Solution-Journal entries to record the transactions for

Journal entries to record the transactions for april

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Reference no: EM13555555

On April 1, 2010, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month.

April 1	Nozomi invested $30,000 cash and computer equipment worth $20,000 in the business.
2	Rented furnished office space by paying $1,800 cash for the first month's (April) rent. (Hint: Adventure Travel debited Rent Expense for this payment.)
3	Purchased $1,000 of office supplies for cash.
10	Paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
14	Paid $1,600 cash for two weeks' salaries earned by employees.
24	Collected $8,000 cash on commissions from airlines on tickets obtained for customers.
26	Paid another $1,600 cash for two weeks' salaries earned by employees.
27	Paid $350 cash for minor repairs to the company's computer.
27	Paid $750 cash for this month's telephone bill.
28	Nozomi withdrew $1,500 cash 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 1-Prepare journal entries to record the transactions for April. The company records prepaid and unearned items in balance sheet accounts 2- Prepare an unadjusted trial balance as of April 30. 3- Use the following information to journalize and post adjusting entries for the month 4- Prepare the income statement and the statement of owner's equity for the month of April and the balance sheet at April 30, 2010.	901	Income Summary

Reference no: EM13555555

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Journal entries to record the transactions for april

Reference no: EM13555555

Reference no: EM13555555

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