Question

Help Seve Ext Submit Check my work Problem 3-5A Applying the accounting cycle LO P1, P2, P3, P4, P5, P6, P7, P8 On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. Ap N ozomi invested $47,000 cash and computer equipment worth $35,000 in the company in exchange for common stock 2 The company rented furnished office space by paying $1,900 cash for the first month's (April) rent. 3 The company purchased $1,200 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 1l. 14 The company paid $1,100 cash for two weeks' salaries earned by employees. 24 The company collected $16,500 cash for commissions earned. 28 The company paid $1,100 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 $1,500 cash for this month's telephone bill. 30 The company paid $1,900 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 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 < Prev Bor8 69:50 < Prev 8 of 8 !!! Next > nad T303JTDAGI

Answer 1

Adventure Travel Reg 1 Journal entries Date Account 1-Apr Cash Computer Equipment Common Stock Credit Debit $ 47,000 $ 35,000 $ 82,000 $ 1,900 2-Apr Rent Expense Cash $ 1,900 $ 1,200 3-Apr Office Supplies Cash $ 1,200 $ 2,300 10-Apr Prepaid Insurance Cash $ 2,300 $ 1,100 14-Apr Salaries Expense Cash $ 1,100 $ 16,500 24-Apr Cash Commissions Earned $ 16,500 $ 1,100 28-Apr Salaries Expense Cash $ 1,100 $ 300 29-Apr Repairs Expense Cash $ 300 $ 1,500 30-Apr Telephone Expense Cash $ 1,500 $ 1,900 30-Apr Dividends Cash $ 1,900

Date Credit Credit Debit Date Credit Accounts Receivable Date Debit Date Office Supplies 3-Apr $ 1,200 Date Debit Date Prepaid Insurance 10-Apr $ 2,300 Adventure Travel Req 2, 6b T Accounts Date Debit Date Credit Cash 1-Apr $ 47,000 2-Apr $ 1,900 24-Apr $ 16,500 3-Apr $ 1,200 10-Apr $ 2,300 14-Apr $ 1,100 28-Apr $ 1,100 29-Apr $ 300 30-Apr $ 1,500 30-Apr $ 1,900 Unadj Bal. $ 2,300 Unadj Bal. $ 52,200 Computer Equipment 1-Apr $ 35,000 Unadj Bal. $ . Accum. Depr. - Computer Equip Unadj Bal. $ 1,200 Salaries Payable . Unadj Bal. $ 35,000 Common Stock 1-Apr $82,000 Unadj Bal. $ Retained Earnings Unadj Bal. $ Dividends 30-Apr $ 1,900 Income Summary . Unadj Bal. $ 82,000 Commissions Earned 24-Apr $ 16,500 Unadj Bal. $ - Depreciation Expense-Computer Equip. Unadj Bal. $ Insurance expense Unadj Bal. $ 1,900 Salaries expense 14-Apr $ 1,100 28-Apr $ 1,100 Unadj Bal. $ 16,500 Rent expense 2-Apr $ 1,900 Unadj Bal. $ - Office Supplies Expense Unadj Bal. $ 2,200 Repairs Expense 29-Apr $ 300 Unadj Bal. $ - Telephone Expense 30-Apr $ 1,500 Unadj Bal. $ 1,900 Unadj Bal. $ - Unadj Bal. $ 300 Unadj Bal. $ 1,500

Reg 3 Unadjusted TB Debit Credit 52,200 1,200 2,300 35,000 82,000 Adventure Travel Account Names Cash Accounts Receivable Office Supplies Prepaid Insurance Computer Equipment Accumulated Depreciation-Computer Equip. Salaries Payable Common Stock Retained Earnings Dividends Commissions Earned Depreciation Expense-Computer Equip. Salaries expense Insurance expense Rent expense Office Supplies Expense Repairs Expense Telephone Expense Totals 1,900 16,500 2,200 1,900 300 1,500 98,500 98,500