on april 1 2017 jiro nozomi created a new travel agency adventure travel. The fo
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on april 1 2017 jiro nozomi created a new travel agency adventure travel. The following transactions occurred during the company’s first month. Help Save & ExitSubmit Check my work Problem 3-6A Applying the accounting cycle LO P1, P2, P3, P4, P5 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 Nozomi invested $47,000 cash and computer equipment vorth $25,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $1,700 cash for the first month's (April) rent. 3 The company purchased $1,500 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 $900 cash for tvo weeks' salaries earned by employees. 24 The company collected $24,000 cash on connissions trom airlines on tickets obtained for eustomers 28 The company paid $900 cash for tvo weeks salaries earned by employees. 29 The company paid $450 cash for minor ropairs to the company's computer. 30 The company paid $1,400 cash for this month's telephone bill. 30 The company paid $1,800 cash in dividends. nces The company's chart of accounts follows: 101 cash 106 Accounts Receivable 124 ortice Suppliea 128 Prepaid Insurance 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 Sumnary 167 Computer Equipment 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends Use the following information: ?Prex 8018 ??? NextExplanation / Answer
As desired only the Balance Sheet, so after journal entries, direct Adjusted T/B is proceeded:
1. Journal Entries; Date Accounts Titles Debit $ Credit $ 1-Apr Cash 47000 Computer equip 25000 Common Stock 72000 2-Apr Rent 1700 cash 1700 3-Apr office supplies 1500 Cash 1500 10-Apr Prepaid Insuranc 2500 Cash 2500 14-Apr salary account 900 Cash 900 24-Apr Cash 24000 Commission income 24000 28-Apr salary expense 900 Cash 900 29-Apr Repair exp 450 cash 450 30-Apr Utilities exp 1400 Cash 1400 30-Apr Dividend exp 1800 Cash 1800 Adjustment entries: 30-Apr Insur exp 139 Prepaid Insura 139 30-Apr Supplie expen 800 Office Supplies 800 30-Apr Depre exp 600 Acc Dep -Computer equipment 600 30-Apr Salary expense 430 Salary payable 430 30-Apr AR 2050 Commission income 2050Related Questions
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