need help with the red marks Connect Secure! https://newconnect.mheducation.com/
ID: 2608373 • Letter: N
Question
need help with the red marks
Connect Secure! https://newconnect.mheducation.com/flow/connect.html Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month Apr 1 Nozomi invested $30,00 cash and computer equipment worth $20, 00 in the company in exchange for comon stock points Apr 2 The company rented furnished office space by paying $1,809 cash for the first month s (April) rent Apr 3 The company purchased $1,909 of office supplies for cash Apr. 10 The company paid 2,400 cash for the premium on a 12-month insurance policy. Coverage begins on April 11 Apr. 14 The company paid $1, 600 cash for two weeks' salaries earned by employees Apr. 24 The company collected $9,000 cash on commissions from airlines on tickets obtained for customers Apr. 28 The company paid $1, 600 cash for two weeks' salaries earned by employees Apr. 29 The company paid $350 cash for minor repairs to the company's computer Apr. 30 The company paid $750 cash for this month's telephone bill Apr. 30 The company paid $1,500 cash in dividends Information for month-end adjustments follows: a. Two-thirds (or $133) of one month's insurance coverage has explired. b. At the end of the month, $600 of office supplies are still available. c. This month's depreciation on the computer equipment is $500 d. Employees earned $420 of unpaid and unrecorded salaries as of month-end e. The company earned $1.750 of commissions that are not yet billed at month-end. Answer is not complete. Requirementrnal General Trial Delence statement Dalance Sheet Post Closing earnings Prepare the required journal entries, adjusting entries, and closing entries for Adventure Travel. No Account Title Debit Credit Apr 01 30,000 20,000 r equipment Common stock 50.000 1 of 1 Next +1 3:27Explanation / Answer
Closing Journal entries :
Date Accounts Titles Debit $ Credit $ Apr 30 Commission earned 9750 Income summary 9750 (being the revenues trasferred to Income statement as closing entries) Apr 30 Income Summary 7553 Salary expenses 3620 Telephone expenses 750 Repair expenses 350 Office supplies expenses 400 Depreciation Expenses 500 Insurance Expenses 133 Rent Expenses 1800 (being transfer of expenses to the income statement on closing entries)Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.