On April 1,.2017, Jiro Nozomi created a new travel agency. Adventure Travel. The

Question

On April 1,.2017, Jiro Nozomi created a new travel agency. Adventure Travel. The following transactions occurred during the company's first month April 1 Nozon! invested 544,000 cash and computer equipment worth $3e,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying 51,500 cash for the first month's (April) rent. 3 The company purchased $1,38ee of office supplies for cash. 10 The conpany paid $2,1ee cash for the preniun on a 12-month Insurance pollcy. Coverage begins on Apri 1 kipped 24 The company collected $22,56e cash on comsissions from airlines on tickets obtained fon customers 28 The company paid $1,300 cash for two weeks' salaries earned by enp loyees 29 The company pald $450 cash for minor repairs to the company's computer 30 The conpany paid $1,858 cash for this month's telephone bill. 3e The company paid $1,880 cash in dividends. eBook The company's chart of accounts follows Print 181 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepald Insurance 167 Computer Equipment 168 Accumulated Depreciation-Computer Equip 209 Salaries Payable 405 Comsissions Earned 612 Depreciation Expense-Computer Equip. 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 654 Repeies Expense 688 Telephone Expense 901 Incone Sunmary eferences 7 Comon Stack 318 Retained Eernings 319 Dividends Use the following information a. Two-thirds (or $117) of one month's insurance coverage has expired b. At the end of the month, $500 of office supplies are still available c. This month's depreciation on the computer equipment is $300 d. Employees earned $350 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

Explanation / Answer

Ans-   

General Ledger Accounts

Cash

3- ADVENTURE TRAVEL

Unadjusted Trial Balance

April 30,2017

4-

ADVENTURE TRAVEL

Income Statement

For Month Ended April 30.2017

Date General Journal Debit Credit April 1 Cash 44,000 Computer Equipment 30,000 J.Nozomi Capital 74,000 April 2 Rent Expense 1,500 Cash 1,500 April 3   Office Supplies 1,300 Cash 1,300 April 10 Prepaid Insurance 2,100 Cash 2,100 April 14 Salaries Expense 1,300 Cash 1,300 April 24 Cash 22,500 Commision Earned 22,500 April 28 Salaries Expense 1,300 Cash 1,300 April 29 Repairs Expense 450 Cash 450 April 30 Telephone Expense 1,050 Cash 1,050 April 30 J.Nozomi, Withdrawls 1,800 Cash 1,800

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