Question

Problem 3-5A (Algo) Applying the accounting cycle LO P1, P2, P3, P4, P5, P6 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 $49,000 cash and computer equipment worth $30,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,600 cash for the first month's (April) rent. 3 The company purchased $1,200 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 11. 14 The company paid $1,600 cash for two weeks' salaries earned by employees. 24 The company collected $17,500 cash for commissions revenue. 28 The company paid $1,600 cash for two weeks' salaries earned by employees. 29 The company paid $300 cash for minor repairs to the company's computer. 30 The company paid $1,050 cash for this month's telephone bili. 30 The company paid $2,200 cash in dividends. 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 Revenue 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. Prepaid insurance of $139 has expired this month. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on the computer equipment is $400. d. Employees earned $550 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,300 of commissions that are not yet billed at month-end.

Answer 1

Note - As HOMEWORKLIB Guidlines we are allowed to process maximum 4 question from the multiple questions asked at one. You can assign me again this question I can do the rest.

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6. Statement of Retained Earnings -

7. Balance Sheet -