User Account

All Pages

Journal entries to record the transactions for april

Assignment Help Cost Accounting
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

Questions Cloud

Estimate what is the density of the object : An object floating in a lake has 15 percent of its volume above the lake surface. What is the density of the object
How fast is rollercoaster traveling at the bottom of the dip : A roller coaster at an amusement park has a dip that bottoms out ina vertical circle of radius r. A passenger feels the seat of thecar pushing upward on her with a force equal to twice her weight asshe goes through the dip. If r = 20.0 m, how fast..
Authorize a franchise to compete with host west : 1. Assume that the franchisor has made a motion for summary judgment in its favor, claiming that its actions were perfectly legal because the franchise contract itself was silent as to whether, and where, the franchisor could authorize a franch..
Calculate the water pressure and velocity on the top floor : Water at a pressure of 4 atm, at street level, flows into a building at 0.5 m/s through a 6 cm diameter pipe. Calculate the water pressure and velocity on the top floor
Journal entries to record the transactions for april : Prepare the income statement and the statement of owner's equity for the month of April and the balance sheet at April 30, 2010.
What force must be applied to this smaller piston : a 1500 kg car on a hydrolic lift rests on a cylinder with a piston of radius 0.20m. what force must be applied to this smaller piston in order to lift the car
Speed of the golf ball immediately after the collision : A golf ball traveling 3 m/s to the right has a head-on with astationary bowling ball in a friction-free environment. If the collision is almost perfectly elastic, the speed of the golf ball immediately after the collision is:
Determine the buoyant force on the boat in salt water : salt water has a greater density than freshwater. a boat floats in both freshwater and saltwater. the buoyant force on the boat in salt water is __________ than in freshwater
Determine the impulse received by the soccer ball : A soccer ball with mass 0.242 kg is initially at rest and is kicked at an angle of 29.0° with respect to the horizontal. What is the impulse received by the soccer ball

Reviews

Write a Review

Cost Accounting Questions & Answers

  Evaluate the correct net income for 2010 and 2011

Calculate the correct net income for 2010 and 2011. In your answer, start with the reported net income amounts. Then show the effects of each correction

  Prepare a cash budget for december and january

Prepare a cash budget for December, January and February. When will Jodie products be able to repay the loan?

  Evaluate this policy assuming most stockholders

Evaluate this policy assuming most stockholders are senior citizens in low tax brackets and evaluate this policy assuming most stockholders are in high tax brackets

  Calculate the dividends per share and dividend yield

Calculate the dividends per share, dividend yield, and dividend payout, and (b) evaluate the results.

  Direct write-off method

How much higher would Rustic Tables' 2014 net income have been under the direct write-off method than under the allowance method - Journalize the transactions for 2014 under the direct write-off method.

  Calculate the amount of accounts receivable written off

Based on the above information, XYZ Company reported bad debt expense of $8,200 for 2002 - calculate the amount of accounts receivable written off as uncollectible by XYZ Company during 2002.

  Identify the items in the cash-basis financial statements

Identify the items in the cash-basis financial statements that make cash-basis accounting inconsistent with the theory underlying the elements of financial statements.

  Prepare balance sheets for revival interiors

Prepare balance sheets for Revival Interiors as of August 31 and as of September 30 and determine the amount of net income for September, assuming that no additional capital stock was issued and no dividends were paid.

  Purpose a horizontal analysis of the income statement data

Purpose a horizontal analysis of the income statement data

  1which of the subsequent items is not included in the

1.which of the subsequent items is not included in the recipients gross income?a. alimonyb. gain on sale of an antique

  Determine the company bid

Determine the company's bid if activity-based costing is used and the bid is based on full manufacturing cost plus 20 percent.

  Present a balance sheet for the new partnership

Journalize the additional entries to record Evans entrance to the partnership and present a balance sheet for the new partnership as of June 1, 2012.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd