On April 1 2017 Jiro Nozomi created a new travel agency Adve

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.

The company\'s chart of accounts follows:

Use the following information:

Two-thirds (or $133) of one month’s insurance coverage has expired.

At the end of the month, $600 of office supplies are still available.

This month’s depreciation on the computer equipment is $500.

Employees earned $420 of unpaid and unrecorded salaries as of month-end.

The company earned $1,750 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 and post the adjusting entries for the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of April 30, 2017.
5b. Prepare the statement of retained earnings for the month of April 30, 2017.
5c. Prepare the balance sheet at April 30, 2017.
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.

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.

The company\'s chart of accounts follows:

Use the following information:

Two-thirds (or $133) of one month’s insurance coverage has expired.

At the end of the month, $600 of office supplies are still available.

This month’s depreciation on the computer equipment is $500.

Employees earned $420 of unpaid and unrecorded salaries as of month-end.

The company earned $1,750 of commissions that are not yet billed at month-end.

April	1	Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock.
	2	The company rented furnished office space by paying $1,800 cash for the first month\'s (April) rent.
	3	The company purchased $1,000 of office supplies for cash.
	10	The company paid $2,400 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 $350 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 $1,500 cash in dividends.

Answer:

1&2

ADVENTURE TRAVEL

General Journal

Date

Account Titles

Debit

Credit

Transactions for April (Part 2):

1-Apr

Cash

30,000

Computer Equipment

20,000

J. Nozomi, Capital

50,000

Owner invested in the business.

Rent Expense

1,800

Cash

1,800

Paid one month\'s rent

Office Supplies

1,000

Cash

1,000

Acquired office supplies

Prepaid Insurance

2,400

Cash

2,400

Paid 12 months\' premium in advance.

Salaries Expense

1,600

Cash

1,600

Paid two weeks\' salaries.

Cash

8,000

Commissions Earned

8,000

Collected commissions from airlines.

Salaries Expense

1,600

Cash

1,600

Paid two weeks\' salaries.

Repairs Expense

350

Cash

350

Repaired the computer.

Telephone Expense

750

Cash

750

Paid the telephone bill.

J. Nozomi, Withdrawals

1,500

Cash

1,500

Owner withdrew cash.

3. Using account balances from part 6.2, prepare an unadjusted trial balance

ADVENTURE TRAVEL

Unadjusted Trial Balance

30-Apr-17

Account Titles

Debits

Credits

Cash

$27,000

Accounts receivable

Office supplies

1,000

Prepaid insurance

2,400

Computer equipment

20,000

Accumulated depreciation - computer equipment

Salaries payable

J. Nozomi, Capital

50,000

J. Nozomi, Withdrawals

1,500

Commissions earned

8,000

Depreciation expense - computer equipment

Salaries expense

3,200

Insurance expense

Rent expense

1,800

Office supplies expense

Repairs expense

350

Telephone expense

750

Totals

$58,000

58000

Adjusting Entries (Part 4):

30-Apr

Insurance Expense

133

Prepaid Insurance

133

To record expired insurance.

Office Supplies Expense

400

Office Supplies

400

To record cost of supplies used.

Depreciation Expense - Computer Equipment

500

Accumulated Depreciation - Computer Equipment

500

To record depreciation.

Salaries Expense

420

Salaries Payable

420

To record accrued salaries.

Accounts Receivable

1,750

Commissions Earned

1,750

To record accrued commissions.

Note:

As this question has multiple question so as per guideline I have answered first 4 questions

ADVENTURE TRAVEL
General Journal
Date	Account Titles	Debit	Credit
Transactions for April (Part 2):
1-Apr	Cash	30,000
	Computer Equipment	20,000
	J. Nozomi, Capital		50,000
	Owner invested in the business.

2	Rent Expense	1,800
	Cash		1,800
	Paid one month\'s rent

3	Office Supplies	1,000
	Cash		1,000
	Acquired office supplies

10	Prepaid Insurance	2,400
	Cash		2,400
	Paid 12 months\' premium in advance.

14	Salaries Expense	1,600
	Cash		1,600
	Paid two weeks\' salaries.

24	Cash	8,000
	Commissions Earned		8,000
	Collected commissions from airlines.

28	Salaries Expense	1,600
	Cash		1,600
	Paid two weeks\' salaries.

29	Repairs Expense	350
	Cash		350
	Repaired the computer.

30	Telephone Expense	750
	Cash		750
	Paid the telephone bill.

30	J. Nozomi, Withdrawals	1,500
	Cash		1,500
	Owner withdrew cash.

$On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month. The company\'$

On April 1 2017 Jiro Nozomi created a new travel agency Adve

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