Prepare journal entries as follows:
Date | Account Titles | Debit | Credit |
April | |||
1 | Cash | $34,000 | |
Computer equipment | $20,000 | ||
Common stock | $54,000 | ||
2 | Rent expense | $2,300 | |
Cash | $2,300 | ||
3 | Office supplies | $1,100 | |
Cash | $1,100 | ||
10 | Prepaid insurance | $2,600 | |
Cash | $2,600 | ||
14 | Salaries expense | $800 | |
Cash | $800 | ||
24 | Cash | $13,000 | |
Commission earned | $13,000 | ||
28 | Salaries expense | $800 | |
Cash | $800 | ||
29 | Repair expense | $450 | |
Cash | $450 | ||
30 | Telephone expense | $1,150 | |
Cash | $1,150 | ||
30 | Dividend | $2,300 | |
Cash | $2,300 |
_____________________________________________________________
Prepare Adjusting entries as follows:
Trn | Account Titles | Debit | Credit |
a | Insurance expense | $144 | |
Prepaid insurance | $144 | ||
b | Office supplies expense ($1100-$600) | $500 | |
Office supplies | $500 | ||
c | Depreciation expense-computer equip. | $500 | |
Accumulated depreciation -computer equip. | $500 | ||
d | Salaries expense | $460 | |
Salaries payable | $460 | ||
e | Accounts receivable | $2,100 | |
Commission earned | $2,100 |
______________________________________________________________________
Prepare closing entries as follows:
Date | Account Titles | Debit | Credit |
April 30 | Commission earned ($13,000 + $2100) | $15,100 | |
Income summary | $15,100 | ||
April 30 | Income summary | $7,104 | |
Salaries expense ($800+$800+$460) | $2,060 | ||
Rent expense | $2,300 | ||
Office supplies expense | $500 | ||
Insurance expense | $144 | ||
Repair expense | $450 | ||
Telephone expense | $1,150 | ||
Depreciation expense-computer equip. | $500 | ||
April 30 | Income summary ($15100-$7104) | $7,996 | |
Retained earnings | $7,996 | ||
April 30 | Retained earnings | $2,300 | |
Dividends | $2,300 |
Please feel free to ask any queries regarding the solution. Thank you
Saved On April 1, 2018, Jiro Nozomi created a new travel agency, Adventure Travel. The following...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $43.000 cash and computer equipment worth $40,000 in the company 2 The company rented furnished office space by paying $2,600 cash for the first month's (April) rent 3 The company purchased $1,100 of office supplies for cash. 10 The company paid $2.700 cash for the premium on a 12-month insurance policy. Coverage begins on April...
On April 1, 2018, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $39,000 cash and computer equipment worth $40,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,800 cash for the first month's (April) rent. 3 The company purchased $1,100 of office supplies for cash. 10 The company paid $2,900 cash for the premium on a 12-month...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $34,000 cash and computer equipment worth $40,000 in the company 2 The company rented furnished office space by paying $1,500 cash for the first month's (April) rent. 3 The company purchased $1,000 of office supplies for cash. 10 The company paid $2,500 cash for the premium on a 12-month insurance policy. Coverage begins on April...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $47,000 cash and computer equipment worth $20,000 in the company. 2 The company rented furnished office space by paying $1,800 cash for the first month's (April) rent. 3 The company purchased $1,200 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...
On April 1, 2018, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month. April 1 Nozomi invested $39,000 cash and computer equipment worth $30,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,800 cash for the first month’s (April) rent. 3 The company purchased $1,800 of office supplies for cash. 10 The company paid $2,300 cash for the premium on a 12-month...
journal entries On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month April 1 Nozomi invested $48,000 cash and computer equipment worth $30,000 in the company in exchange for common stock 2 The company rented furnished office space by paying $2,2ee cash for the first month's (April) rent. 3 The company purchased $1,700 of office supplies for cash. 10 The company paid $3,000 cash for the premium on a...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month. April 1 Nozomi invested $47,000 cash and computer equipment worth $35,000 in the company. 2 The company rented furnished office space by paying $1,700 cash for the first month’s (April) rent. 3 The company purchased $1,900 of office supplies for cash. 10 The company paid $2,700 cash for the premium on a 12-month insurance policy. Coverage begins on April...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month. April 1 Nozomi invested $48,000 cash and computer equipment worth $30,000 in the company. 2 The company rented furnished office space by paying $1,600 cash for the first month’s (April) rent. 3 The company purchased $1,900 of office supplies for cash. 10 The company paid $2,500 cash for the premium on a 12-month insurance policy. Coverage begins on April...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $31,000 cash and computer equipment worth $40,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $3,000 cash for the first month's (April) rent. 3 The company purchased $1,300 of office supplies for cash. 10 The company paid $2,000 cash for the premium on a 12-month insurance...
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month. April 1 Nozomi invested $44,000 cash and computer equipment worth $25,000 in the company. 2 The company rented furnished office space by paying $2,400 cash for the first month’s (April) rent. 3 The company purchased $1,300 of office supplies for cash. 10 The company paid $2,300 cash for the premium on a 12-month insurance policy. Coverage begins on April...