Question

The task: On Apri 1, 2011. Jennifer Stafford created a new travel agency, See Now Travet The following transactions occurred during the company's first month Apni1 Stafford Invested $42,000 cash and computer equipment worth $30,000 in the company 2 The company rented furnished office space by paying $2.300 cash for the frst month's (April) rent 3 The company purchased $1,800 of office supplies for cash 10 The company paid $2.900 cash for the premlum on a 12-month insurance poilicy Coverage begins on April 1 14 The company paid $800 cash for two weeks' salaries eamed by employees 24 The company collected $11,000 cash on commissions from aanes on tickets obtained for customers 28 The 29 The company paid $400 cash for minor repairs to the company's computet company paid $800 cash for two weeks' salaries earned by employees 30 The 0 Stafford withdrew $2.300 cash from the company for personal use company paid $1,250 cash for this month's telephone bilt. The company's chart of accounts follows 101 Cash 106 Accounts Receivable 24 Office Supplies 128 Prepeid Insurance 167 Computer Equipment 405 Commissions Earned 612 Depreciation 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688. Telephone Expense 901 Income Summary Equip 168 Accumulated Depreciation-Computer Equip 209 Salaries Payable 301 J. Stafford, Copital 302 J. Stafford, Withdrawals Use the folowing information a. Two-thirds of one month's insurance coverage has expired. b. At the end of the month, $400 of office supplies are still available. c. This month's depreciation on the computer equipment is $600 d. Employees earned $470 of unpald and unrecorded salaries as of month-end e. The company earned $2150 of commissions that are not yet biled at month-end Required 1- Prepare journal entries to record the transactions for April and post them to the ledger accounts 2- Prepare an unadjusted trial balance as of April 30. (Please prepare your trial balance in chart of 3- Journalize and post adjusting entries for the month and prepare adjusted trial balance as of April 4- Prepare the income statement for the month of April 30, 2011, the statement of owner's equity 5- Prepare journal entries to close the temporary accounts and prepare a post-closing trial balance. accounts order given in the question). 30. for the month of April 30, 2011 and the balance sheet at April 30, 2011. Prepare journal entries to close the temporary accounts and prepare a post-closing trial balance. 5- Prepare journal entries to close the temporary accounts and prepare a post-closing trial balance. 5-

Answer 1

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View s Cut Σ AutoSum Copy Or.Δ. ㄧ涅涅3 Merge & Center, 朢. % , 'al conditional asombat styles. B l u. Insert Delete Format Sort & Find & Format Painter 2 Clear FilterSelect Editing Alignment Styles Cells A1 Account Title&Explaination Cash Office Supplies Prepaid Insurance Commission Receivable Computer Equipment Accumulated Depreciation Salary Payable Commission Earned Jennifer Stafford SalaryExpenses Rent Expenses Depreciation Supplies Expenses Insurance Expenses Telephone Expenses Repairs Expenses Drawings otal Debit Credit $ 40,450.00 400.00 $ 2,738.89 $ 2,150.00 30,000.00 165 166 168 169 170 600.00 470.00 13,150.00 72,000.00 172 173 174 175 176 2,070.00 $ 2,300.00 $600.00 1,400.00 161.1 $1,250.00 5400.00 S 2,300.00 178 179 180 181 182 183 184 185 186 187 $ 86,220.00 $ 86,220.00 ennifer Stafford Income Stat 4HSheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 Sheet33 Average: 2347375 Count: 38 Sum: 375580 M u 100% ! 17:07 rP ^ ENG 25-03-2019

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View s Cut Σ AutoSum Copy Or-쇼, 3 Merge & Center, . % , 'al conditional asombat styles. B l u. 涅涅 Insert Delete Format Sort & Find & Format Painter 2 Clear FilterSelect Editing Alignment Styles Cells A1 Account Title&Explaination Cash Office Supplies Prepaid Insurance Commission Receivable Computer Equipment Accumulated Depreciation Salary Payable Commission Earned Jennifer Stafford SalaryExpenses Rent Expenses Depreciation Supplies Expenses Insurance Expenses Telephone Expenses Repairs Expenses Drawings otal Debit Credit $ 40,450.00 400.00 $ 2,738.89 $ 2,150.00 30,000.00 165 166 168 169 170 600.00 470.00 13,150.00 72,000.00 172 173 174 175 176 2,070.00 $ 2,300.00 $600.00 1,400.00 161.1 $1,250.00 5400.00 S 2,300.00 178 179 180 181 182 183 184 185 186 187 $ 86,220.00 $ 86,220.00 ennifer Stafford Income Stat 4HSheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 Sheet33 Average: 2347375 Count: 38 Sum: 375580 M u 100% ! 17:07 rP ^ ENG 25-03-2019

journal entries 4-Microsoft Excel Home Insert Page Layout Formulas Data Review View cut Copy Format Painter Blu, Σ AutoSum Paste f -Δ. ===- 函Merge & Center, 1. % , 'al:08 . Insert Delete Format -Q. Sort & Find & , 2 ClearFilter Select Editing Formatting as Table Styles Alignment Styles Cells A1 Jennifer Stafford Journal Entries Particular Date 4 01-Apr Cash Amt(DR) $42,000.00 Computer Equipment 30,000.00 To J.Stafford's Capital Being amount invested by Jennifer Stafford) 72,000.00 902Apr Rent Expenes $2,300.00 To Cash 2,300.00 (Being amount of Rent paid for the month of April) 12 13 03-Apr Office Supplies 5 1,800.00 To Cash 1,800.00 15 Being amount of purchase of Office supplies) 16 17 10-Apr Prepaid Insurance 2,900.00 To Cash 2,900.00 18 19 20 21 14-Aprl Salaries Being amount of Insurance Premium paid for 12 months) 800.00 To Cash (Beign amount of two weeks Salaries paid to employees ) 800.00 23 MSheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 Sheet33 Average: 2347375 Count: 38 Sum: 375580 M u 100% ! 四园 ^瘟佪ENG 25-03-2019

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View s Cut Σ AutoSum IA' A, Or-쇼, -=ターずwrap Text ㄧ涅涅3 Merge & Center, 朢. % , 'al Genera Copy conditional asombat styles. B l u. Insert Delete Format Sort & Find & Format Painter 2 Clear FilterSelect Editing Alignment Styles Cells A1 Cash $11,000.00 25 26 27 To Commission Earned (Being amount of Cash received from airlines) 11,000.00 Salaries $800.00 29 30 31 32 To Cash Beign amount of two weeks Salaries paid to employees 800.00 Repair Expenses $400.00 To Cash (being amount paid for computer repairs) 400.00 37 Telephone Expenses 1,250.00 To Cash Being amount paid for telephone bill for the month) Drawings 38 1,250.00 $2,300.00 To Cash (Being amount withdrawl by Stafford) 2,300.00 47 Date Account Title & Explaination Debit Credit 48 30-Aorl Insurance Expenses(S2900/121 2/3 4AH Sheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 Sheet33 161 Average: 2347375 Count: 38 Sum: 375580 ] u 100% ! ENG 1652 25-03-2019

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View E AutoSum -=ターずwrap Text IA' A, Or. ▲. Genera Copy ..涅涅3 Merge & Center. % , 'al conditional as r bat styles. Insert Delete Format Sort & FilterSelect B l u. Find & Format Painter 2 Clear Alignment Styles Cells Editing A1 46 47 Date 43 30-Apr Insurance Expenses($2900/12) 2/3 Adjusted Journal Entries Account Title & Explaination Debit Credit 161 To Prepaid Insurance Being amount of one month insurance expired) 161 51 52 53 54 Office Supplies Expenses($1800-$400) $ 1,400.00 To Office Supplies (Being amount of Office Supplies Expenses) 1,400.00 Depreciation 5600.00 56 57 58 59 60 30-Aprl Salaries To Accumulated Depreciation (Being amount of Depreciation) 600.00 470.00 To Salary Payable (Being amount of outstanding salary) 470.00 64 30- ormmission Receivable 2,150.00 To Commission Earned (Being amount of commission earned) 2,150.00 4HSheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 Sheet33 Average: 23473.75 Count: 38 Sum: 375580- M 100% ! 16:52 ^瘟わENG 25-03-2019

日つ journal entries 4-Microsoft Excel Home Insert Page Layout Formulas Data Review View Cut 恤copy PastejFormat Painter E AutoSum Calibn , 12 TAa" ー-= 9-1ヨWrap Text General % , taBa Formatting 1 Format. Sty intert Delete For at tra ». ▲·い ; Merge & Center.영.% , ta a conditional Format cel Sort & Blu- ロ- Find & Format Painter 2 Clear FilterSelect Editing Alignment Number Styles Cells 69 70 Date Account Title& Explaination Debit Credit Balance 42,000.00 S 42,000.00 2,300.00 S 39,700.00 1,800.00 37,900.00 2,900.00 35,000.00 800.00$ 34,200.00 45,200.00 800.00 44,400.00 400.00 44,000.00 1,250.00 42,750.00 2,300.00S 40,450.00 72 02-Apr Rent Expenes 73 03-Apr Office Supplies 74 10-Apr Prepaid Insurance 75 14-Apr Salaries S 11,000.00 7728-Apr Salaries 78 29-Apr Repairs 79 30-Apr Telephone Expenses 80 30-Apr J.Stafford's withdrawals 81 82 83 84 J. Stafford's Capital Credit Balance 85 01-Apr Cash 86 01-Apr Computer Equipment 87 42,000.00 42,000.00 30,000.00 78,000.00 Computer Equiment Account Title & Explaination Balance S 30,000.00 89 Date Account Tit e & Credit 30,000.00 90 01-Apr J.Stanfford's Capital 91 4HSheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 S Sheet33 Average: 2347375 Count: 38 Sum: 375580 M ש 100% ! tENG 652 25-03-2019

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View E AutoSum -=ターずwrap Text IA' A, Or. Δ. Genera Copy Format Painter % , 'al conditional asombat styles. B 1 u -: Merge & Center. Insert Delete Format Sort & Find & 2 Clear FilterSelect Editing Alignment Styles Cells A1 Computer Equipment Account Title & Explaination Account Title & Credit 89 Date 90 01-Apr J.Stanfford's Capital 91 92 93 94 Date 95 02 96 97 Balance 30,000.00 -$30,000.00 Rent Expenses Account Title & Explaination Cash Debit Credit Balance 2,300.00 2,300.00 Office Supplies Account Title & Explaination 100 Date 101 03-Apr Cash Debit Credit Balance $ 1,800.00 S 1,800.00 30-Apr Office Supplies Expenses 1,400.00 400.00 103 104 105 Date 106 31st Apri Office Supplies 107 108 109 110 Date 4M Sheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 Sheet332 Office Supplies Expenses Account Title & Explaination Debit Credit Balance $1,400.00 S 1,400.00 Prepaid Insurance Account Title & Explaination Debit Credit Balance Average: 2347375 Count: 38 Sum: 375580 M u 100% ! ^ ENG 16:52 25-03-2019

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View Cut Copy E AutoSum » ▲ 명. % 'al;o Corn attina i asorbat . styles. B l u-ロ Merge & Center. Insert Delete Format Sort & Find & = =- , Format Painter ClearFilterSelect Alignment Styles Cells Editing 109 Prepaid Insurance 10 Date Account Title & Explaination Debit Credit Balance 03-Apr Cash 2,900.00 $ 2,900.00 112 31 April Insurance ($2900 1/12) (2/3) 161.11 2.738.89 113 114 Insurance Debit $161.11 Credit Balance 116 31 April Prepaid Insurance 161.11 118 Salaries Expenses 119 Date Account Title & Explaination Debit Credit Balance 800.00 $800.00 5470.00 120 14-Apr Cash 121 28-Apr Cash 122 30-Apr Salary Payable 123 124 125 Date 126 30-Apr Salaries Expenses 127 800.00 1,600.00 s 2.070.00 Salaries Payable Account Title & Explaination Credit Balance 470.00S 470.00 Commission Eaned 128 Date Account Title & Explaination Debit Credit Balance Cash 129 24 130 30-Apr Commission Receivable 131 -4 4 Sheet13Sheet21 Sheet27 Sheet25 Sheet28Sheet30Sheet32 Sheet33. 11,000.00$ 11,000.00 2,150.00 13,150.00 - . - Average: 23473.75 Count: 38 Sum: 375580 ב ש 100% ! 四园 AaENG 25-08-2019

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View s Cut E AutoSum -=ターずwrap Text IA' A, Or. Δ. Calibri Genera Copy Format Painter % , 'al conditional asombat styles. Insert Delete Format Sort & FilterSelect B 1 u -: Merge & Center. Find & 2 Clear Alignment Styles Cells Editing A1 131 132 133 Date 134 30 135 136 137 138 Date 139 29-Apr Cash Commission Receivable Account Title & Explaination Commission Received Debit Credit Balance $ 2,150.00 Repairs Expenses Account Title&Explaination Debit Credit Balance 5400.00 400.00 141 Telephone Expenses 143 144 Date 145 30-Apr Cash 146 147 148 Date 149 30-Apr Accumulated Depreciation 150 151 152 Date 153 30-Apr Depreciation 4M Sheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 Sheet332 Account Title & Explaination Debit Credit Balance 1,250.00 1,250.00 Depreciation Account Title&Explaination Debit Credit Balance 600.00 600.00 Accumulated Depreciaion Particular Amt (DR Amount (Cr Balance 600.00S 600.00 Average: 2347375 Count: 38 Sum: 375580 M u 100% ! ENG 16:53 ^ 25-03-2019

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View Cut Σ AutoSum Copy Or. Δ. % , 'al conditional asombat styles. B 1 u -: Merge & Center. Insert Delete Format Sort & Find & Format Painter 2 Clear FilterSelect Editing Alignment Styles Cells Jennifer Stafford's Drawings 155 156 Date 157 158 159 160 161 162 163 164 165 166 Account Title & Explaination Cash Debit Credit Balance 2,300.00 2,300.00 Travel Agency Unadjusted Trial Balance For the Month Ended April 30th, 2011 Account Title & Explaination Cash Office Supplies Prepaid Insurance Commission Receivable Computer Equipment Accumulated Depreciation Salary Payable Commission Earned Jennifer Stafford Salary Expenses Rent Expenses Depreciation Supplies Expenses Insurance Fxnenses Debit Credit 40,450.00 $400.00 $ 2,738.89 5 2,150.00 30,000.0o 168 169 170 600.00 470.00 13,150.00 72,000.00 $2,070.00 $ 2,300.00 $600.00 1,400.00 161 11 -4 4 Sheet1 3 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30_ Sheet32. Sheet33. 172 173 174 175 176 17R Average: 2347375 Count: 38 Sum: 375580 M u 100% ! ENG 1653 25-03-2019

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View Cut Σ AutoSum Copy Or. Δ. % , 'al conditional asombat styles. B 1 u -: Merge & Center. Insert Delete Format Sort & Find & Format Painter 2 Clear FilterSelect Editing Alignment Styles Cells Jennifer Stafford's Drawings 155 156 Date 157 158 159 160 161 162 163 164 165 166 Account Title & Explaination Cash Debit Credit Balance 2,300.00 2,300.00 Travel Agency Unadjusted Trial Balance For the Month Ended April 30th, 2011 Account Title & Explaination Cash Office Supplies Prepaid Insurance Commission Receivable Computer Equipment Accumulated Depreciation Salary Payable Commission Earned Jennifer Stafford Salary Expenses Rent Expenses Depreciation Supplies Expenses Insurance Fxnenses Debit Credit 40,450.00 $400.00 $ 2,738.89 5 2,150.00 30,000.0o 168 169 170 600.00 470.00 13,150.00 72,000.00 $2,070.00 $ 2,300.00 $600.00 1,400.00 161 11 -4 4 Sheet1 3 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30_ Sheet32. Sheet33. 172 173 174 175 176 17R Average: 2347375 Count: 38 Sum: 375580 M u 100% ! ENG 1653 25-03-2019

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View s Cut Σ AutoSum IA' A, Or.Δ. -=ターずwrap Text ㄧ涅涅3 Merge & Center, 朢. % , 'al Calibri Genera Copy conditional asombat styles. B l u. Insert Delete Format Sort & Find & Format Painter 2 Clear FilterSelect Editing Alignment Styles Cells A1 Jennifer Stafforcd 187 Revenue Commission Earned 13,150.00 2,070.00 $ 2,300.00 161.11 $ 1,400.00 1,250.00 $400.00 $600.00 191 Salary Expenses Rent Expenses Insurance Expesnes Supplies Expenses Telephone Expenses Repairs Expenses Depreciation Total Expenses (B) Net Income(A)-(B 193 8,181.11 4,968.89 Travel Agency Statement of Owner's Equity 30th April 201 203 Jennifer Stafford's Capital Add: Net Income Less: Drawings Add: Net Income 72,000.00 4,968.89 2,300.00 74,668.89 4HSheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 Sheet33 Average: 2347375 Count: 38 Sum: 375580 M ש 100% ! ENG 1653 25-03-2019 K.

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View s Cut Σ AutoSum Copy Or.Δ. .. % , 'al conditional asombat styles. B 1 u : Merge & Center. Insert Delete Format Sort & Find & 2 Clear FilterSelect Editing Alignment Styles Cells A1 Travel Agency Balance Sheet 30th April 210 211 212 213 214 215 216 217 218 219 Current Assets Cash Supplies Prepaid Insurance Commission receivable Total of Current Assets Computer Equipment Less: Accumulated Depreciation Total Assets Liabilities & Stockholder's equit Current Liabilitics Salary Payable Stockholder's E Total Liabilitics & Stockholder's Equit 5 40,450.00 400.00 $ 2,738.89 $ 2,150.00 45,738.89 30,000.00 29,400.00 75,138.89 221 223 470.00 74,668.89 75,138.89 S 74.668.89 S Post Closing Entries Accounts Title&Explaination Income Summary Account Debit $ 8,181.11 Credit 230 To Salary Expenses To Rent Fnoncac 231 2,070.00 4M Sheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 Sheet332 Average: 23473.75 Count: 38 Sum: 375580-罷M 100% ! ENG 1653 25-03-2019

journal entries 4-Microsoft Excel HomeInsert Page Layout Formulas Data Review View Σ AutoSum -=ターずwrap Text IA' A, Or.Δ. .. Genera Copy Format Painter % , 'al conditional asombat styles. Insert Delete Format Sort & FilterSelect B 1 u : Merge & Center. Find & 2 Clear Alignment Styles Cells Editing A1 228 Post Closing Entries Accounts Title&Explaination Income Summary Account Debit $ 8,181.11 Credit 230 231 232 To Salary Expenses To Rent Expenses To Supplies Expenses To Insurance Expenses To Telephone Expenses To Repairs To Depreciation 2,070.00 2,300.00 1,400.00 161.11 1,250.00 400.00 600.00 235 236 237 238 239 (Being amount of expenses transferred to Income Summary Account) Commission Earned $13,150.00 241 To Income Summary Account (Being amount of Income transferred 13,150.00 to Income Summary account) 243 Income Summary $4,968.89 To J.Stafford Capital (Being amount of Income transferred to Stafford's capital account) 4,968.89 247 」Stafford's Capital $ 2,300.00 249 To·Stafford's Drawings Being amount of withdrawl transferred to J.Srtafford's Capital) 2,300.00 251 4AH Sheet13 Sheet21 Sheet27 Sheet25 Sheet28 Sheet30 Sheet32 Sheet33 Average: 23473.75 Count: 38 Sum: 375580- M ש 100-% ! 16:53 ^瘟わENG 25-03-2019