On April 1, 2015, Jiro Nozomi created a new travel agency, Adventure Travel. The

Question

On April 1, 2015, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month 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 employee:s 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 The company's chart of accounts follows 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 167 Computer Equipment 168 Accumulated Depreciation Computer Equip 209 Salaries Payable 307 Common Stock 318 Retained Earnings 319 Dividends 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 Summary

Explanation / Answer

2) Journal entry worksheet Date General   Journal Debit Credit 1-Apr Cash 30,000 Computer Equipemnt 20,000 common stock 50,000 2-Apr Rent expense 1,800 cash 1,800 3-Apr office supplies 1,000 cash 1,000 10-Apr prepaid insurance 2,400 cash 2,400 14-Apr Salaries expense 1,600 cash 1,600 24-Apr Cash 8,000 Commissions earned 8,000 28-Apr Salaries expense 1,600 cash 1,600 29-Apr Repairs expense 350 cash 350 30-Apr Telephone expense 750 cash 750 30-Apr Dividends 1,500 cash 1,500 Unadjusted trial balance Debit Credit Cash 27000 Accounts receivable 0 office supplies 1,000 prepaid insurance 2,400 computer equipment 20,000 Accumulated depr-computer equipment 0 Salaries payable 0 common stock 50,000 Retained earnings 0 dividends 1,500 commissions earned 8,000 Depreciatio expense -computer equioment 0 Salaries expense 3,200 insurance expense 0 Rent expense 1,800 offuce supplies exoense 0 repairs expense 350 telephone exoense 750 total 58000 58000

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