Problems xChapter 11 Homework tion.comt azon A ALEKS O YouTube NNetix Mathway Sa

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Problems xChapter 11 Homework tion.comt azon A ALEKS O YouTube NNetix Mathway San Joaqun Deta B ?Online Bus Hw Connect Check my work mode : This shows what is correct or Incorrect for the work you have completed so far. It does not indicate comple Problem 4-1A Applying the accounting cycle LO C1, C2, P2, P3 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 Nozoni invested $49,000 eash and conpater equipnent vorth $30,000 in the coppany The company rented furnished office space by paying $2,000 eash for the firit month'a tapril) rest. 3 The company purchased $1,600 of oftiee supplies for cash. 10 The company paid $2,800 cash for the premiu, on a lleonth.in.urance poliey. Coverage bilis, aeru u. 4 The company paid $1,300 eash for two weeka' aalaries earned by enpleyees 24 The company colleeted S 16.000 eash on eo "issiona tree alrusea on t?ekete obtained for corner 28 The eoepany pald $1,300 cash for tvo veeka salaries earned by enployees. 29 The company paid $300 cash for minor repaies to the eonpany's eoeputer 30 The eompany paid $2 350 cash for thia nonth' telephone bili 30 Noaoni withdrew ?1,800 0ash from the company for personal use The company's chart of accounts follows esions E 106 Neeounts Receivable 124 oftiee Supplies 612 Depreeiation Expense-Conputer Equip. 622 Salaries Expense 637 Ineurance Expense Rent Expense 67 Compater Equipnent 168 Aoeumulated Depreoiat ion-Computer Eqaip 09 Balarles Payable 650 oresee Bupplles Expense 684 Repaire Expense 688 Telephone Expense 901 Incone Sunnary Use the following information a. Two-thirds (or $156) of one month's insurance coverage has expired b. At the end of the month, $700 of office supplies are stll available 1 This month's depreciation on the computer equipment?$500 d. Employees earned $330 of unpaid and unrecorded salaries as of month -end. 3 Next >

Explanation / Answer

Date Account Debit Credit Apr 1 Cash 49000 Apr 1 Computer Equipment 30000 Apr 1 Nozomi, Capital 79000 Apr 2 Rent Expense 2000 Apr 2 Cash 2000 Apr 3 Office Supplies 1600 Apr 3 Cash 1600 Apr 10 Prepaid Insurance 2800 Apr 10 Cash 2800 Apr 14 Salaries Expense 1300 Apr 14 Cash 1300 Apr 24 Cash 16000 Apr 24 Commission Earned 16000 Apr 28 Salaries Expense 1300 Apr 28 Cash 1300 Apr 30 Telephone Expense 1350 Apr 30 Cash 1350 Apr 30 Nozomi, Withdrawal 1000 Apr 30 Cash 1000 Adjusting Entries Date Account Debit Credit A. Insurance Expense 156 Prepaid Insurance 156 B. Supplies Expense 900 1600-700 Supplies 900 C. Depreciation Expense 500 Accumulated Depreciation 500 D. Salaries Expense 330 Salaries Payable 330 E. Commission Earned 1850 Prepaid Rent 1850 Unadjusted Trial Balance Adjustment Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 53650 53650 53650 Accounts Receivable 0 1850 1850 1850 Office Supplies 1600 900 700 700 Prepaid Insurance 2800 156 2644 2644 Computer Equipment 30000 30000 30000 0 0 0 Accumulated Depreciation 0 500 500 500 Salaries Payable 0 330 330 330 0 0 0 Nozomi, Capital 79000 79000 79000 Nozomi, Withdrawal 1000 1000 1000 Commission Earned 16000 1850 17850 17850 Depreciation Expense 0 500 500 0 500 Salaries Expense 2600 330 2930 0 2930 Insurance Expense                -   156 156 0 156 Rent Expense 2000 2000 0 2000 Supplies Expense 0 900 900 0 900 Telephone Expense 1350 1350 0 1350 0 0 0 Total 95000 95000 3736 3736 97680 97680 7836 17850 89844 79830 Net Income 10014 10014 Grand Total 89844 89844 Cash Computer Equipment Supplies Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Apr 1 49000 49000 Apr 1 30000 30000 Apr 3 1600 1600 Apr 2 2000 47000 30000 Apr 30 900 700 Apr 3 1600 45400 Apr 10 2800 42600 Apr 14 1300 41300 Apr 24 16000 57300 Apr 28 1300 56000 Insurance Expense Prepaid Insurance Apr 30 2350 53650 Date Debit Credit Balance Date Debit Credit Balance Apr 30 156 156 Apr 10 2800 2800 Apr 30 156 2644 Nozomi, Drawing Rent Expense Date Debit Credit Balance Date Debit Credit Balance Apr 30 1000 1000 Apr 2 2000 2000 Commission Earned Date Debit Credit Balance Apr 24 16000 16000 Apr 30 1850 17850 Nozomi, Capital Telephone Expense Date Debit Credit Balance Date Debit Credit Balance Apr 1 79000 79000 Apr 30 1350 1350 Salaries Depreciation Expense Accumulated Depreciation Date Debit Credit Balance Date Debit Credit Balance Date Debit Credit Balance Apr 14 1300 1300 Apr 30 500 500 Apr 30 500 500 Apr 28 1300 1300 Apr 30 330 330 Accounts Receivable Date Debit Credit Balance Apr 30 1850 1850 Supplies Expense Date Debit Credit Balance Apr 30 900 900 Salaries Payable Date Debit Credit Balance Apr 30 330 330

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