Question

On April 1, 2018, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. 40 points 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 employees. 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. References 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 Use the following information: a. Two-thirds (or $133) of one month's insurance coverage has expired. h. At the end of the month $600 of office cuinnlies are still available
SI need serious help with all of this I'm so confused

Answer 1

Part 1 & 2

Date	General journal	Debit	Credit
April 01	Cash	30000
	Computer equipment	20000
	J. Nozomi, capital		50000
April 02	Rent expense	1800
	Cash		1800
April 03	Office supplies	1000
	Cash		1000
April 10	Prepaid insurance	2400
	Cash		2400
April 14	Salaries expense	1600
	Cash		1600
April 24	Cash	8000
	Commission earned		8000
April 28	Salaries expense	1600
	Cash		1600
April 29	Repairs expense	350
	Cash		350
April 30	Telephone expense	750
	Cash		750
April 30	Dividends	1500
	Cash		1500

Part 3

Transaction	General journal	Debit	Credit
a	Insurance expense	133
	Prepaid insurance		133
b	Office supplies expense (1000-600)	400
	Office supplies		400
c	Salaries expense	420
	Salaries payable		420
d	Accounts receivable	1750
	Commissions earned		1750

Part 4 a

Adventure Travel Income Statement For the month ending April 3018
Revenues:
Commissions earned		9750
Expenses:
Salaries expense	3620
Insurance expense	133
Rent expense	1800
Office supplies expense	400
Telephone expense	750
Repairs expense	350
Total expenses		7053
Net income		$2697

(8000+1750) = 9750

420+3200 = 3620

Part 4 b

Adventure Travel Statement of retained earnings For the month ending April 30, 2018
Retained earnings, April 1	0
Add: net income	2697
	2697
Less: dividends	1500
Retained earnings, April 30	1197

Part 4 c

Adventure Travel Balance Sheet April 30, 2018
Assets
Cash	27000
Accounts receivable	1750
Office supplies	600
Prepaid insurance (2400-133)	2267
Total current assets		31617
computer		20000
Total assets		$51617
Liabilities and stockholders’ equity
Current liabilities
Salaries payable		420
Stockholder’s equity
J. Nozomi, capital	50000
Retained earnings	1197
Total stockholders’ equity		51197
Total liabilities and stockholders’ equity		$51617

Cash = 30000-1800-1000-2400-1600+8000-1600-350-750-1500 = 27000

Part 5

Date	General journal	Debit	Credit
April 30, 2018	Commissions earned (revenues)	9750
	Income summary		9750
April 30, 2018	Income summary	7053
	Salaries expense		3620
	Insurance expense		133
	Rent expense		1800
	Office supplies expense		400
	Telephone expense		750
	Repairs expense		350
April 30, 2018	Income summary	2697
	Retained earnings		2697
April 30, 2018	Retained earnings	1500
	Dividend		1500