Question

I JUST NEED REQUIRED 5A, 5B, 5C, 6A 6B, AND 7

On April 1, 2017, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month April 1 Nozomi invested $39,000 cash and computer equipment worth $40,000 in the company 2 The company rented furnished office space by paying $2,800 cash for the first month's (April) rent 3 The company purchased $1,700 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 $800 cash for two weeks' salaries earned by employees. 24 The company collected $19,000 cash on commissions from airlines on tickets obtained for customers 28 The company paid $800 cash for two weeks salaries earned by employees. 29 The company paid $350 cash for minor repairs to the company's computer 30 The company paid $1,250 cash for this month's telephone bi11 30 Nozomi withdrew $1,600 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 . 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. Two-thirds (or $161) of one month's insurance coverage has expired b. At the end of the month, $600 of office supplies are still available c. This month's depreciation on the computer equipment is $500 d. Employees earned $310 of unpaid and unrecorded salaries as of month-end e. The company earned $2,150 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, 2017. 5b. Prepare the statement of owner's equity for the month of April 30, 2017 5c. Prepare the balance sheet at April 30, 2017 6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6b 6b. Post the journal entries to the ledger 7 Prenare a nost-closina trial halance

Answer 1

Income Statement

Adventure Travel
Income Statement
For Year Month Ended April 30, 2017
Particulars	Amount ($)	Amount ($)
Commisions earned		21,150
Less:
Salary Expense	1,910
Rent Expense	2,800
Insurance expense	161
Supplies expense	1,100
Telephone expense	1,250
Repair expense	350
Depreciation-Equipment	500
Total Operating Expenses		8,071
Net income		13,079

Statement of owner's equity

Adventure Travel Statement of owner's equity For Year Month Ended April 30, 2017 Particulars Amount ($) Amount ($) J Nozomi opening capital 0 Add: Additions 79,000 Net Profit 13,079 Less:   Drawings 1,600 J Nozomi closing capital 90,479

Balance Sheet

Adventure Travel
Balance Sheet
As at April 30, 2017
Particulars	Amount ($)	Amount ($)
ASSETS
Current Assets:
Cash	45,800
Prepaid Insurance	2,739
Account Receivable	2,150
Office Supplies	600
Total Current Assets		51,289
Computer Equipment	40,000
Less:n Accumulated dep-computer Equipment	500	39,500
Total Assets		90,789
LIABILITIES AND STOCKHOLDERS EQUITY
Liabilities :
Current Liabilities
Salaries payable	310
Total Current Liabilities		310
Total Stockholders' Equity
J Nozomi Capital	90,479
Total Stockholders' Equity		90,479
Total Liabilities and stockholders’ equity		90,789

Closing journal entries

	Closing Entries
Date	Particulars	L.F	Debit	Credit
			$	$
Apr-30	Commission earned		21,150
	Income summary			21,150
	(For income closing balances recorded)
Apr-30	Income summary		8,071
	Salary Expense			1,910
	Rent Expense			2,800
	Insurance expense			161
	Supplies expense			1,100
	Telephone expense			1,250
	Repair expense			350
	Depreciation-Equipment			500
	(For expenses closing balances recorded)
Apr-30	Income summary		13,079
	J Nozomi Capital			13,079
	(For income summary close to capital account)
Apr-30	J Nozomi Capital		1,600
	J Nozomi Drawings			1,600
	(For drawings transferred to capital account)

Ledger accounts

Cash
Date	Debit	Credit	Balance
Apr-01	39,000		39,000
Apr-02		2,800	36,200
Apr-03		1,700	34,500
Apr-10		2,900	31,600
Apr-14		800	30,800
Apr-24	19,000		49,800
Apr-28		800	49,000
Apr-29		350	48,650
Apr-30		1250	47,400
Apr-30		1,600	45,800
Computer Equipment
Date	Debit	Credit	Balance
Apr-01	40,000		40,000
Rent Expense
Date	Debit	Credit	Balance
Apr-02	2,800		2,800
Apr-30		2,800	0
Office Supplies
Date	Debit	Credit	Balance
Apr-03	1,700		1,700
Apr-30		1,100	600
Prepaid Insurance
Date	Debit	Credit	Balance
Apr-10	2,900		2,900
Apr-30		161	2,739
Salaries exp
Date	Debit	Credit	Balance
Apr-14	800		800
Apr-28	800		1,600
Apr-30	310		1,910
Apr-30		1,910	0
Commissions earned
Date	Debit	Credit	Balance
Apr-24		19,000	19,000
Apr-30		2,150	21,150
Apr-30	21,150		0
Repairs Expense
Date	Debit	Credit	Balance
Apr-29	350		350
Apr-30		350	0
Telephone Expense
Date	Debit	Credit	Balance
Apr-30	1,250		1,250
Apr-30		1,250	0
Dividends
Date	Debit	Credit	Balance
Apr-30	1,600		1,600
Apr-30		1,600	0
Insurance Expense
Date	Debit	Credit	Balance
Apr-30	161		161
Apr-30		161	0
Depreciation expense
Date	Debit	Credit	Balance
Apr-30	500		500
Apr-30		500	0
Accumulated dep
Date	Debit	Credit	Balance
Apr-30		500	500
Supplies exp
Date	Debit	Credit	Balance
Apr-30	1,100		1,100
Apr-30		1,100	0
Salaries payable
Date	Debit	Credit	Balance
Apr-30		310	310
Account Receivable
Date	Debit	Credit	Balance
Apr-30	2,150		2,150
Income summary
Date	Debit	Credit	Balance
Apr-30		21,150	21,150
Apr-30	1,910		19,240
Apr-30	2800		16,440
Apr-30	161		16,279
Apr-30	1100		15,179
Apr-30	1250		13,929
Apr-30	350		13,579
Apr-30	500		13,079
Apr-30	13,079		0
J Nozomi Capital Account
Date	Debit	Credit	Balance
Apr-01		79,000	79,000
Apr-30	1,600		77,400
Apr-30		13,079	90,479

Trial Balance

Adventure Travel
Post Closing Trial Balance
April 30, 2017
	Debit	Credit
Cash	45,800
Account Receivable	2,150
Office Supplies	600
Prepaid insurance	2,739
Computer equipment	40,000
Accumulated dep-Computer Equipment		500
Salaries payable		310
J Nozomi Capital account		90,479
Total	91,289	91,289