Question

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.
		2		The company rented furnished office space by paying $1,700 cash for the first month’s (April) rent.
		3		The company purchased $2,000 of office supplies for cash.
		10		The company paid $2,900 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
		14		The company paid $1,500 cash for two weeks' salaries earned by employees.
		24		The company collected $8,500 cash for commissions earned.
		28		The company paid $1,500 cash for two weeks' salaries earned by employees.
		29		The company paid $550 cash for minor repairs to the company's computer.
		30		The company paid $1,150 cash for this month's telephone bill.
		30		Nozomi withdrew $1,700 cash from the company for personal use.

The company's chart of accounts follows:

101	Cash	405	Commissions Earned
106	Accounts Receivable	612	Depreciation Expense—Computer Equip.
124	Office Supplies	622	Salaries Expense
128	Prepaid Insurance	637	Insurance Expense
167	Computer Equipment	640	Rent Expense
168	Accumulated Depreciation—Computer Equip.	650	Office Supplies Expense
209	Salaries Payable	684	Repairs Expense
301	J. Nozomi, Capital	688	Telephone Expense
302	J. Nozomi, Withdrawals	901	Income Summary

Use the following information:

1. Prepaid insurance of $161 has expired this month.
2. At the end of the month, $500 of office supplies are still available.
3. This month’s depreciation on the computer equipment is $500.
4. Employees earned $590 of unpaid and unrecorded salaries as of month-end.
5. The company earned $1,550 of commissions that are not yet billed at month-end.

Required:
1. & 2. Prepare journal entries to record the transactions for April and post them to the ledger accounts in Requirement 6b. The company records prepaid and unearned items in balance sheet accounts.
3. Using account balances from Requirement 6b, prepare an unadjusted trial balance as of April 30.
4. Journalize the adjusting entries for the month and prepare the adjusted trial balance.
5a. Prepare the income statement for the month of April 30.
5b. Prepare the statement of owner's equity for the month of April 30.
5c. Prepare the balance sheet at April 30.
6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.

If you could due all above ^ that would be tremendous help thanks!

Answer 1

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Nozomi	Answer -1 Journal Entries
Date	Account	Debit	Credit
April 1st	Cash	49,000.00
	Computer Equipment	30,000.00
	J. Nozomi, Capital		79,000.00
	(being share capital raised by providing cash and Equipment)
April 2nd	Rent Expense	1,700.00
	Cash		1,700.00
	(being rent paid for the month)
April 3rd	Office Supplies	2,000.00
	Cash		2,000.00
	(being office supplies purchased)
April 10th	Prepaid Insurance	2,900.00
	Cash		2,900.00
	(being insurance expense paid for the year)
April 14th	Salaries Expense	1,500.00
	Cash		1,500.00
	(being salaries paid for two weeks.)
April 24th	Cash	8,500.00
	Commission Earned		8,500.00
	(being commission income earned)
April 28th	Salaries Expense	1,500.00
	Cash		1,500.00
	(being salaries paid for two weeks.)
April 29th	Repairs Expense	550.00
	Cash		550.00
	(being repairs paid in cash.)
April 30th	Telephone Expense	1,150.00
	Cash		1,150.00
	(being Telephone Bill paid in cash.)
April 30th	J. Nozomi, Withdrawals	1,700.00
	Cash		1,700.00
	(being cash withdrawn for personal use.)

Answer -2 and 6 b- Ledger
Cash
Date	Account	Debit	Credit	Balance
April 1st	J. Nozomi, Capital	49,000.00		49,000.00
April 2nd	Rent Expense		1,700.00	47,300.00
April 3rd	Office Supplies		2,000.00	45,300.00
April 10th	Prepaid Insurance		2,900.00	42,400.00
April 14th	Salaries Expense		1,500.00	40,900.00
April 24th	Commission Earned	8,500.00		49,400.00
April 28th	Salaries Expense		1,500.00	47,900.00
April 29th	Repairs Expense		550.00	47,350.00
April 30th	Telephone Expense		1,150.00	46,200.00
April 30th	J. Nozomi, Withdrawals		1,700.00	44,500.00
Accounts Receivable
Date	Account	Debit	Credit	Balance
April 30th	Commissions Earned	1,550.00		1,550.00
Office Supplies
Date	Account	Debit	Credit	Balance
April 3rd	Cash	2,000.00		2,000.00
April 30th	Office Supplies Expense		1,500.00	500.00
Prepaid Insurance
Date	Account	Debit	Credit	Balance
April 10th	Cash	2,900.00		2,900.00
April 30th	Insurance Expense		161.00	2,739.00
Computer Equipment
Date	Account	Debit	Credit	Balance
April 1st	J. Nozomi, Capital	30,000.00	-	30,000.00
Accumulated Depreciation—Computer Equip.
Date	Account	Debit	Credit	Balance
April 30th	Depreciation Expense—Computer Equip.		500.00	500.00
Salaries Payable
Date	Account	Debit	Credit	Balance
April 30th	Salaries Expense	-	590.00	590.00

J. Nozomi, Capital
Date	Account	Debit	Credit	Balance
April 1st	Cash		49,000.00	49,000.00
April 1st	Computer Equipment		30,000.00	79,000.00
April 30th	Income Summary	-	899.00	79,899.00
April 30th	J. Nozomi, Withdrawals	1,700.00	-	78,199.00 Date April 30th Credit J. Nozomi, Withdrawals Debit 1,700.00 Account Cash Balance 1,700.00 - Salaries Expense Credit Date April 14th April 28th April 30th Account Cash Cash Salaries Payable Debit 1,500.00 1,500.00 590.00 Balance 1,500.00 3,000.00 3,590.00 Insurance Expense Credit Date April 30th Account Prepaid Insurance Debit 161.00 Balance 161.00 Rent Expense Credit Date April 2nd Account Cash Debit 1,700.00 Balance 1,700.00 Date April 30th Credit Office Supplies Expense Debit 1,500.00 Account Office Supplies Balance 1,500.00 Repairs Expense Credit Date April 29th Account Cash Debit 550.00 Balance 550.00 Date April 30th Credit Telephone Expense Debit 1,150.00 Account Cash Balance 1,150.00 Commission Earned Debit Date April 24th April 30th Account Cash Accounts Receivable Credit 8,500.00 1,550.00 Balance 8,500.00 10,050.00 Date April 30th Depreciation Expense-Computer Equip. Account Debit Accumulated Depreciation-Computer Equip. 500.00 Credit Balance 500.00 Debit Credit 10,050.00 Date April 30th April 30th April 30th April 30th April 30th April 30th April 30th April 30th Income Summary Account Commission Earned Depreciation Expense-Computer Equip. Salaries Expense Insurance Expense Rent Expense Office Supplies Expense Repairs Expense Telephone Expense 500.00 3,590.00 161.00 1,700.00 1,500.00 550.00 1,150.00 Balance 10,050.00 9,550.00 5,960.00 5,799.00 4,099.00 2,599.00 2,049.00 899.00 Credit Debit 44,500.00 2,000.00 2,900.00 30,000.00 79,000.00 Answer 3- Unadjusted Trial Balance Cash Accounts Receivable Office Supplies Prepaid Insurance Computer Equipment Accumulated Depreciation-Computer Equip. Salaries Payable J. Nozomi, Capital J. Nozomi, Withdrawals Commission Earned Depreciation Expense-Computer Equip. Salaries Expense Insurance Expense Rent Expense Office Supplies Expense Repairs Expense Telephone Expense Total 1,700.00 8,500.00 3,000.00 1,700.00 550.00 1,150.00 87,500.00 87,500.00 161.00 Answer 4- Adjustment Entries April 30th Insurance Expense Prepaid Insurance (being insurance expense recorded for April) 161.00 1,500.00 April 30th Office Supplies Expense Office Supplies (being office supplies expense booked for April) 1,500.00 500.00 April 30th Depreciation Expense-Computer Equip. Accumulated Depreciation-Computer Equip. (being depreciation expense booked for April) 500.00 590.00 April 30th Salaries Expense Salaries Payable (being salaries payable for April) 590.00 1,550.00 April 30th Accounts Receivable Commissions Earned (being Unearned Commissions recorded for April) 1,550.00 Credit Debit 44,500.00 1,550.00 500.00 2,739.00 30,000.00 500.00 590.00 79,000.00 Answer 4- Adjusted Trial Balance Cash Accounts Receivable Office Supplies Prepaid Insurance Computer Equipment Accumulated Depreciation-Computer Equip. Salaries Payable J. Nozomi, Capital J. Nozomi, Withdrawals Commission Earned Depreciation Expense-Computer Equip. Salaries Expense Insurance Expense Rent Expense Office Supplies Expense Repairs Expense Telephone Expense Total 1,700.00 10,050.00 500.00 3,590.00 161.00 1,700.00 1,500.00 550.00 1,150.00 90,140.00 90,140.00 Amount 10,050.00 Answer 5 a- Income Statement Particulars Revenues Commission Earned Expenses Depreciation Expense-Computer Equip. Salaries Expense Insurance Expense Rent Expense Office Supplies Expense Repairs Expense Telephone Expense Total Expenses Net Income 500.00 3,590.00 161.00 1,700.00 1,500.00 550.00 1,150.00 9,151.00 899.00 Answer 5 b-Statement of Owner's capital J. Nozomi, Capital Net Income Dividends Paid J. Nozomi, Capital April 30, 2017 79,000.00 899.00 1,700.00 78,199.00 Answer 5 c- Balance Sheet Cash Accounts Receivable Office Supplies Prepaid Insurance Computer Equipment Accumulated Depreciation-Computer Equip. Total Assets Liabilities Salaries Payable Total Liabilities Amount | 44,500.00 1,550.00 500.00 2,739.00 30,000.00 (500.00) 78,789.00 590.00 590.00 J. Nozomi, Capital Total Equity Total Liabilities & Equity 78,199.00 78,199.00 78,789.00 Credit Answer 6 a- Closing Entries Date Account - April 30th Commission Earned Income Summary Debit 10,050.00 10,050.00 9,151.00 - April 30th Income Summary Depreciation Expense-Computer Equip. Salaries Expense Insurance Expense Rent Expense Office Supplies Expense Repairs Expense Telephone Expense 500.00 3,590.00 161.00 1,700.00 1,500.00 550.00 1,150.00 899.00 April 30th Income Summary J. Nozomi, Capital 1 899.00 1,700.00 April 30th J. Nozomi, Capital J. Nozomi, Withdrawals 1,700.00 Credit Answer 7- Post Closing Trial Balance Cash Accounts Receivable Office Supplies Prepaid Insurance Computer Equipment Accumulated Depreciation-Computer Equip. Salaries Payable J. Nozomi, Capital Total Debit 44,500.00 1,550.00 500.00 2,739.00 30,000.00 500.00 590.00 78,199.00 79,289.00 79,289.00