On April 1, 2013, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.April 1 Nozomi invested $47,000 cash and computer equipment worth $30,000 in the company.2 The company rented furnished office space by paying $1,700 cash for the first month’s (April) rent.3 The company purchased $1,600 of office supplies for cash.10 The company paid $2,100 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.14 The company paid $900 cash for two weeks’ salaries earned by employees.24 The company collected $10,000 cash on commissions from airlines on tickets obtained for customers.28 The company paid $900 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 $1,350 cash for this month’s telephone bill.30 Nozomi withdrew $1,600 cash from the company for personal use.The company’s chart of accounts follows:101 Cash 405 Commissions Earned106 Accounts Receivable 612 Depreciation Expense—Computer Equip.124 Office Supplies 622 Salaries Expense128 Prepaid Insurance 637 Insurance Expense167 Computer Equipment 640 Rent Expense168 Accumulated Depreciation—Computer Equip. 650 Office Supplies Expense209 Salaries Payable 684 Repairs Expense301 J. Nozomi, Capital 688 Telephone Expense302 J. Nozomi, Withdrawals 901 Income SummaryUse the following information:a. Two-thirds (or $117) of one month’s insurance coverage has expired.b. At the end of the month, $700 of office supplies are still available.c. This month’s depreciation on the computer equipment is $300.d. Employees earned $470 of unpaid and unrecorded salaries as of month-end.e. The company earned $2,400 of commissions that are not yet billed at month-end.6. Required:1. The general ledger and all the necessary accounts are provided in Part 6.2. Post all journal entries, adjusting entries and closing entries to the general ledger given in Part 6.22. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Part 6.2. The company records prepaid and unearned items in balance sheet accounts.7. 3. Using account balances from part 6.2, prepare an unadjusted trial balance as of April 30.8. 4. Journalize the adjusting entries for the month and then post to section 6.2. (Do not round intermediate calculations.)9. 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, 2013.10. 6.1 Prepare journal entries to close the temporary accounts and then post to section 220.127.116.11 Post the journal entries to the ledger.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
EssayBrill has stood as the world’s leading custom essay writing services providers. Once you enter all the details in the order form under the place order button, the rest is up to us.
At EssayBrill, we prioritize on all aspects that bring about a good grade such as impeccable grammar, proper structure, zero-plagiarism and conformance to guidelines. Our experienced team of writers will help you completed your essays and other assignments.
Admission and Business Papers
Be assured that you’ll definitely get accepted to the Master’s level program at any university once you enter all the details in the order form. We won’t leave you here; we will also help you secure a good position in your aspired workplace by creating an outstanding resume or portfolio once you place an order.
Editing and Proofreading
Our skilled editing and writing team will help you restructure you paper, paraphrase, correct grammar and replace plagiarized sections on your paper just on time. The service is geared toward eliminating any mistakes and rather enhancing better quality.
We have writers in almost all fields including the most technical fields. You don’t have to worry about the complexity of your paper. Simply enter as much details as possible in the place order section.