Award: 100.00 points 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 $50,000 cash and computer equipment worth $35,000 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 $1,400 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 $1,000 cash for two weeks' salaries earned by employees. 24 The company collected $10,500 cash for commissions earned, 28 The company paid $1,000 cash for two weeks' salaries earned by employees. 29 The company paid $400 cash for minor repairs to the company's computer. 30 The company paid $1,050 cash for this month's telephone bill. 30 Nozomi withdrew $2,400 cash from the company for personal use. 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 301 J. Nozomi, Capital 302 J. Nozomi, Withdrawals 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 Use the following information: a. Prepaid insurance of $161 has expired this month. b. At the end of the month, $500 of office supplies are still available. c. This month's depreciation on the computer equipment is $600. d. Employees earned $320 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,800 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. Rey i due rey Trial Bal Rey L Entries REY DA REY OD GL rey Journalize the adjusting entries for the month, and then post to the ledger on Req6B tabusing April 30 Adj. as the date. (Do not round intermediate calculations and round the final answers to nearest whole number.) View transaction list View journal entry worksheet No Transaction General Journal Debit Credit 1 a 150 Insurance expense Prepaid insurance 150 ces 2 b Office supplies expense Office supplies C Depreciation expense---Computer equip Accumulated depreciation-Computer equip 4 d Salaries expense Salaries payable 5 e Accounts receivable Prov of Next Using adjusted account balances from Requirement 6b, prepare an adjusted trial balance as of April 30. ADVENTURE TRAVEL Adjusted Trial Balance April 30 Account Title Debit Credit 101: Cash 106: Accounts receivable 124: Office supplies 128: Prepaid insurance 167: Computer equipment 168: Accumulated depreciation--Computer equipment 209: Salaries payable 301: J. Nozomi, Capital 302: J. Nozomi, Withdrawals 405: Commissions earned 612: Depreciation expense-Computer equipment 622: Salaries expense 637: Insurance expense 640: Rent expense 650: Office supplies expense HR Prev 1 of 1 Next Prepare the income statement for the month of April 30. ADVENTURE TRAVEL Income Statement For Month Ended April 30 Revenues Commissions earned Expenses Depreciation expense-Computer equip. Salaries expense Insurance expense Rent expense Office supplies expense Telephone expense Repairs expense Prev 1 of 1 Next Prepare the statement of owner's equity for the month of April 30. (Amounts to be deducted should be entered with a minus sign.) rev: 07_09_2018 QC CS 130679 0 ADVENTURE TRAVEL Statement of Owner's Equity For Month Ended April 30 J. Nozomi, Capital, April 1 Add: Net income Add: Owner investments Tess: Withdrawals J. Nozomi, Capital, April 30 0 0 Prepare the balance sheet at April 30. ADVENTURE TRAVEL Balance Sheet April 30 Assets o Cash Accounts receivable Office supplies Prepaid insurance Computer equipment Accumulated depreciationComputer equip. Total assets Liabilities Salaries payable Equity J. Nozomi, Capital Total liabilities and equity $ 0 CA 0 Prepare journal entries to close the temporary accounts and then post to Req 6B General Ledger, using April 30 Close as the date. View transaction list View journal entry worksheet No General Journal Debit Credit Date April 30 1 Commissions earned Income summary eBook Print 2 April 30 eferences Income summary Depreciation expense-Computer equip. Salaries expense Insurance expense Rent expense Office supplies expense Repairs expense Telephone expense April 30 Insurance expense J. Nozomi Capital Cash Debit Credit Balance Accounts Receivable Debit Credit Date April 30 Adj. Balance Date April 1 April 2 April 3 April 10 April 14 April 24 April 28 April 29 April 30 Tel. April 30 WD Office Supplies Debit Credit Prepaid Insurance Debit Credit Balance Balance Date April 3 April 30 Adi Date April 10 April 30 Adj. Prepare a post-closing trial balance. OK Et Debit Credit ences ADVENTURE TRAVEL Post Closing Trial Balance April 30 Account Title Cash 'Accounts receivable Office supplies Prepaid insurance Computer equipment Accumulated depreciation - Computer equip Salaries payable 3. Nozomi, Capital Totals $ 05 0