Chapter 4 Assignment Help Save& Exit Sub Check my wo 2 On April 1, 2017, Jiro No

Question

Chapter 4 Assignment Help Save& Exit Sub Check my wo 2 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 $3e,000 cash and computer equipment worth $20,000 in the company. 0 olnts 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. 19 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 $1,6e0 cash for two weeks' salaries earned by employees 29 The company paid $350 cash for minor repairs to the company's computer 3e The company paid $750 cash for this month's telephone bill. 30 Nozomi withdrew $1,5e0 cash from the company for personal use. eBook Print 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 301 J. Nozomi, Capital 392 'J. Nozomi, withdrawals 485 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 Use the following informati

Explanation / Answer

Journal entries Adventure Travel General Journal for the month of April 2017 Date Account title Debit Credit 04/01/2017 101 - Cash 30000 167 - Computer equipment 20000 307 - Common stock 50000 (To record the invenstment by Nozomi ) 04/02/2017 640 - Rent expense 1800 101 - Cash 1800 (To record rent pai for April) 04/03/2017 124 - Office supplies 1000 101 - Cash 1000 (To record purchase of office supplies ) 04/10/2017 128 - Prepaid insurance 2400 101 - Cash 2400 (To record insurance premium paid for 12 months) 4/14/17 622 - Salaries expense 1600 101 - Cash 1600 (To record payment of salaries for two weeks' salaries) 4/24/17 101 - Cash 8000 405 - Commission earned 8000 (To record commission earned) 4/28/14 622 - Salaries expense 1600 101 - Cash 1600 (To record payment of salaries for two weeks' salaries) 4/29/17 684 - Repair expense 350 101 - Cash 350 (To record repair expense paid by cash) 4/30/17 688 - Telephone expense 750 101 - Cash 750 (To record tepehon expense paid by cash) 4/30/17 319 - Dividends 1500 101 - Cash 1500 (To record cash dividends paid) Unadjusted trial balance Adventure Travel Trial balance as at April 30, 2017 Unadjusted Account Debit Credit 101 - Cash 27000 106 - Accounts receivable 124 - Office supplies 1000 128 - Prepaid insurance 2400 167 - Compuer equipment 20000 168 - Accumumated depreciation - computer eqp. 209 - Salaries payable 307 - Common stock 50000 318 - Retained earnings 319 - Dividends 1500 405 - Commission earned 8000 512 - Depreciation expense - Compter eqp. 622 - Salaries expense 3200 637 - Insurance expense 640 - Rent expense 1800 650 - Office supplies expense 684 - Repairs expense 350 688 - Telephone expense 750 901 - Income summary Total 58000 58000 Adjustment entries Adventure Travel Adjustment entries for te month of April 2017 Date Account title Debit Credit 4/30/17 637 - Insurance expense 133 128 - Prepaid isurance 133 (To record expired insurnce coverage) 4/30/17 650 - Office supplies expense 400 124 - Office supplies 400 (To record the usage of office supplies for th moth) 4/30/17 612 - Depreciation expense - computer eqp. 500 168 - Accumulated depreciation - computer eqp. 500 (To record depreciation expense for the month) 4/30/17 622 - Salaries expense 420 209 - Salaries payable 420 (To record salaries expense accrued as at the month end) 4/30/17 106 - Accounts receivable 1750 405 - Commossion earned 1750 (To record the unbilled commission earned) Closing entries Adventure Travel Closing entries for te month of April 2017 Date Account title Debit Credit 4/30/17 405 - Commission earned 9750 612 - Depreciation expense 500 622 - Salaries expense 3620 637 - Insurance expense 133 640 - Rent expense 1800 650 - Office supplies expense 400 684 - Repairs expense 350 688 - Telephone expense 750 901 - Income summary 2197 (To record closure of the revenue and expense accounts) 4/30/17 901 - Income summary 2197 318 - Retained earnings 2197 (To record the closing of the income summary account) 4/30/17 318 - Retained earnings 1500 319 - Dividends 1500 (To record the closing of the dividend account) Post closing trial balance Adventure Travel Trial balance as at April 30, 2017 Post colsing Account Debit Credit 101 - Cash 27000 106 - Accounts receivable 1750 124 - Office supplies 600 128 - Prepaid insurance 2267 167 - Compuer equipment 20000 168 - Accumumated depreciation - computer eqp. 500 209 - Salaries payable 420 307 - Common stock 50000 318 - Retained earnings 697 319 - Dividends 405 - Commission earned 512 - Depreciation expense - Compter eqp. 622 - Salaries expense 637 - Insurance expense 640 - Rent expense 650 - Office supplies expense 684 - Repairs expense 688 - Telephone expense 901 - Income summary Total 51617 51617 Ledger accounts 101 Cash 106 Accounts receivable 124 Office supplies Date Account Debit Credit Balance Date Account Debit Credit Balance Date Account Debit Credit Balance 04/01/2017 307 - Common stock 30000 30000 4/30/17 Commission earned 1750 1750 04/03/2017 101 - Cash 1000 1000 04/02/2017 640 - Rent expense 1800 28200 1750 4/30/17 650 - Office supplies expense 400 600 04/03/2017 124 - Office supplies 1000 27200 1750 600 04/10/2017 128 - Prepaid insumrace 2400 24800 600 4/14/17 622 - Salaries expense 1600 23200 4/24/17 405 - Commission earned 8000 31200 167 Computer equipment 168 Accumulated depreciation - Computer equp. 4/28/17 622 - Salaries expense 1600 29600 Date Account Debit Credit Balance Date Account Debit Credit Balance 4/29/17 684 - Repair expense 350 29250 04/01/2017 307 - Common stock 30000 30000 4/30/17 Depreciation expense 500 500 4/30/17 688 - Telephone expense 750 28500 30000 500 4/30/17 319 - Dividends 1500 27000 128 Prepaid Insurance 307 Common stock 318 Retained earnings Date Account Debit Credit Balance Date Account Debit Credit Balance Date Account Debit Credit Balance 04/10/2017 101 - Cash 2400 2400 04/01/2017 101 - Cash 20000 20000 4/30/17 901 - Income summary 2197 2197 4/30/17 637 - Insurance expense 133 2267 04/01/2017 167 - Computer equipment 30000 50000 4/30/17 319 - Dividends 1500 697 209 SalariesPayable 405 Commission earned 612 Depreciation expense - Computer eqp. Date Account Debit Credit Balance Date Account Debit Credit Balance Date Account Debit Credit Balance 4/30/17 622 - Salaries expense 420 420 4/24/17 101 - Cash 8000 8000 4/30/17 168 - Accumulated depreciation 500 500 420 4/30/17 124 - Accounts receivable 1750 9750 4/30/17 901 - Income summary 500 0 4/30/17 901 - Income summary 9750 0 319 Dividends Date Account Debit Credit Balance 4/30/17 101 - Cash 1500 1500 637   Insurance expense 640 Rent Expense 318 - Retained earnings 1500 0 Date Account Debit Credit Balance Date Account Debit Credit Balance 0 4/30/17 128 - Prepaid insurance 133 133 04/01/2017 101 - Cash 1800 1800 4/30/17 901 - Income summary 133 0 4/30/17 901 - Income summary 1800 0 622   Salaries expense Date Account Debit Credit Balance 4/14/17 101 - Cash 1600 1600 684 repairs expense 688 Telephone expense 4/28/17 101 - Cash 1600 3200 Date Account Debit Credit Balance Date Account Debit Credit Balance 4/30/17 209 - Salaries payable 420 3620 4/29/17 101 - Cash 350 350 4/30/17 101 - Cash 750 750 4/30/17 901 - Income summary 3620 0 4/30/17 901 - Income summary 350 0 4/30/17 901 - Incomesummary 750 0 650 Office supplies expense Date Account Debit Credit Balance 4/30/17 124 - Office supplies 400 400 4/30/17 901 - Income summary 400 0 901 Income summary Date Account Debit Credit Balance 4/30/17 405 - Commission earned 9750 9750 4/30/17 612 - Depreciation expense 500 9250 4/30/17 622 - Salaries expense 3620 5630 4/30/17 637 - Insurance expense 133 5497 4/30/17 640 - Rent expense 1800 3697 4/30/17 650 - Office supplies expense 400 3297 4/30/17 684 - Repairs expense 350 2947 4/30/17 688 - Telephone expense 750 2197 4/30/17 318 - Retained earnings 2197 0

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