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27/08/2022
Get an answer from tutors to this homework question now:Problem 3-4AOn April 1, 2009, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the companys first month.April 1 Nozomi invested $32,000 cash and computer equipment worth $26,000 in the company in exchange for its common stock.2 The company rented furnished office space by paying $1,300 cash for the first months(April) rent. 3 The company purchased $2,500 of office supplies for cash.10 The company paid $2,502 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.14 The company paid $2,300 cash for two weeks salaries earned by employees.24 The company collected $16,000 cash on commission from airlines on tickets obtained for customers.28 The company paid $2,400 cash for two weeks salaries earned by employees.29 The company paid $750 cash for minor repairs to the companys computer.30 The company paid $550 cash for the months telephone bill.30 The company paid $1,200 cash for dividends. The companys chart of accounts follows:101 Cash405 Commission Earned106 Accounts Receivable 612 Depreciation Expense-Computer Equip. 124 Office Supplies622 Salaries Expense128 Prepaid Insurance637 Insurance Expense167 Computer Equipment640 Rent Expense168 Accumulated Depreciation-Computer Equip. 650 Office Supplies Expense209 Salaries Payable684 Repairs Expense307 Common Stock688 Telephone Expense318 Retained Earnings901 Income Summary319 DividendsREQUIRED1.Use the balance column format to set up a ledger account for each account listed in its chart of accounts. 2.Prepare journal entries to record the April transactions and post them to the ledger accounts. The company records prepaid and unearned items in balance sheet accounts. 3.Prepare an unadjusted trial balance as of April 30.4.Use the following information to journalize and post adjusting entries for the month.a.Two-thirds of one months insurance coverage has expired.b.At the end of the month, $700 of office supplies are still available.c.This months depreciation on the computer equipment is $500.d.Employees earned $720 of unpaid and unrecorded salaries as of month-end.5.Prepare the income statement and the statement of retained earnings for the month of April and the balance sheet as of April 30, 2009.6.Prepare journal entries to close the temporary accounts and post these entries to the ledger. 7.Prepare a post-closing trial balance.
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