 Apr 30 Close $ 2,200 Adj Bal. $ . Apr 30 Close $ 8,739 Apr 30 Close $ 19,800 Apr 30 Close $ 11,061 $ 79,000 $ Bal. Commissions Earned 24-Apr $ 17,500 Bal. Insurance expense Bal. $ 8,861 Bal. $ Depreciation Expense-Computer Equip. Salaries expense 14-Apr $ 1,600 28-Apr $ 1,600 Unadj Bal. Apr 30 Adj $ 17,500 Unadj Bal. $ 2,300 Apr 30 Adj $ $ Unadj Bal. $ 3,200 Apr 30 Ad $ 550 Unadj Bal. Apr 30 Adj $ $ 400 139 $ 19,800 Adj Bal. $ Adj Bal. Adj Bal. Adj Bal. Apr 30 Close $ 19,800 $ 400 Apr 30 Close $ $ 3,750 Apr 30 Close $ 3,750 400 139 Apr 30 Close $ 139 $ - Bal. Bal. $ Bal. Bal. Rent expense 2-Apr $ 2,600 $ Office Supplies Expense Repairs Expense 300 $ Telephone Expense 30-Apr $ 1,050 29-Apr $ Unadj Bal. $ 2,600 Unadj Bal. $ 300 $ $ Unadj Bal. $ 1,050 Unadj Bal. Apr 30 Adj 500 Adj Bal. Adj Bal. $ 500 Adj Bal. $ Adj Bal. $ $ 2,600 Apr 30 Close $ 2,600 1,050 300 Apr 30 Close $ Apr 30 Close S 500 300 Apr 30 Close $ 1,050 Bal. $ Bal. $ Bal. $ - Bal. $ -Adventure Travel Account Names Cash Accounts Receivable Office Supplies Prepaid Insurance Computer Equipment Accumulated Depreciation-Computer Equip. Salaries Payable Common Stock Retained Earnings Totals Req7 Post Closing TB Debit Credit 53,450 2,300 700 2,361 30,000 400 550 79,000 8,861 88,811 88,811Adventure Travel Req1 Journal entries Date Account 1-Apr Cash Computer Equipment Common Stock Credit Debit $ 49,000 $ 30,000 $ 79,000 $ 2,600 2-Apr Rent Expense Cash $ 2,600 $ 1,200 3-Apr Office Supplies Cash $ 1,200 $ 2,500 10-Apr Prepaid Insurance Cash $ $ 2,500 $ 1,600 14-Apr Salaries Expense Cash $ 1,600 $ 17,500 24-Apr Cash Commissions Earned $ 17,500 $ 1,600 28-Apr Salaries Expense Cash $ 1,600 $ $ 300 29-Apr Repairs Expense Cash $ 300 $ 1,050 30-Apr Telephone Expense Cash $ 1,050 $ 2,200 30-Apr Dividends Cash $ 2,200Req4 Adjusting entries Date Account 30-Apr Insurance expense Prepaid Insurance Credit Calculation Debit $ 139 $ $ 139 $ 500 1200-700 30-Apr Office Supplies Expense Office Supplies $ 500 $ 400 30-Apr Depreciation Expense-Computer Equip. Accumulated Depreciation-Computer Equip. $ 400 $ 550 30-Apr Salaries expense Salaries Payable $ 550 $ 2,300 30-Apr Accounts Receivable Commissions Earned $ 2,300
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