I JUST NEED REQUIRED 5A, 5B, 5C, 6A 6B, AND 7
Income Statement
Adventure Travel | ||
Income Statement | ||
For Year Month Ended April 30, 2017 | ||
Particulars | Amount ($) | Amount ($) |
Commisions earned | 21,150 | |
Less: | ||
Salary Expense | 1,910 | |
Rent Expense | 2,800 | |
Insurance expense | 161 | |
Supplies expense | 1,100 | |
Telephone expense | 1,250 | |
Repair expense | 350 | |
Depreciation-Equipment | 500 | |
Total Operating Expenses | 8,071 | |
Net income | 13,079 |
Statement of owner's equity
|
Balance Sheet
Adventure Travel | ||
Balance Sheet | ||
As at April 30, 2017 | ||
Particulars | Amount ($) | Amount ($) |
ASSETS | ||
Current Assets: | ||
Cash | 45,800 | |
Prepaid Insurance | 2,739 | |
Account Receivable | 2,150 | |
Office Supplies | 600 | |
Total Current Assets | 51,289 | |
Computer Equipment | 40,000 | |
Less:n Accumulated dep-computer Equipment | 500 | 39,500 |
Total Assets | 90,789 | |
LIABILITIES AND STOCKHOLDERS EQUITY | ||
Liabilities : | ||
Current Liabilities | ||
Salaries payable | 310 | |
Total Current Liabilities | 310 | |
Total Stockholders' Equity | ||
J Nozomi Capital | 90,479 | |
Total Stockholders' Equity | 90,479 | |
Total Liabilities and stockholders’ equity | 90,789 |
Closing journal entries
Closing Entries | ||||
Date | Particulars | L.F | Debit | Credit |
$ | $ | |||
Apr-30 | Commission earned | 21,150 | ||
Income summary | 21,150 | |||
(For income closing balances recorded) | ||||
Apr-30 | Income summary | 8,071 | ||
Salary Expense | 1,910 | |||
Rent Expense | 2,800 | |||
Insurance expense | 161 | |||
Supplies expense | 1,100 | |||
Telephone expense | 1,250 | |||
Repair expense | 350 | |||
Depreciation-Equipment | 500 | |||
(For expenses closing balances recorded) | ||||
Apr-30 | Income summary | 13,079 | ||
J Nozomi Capital | 13,079 | |||
(For income summary close to capital account) | ||||
Apr-30 | J Nozomi Capital | 1,600 | ||
J Nozomi Drawings | 1,600 | |||
(For drawings transferred to capital account) |
Ledger accounts
Cash | |||
Date | Debit | Credit | Balance |
Apr-01 | 39,000 | 39,000 | |
Apr-02 | 2,800 | 36,200 | |
Apr-03 | 1,700 | 34,500 | |
Apr-10 | 2,900 | 31,600 | |
Apr-14 | 800 | 30,800 | |
Apr-24 | 19,000 | 49,800 | |
Apr-28 | 800 | 49,000 | |
Apr-29 | 350 | 48,650 | |
Apr-30 | 1250 | 47,400 | |
Apr-30 | 1,600 | 45,800 | |
Computer Equipment | |||
Date | Debit | Credit | Balance |
Apr-01 | 40,000 | 40,000 | |
Rent Expense | |||
Date | Debit | Credit | Balance |
Apr-02 | 2,800 | 2,800 | |
Apr-30 | 2,800 | 0 | |
Office Supplies | |||
Date | Debit | Credit | Balance |
Apr-03 | 1,700 | 1,700 | |
Apr-30 | 1,100 | 600 | |
Prepaid Insurance | |||
Date | Debit | Credit | Balance |
Apr-10 | 2,900 | 2,900 | |
Apr-30 | 161 | 2,739 | |
Salaries exp | |||
Date | Debit | Credit | Balance |
Apr-14 | 800 | 800 | |
Apr-28 | 800 | 1,600 | |
Apr-30 | 310 | 1,910 | |
Apr-30 | 1,910 | 0 | |
Commissions earned | |||
Date | Debit | Credit | Balance |
Apr-24 | 19,000 | 19,000 | |
Apr-30 | 2,150 | 21,150 | |
Apr-30 | 21,150 | 0 | |
Repairs Expense | |||
Date | Debit | Credit | Balance |
Apr-29 | 350 | 350 | |
Apr-30 | 350 | 0 | |
Telephone Expense | |||
Date | Debit | Credit | Balance |
Apr-30 | 1,250 | 1,250 | |
Apr-30 | 1,250 | 0 | |
Dividends | |||
Date | Debit | Credit | Balance |
Apr-30 | 1,600 | 1,600 | |
Apr-30 | 1,600 | 0 | |
Insurance Expense | |||
Date | Debit | Credit | Balance |
Apr-30 | 161 | 161 | |
Apr-30 | 161 | 0 | |
Depreciation expense | |||
Date | Debit | Credit | Balance |
Apr-30 | 500 | 500 | |
Apr-30 | 500 | 0 | |
Accumulated dep | |||
Date | Debit | Credit | Balance |
Apr-30 | 500 | 500 | |
Supplies exp | |||
Date | Debit | Credit | Balance |
Apr-30 | 1,100 | 1,100 | |
Apr-30 | 1,100 | 0 | |
Salaries payable | |||
Date | Debit | Credit | Balance |
Apr-30 | 310 | 310 | |
Account Receivable | |||
Date | Debit | Credit | Balance |
Apr-30 | 2,150 | 2,150 | |
Income summary | |||
Date | Debit | Credit | Balance |
Apr-30 | 21,150 | 21,150 | |
Apr-30 | 1,910 | 19,240 | |
Apr-30 | 2800 | 16,440 | |
Apr-30 | 161 | 16,279 | |
Apr-30 | 1100 | 15,179 | |
Apr-30 | 1250 | 13,929 | |
Apr-30 | 350 | 13,579 | |
Apr-30 | 500 | 13,079 | |
Apr-30 | 13,079 | 0 | |
J Nozomi Capital Account | |||
Date | Debit | Credit | Balance |
Apr-01 | 79,000 | 79,000 | |
Apr-30 | 1,600 | 77,400 | |
Apr-30 | 13,079 | 90,479 |
Trial Balance
Adventure Travel | ||
Post Closing Trial Balance | ||
April 30, 2017 | ||
Debit | Credit | |
Cash | 45,800 | |
Account Receivable | 2,150 | |
Office Supplies | 600 | |
Prepaid insurance | 2,739 | |
Computer equipment | 40,000 | |
Accumulated dep-Computer Equipment | 500 | |
Salaries payable | 310 | |
J Nozomi Capital account | 90,479 | |
Total | 91,289 | 91,289 |
I JUST NEED REQUIRED 5A, 5B, 5C, 6A 6B, AND 7 On April 1, 2017, Jiro...
Problem 3-6A Applying the accounting cycle LO P1, P2, P3, P4, P5 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 $31,000 cash and computer equipment worth $30,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,200 cash for the first month's (April) rent 3 The company purchased $1,300 of office supplies for cash...
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 $31,000 cash and computer equipment worth
$35,000 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 $1,500 of office supplies for cash.
10
The company paid $2,600 cash for the premium on a 12-month
insurance policy. Coverage begins on...
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 $31,000 cash and computer equipment worth $30,000 in the company. 2 The company rented furnished office space by paying $1,900 cash for the first month’s (April) rent. 3 The company purchased $1,400 of office supplies for cash. 10 The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on...
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, 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 $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, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. April 1 Nozomi invested $35,000 cash and computer equipment worth $35,000 in the company in exchange for common stock 2 The company rented furnished office space by paying $1,500 cash for the first month's (April) rent 3 The company purchased $1,100 of office 10 The company paid $2,800 cash for the premium on a 12-month insurance policy. Coverage...
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, 2017, 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 $40,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $1,900 cash for the first month’s (April) rent. 3 The company purchased $1,700 of office supplies for cash. 10 The company paid $2,000 cash for the premium on a 12-month...