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I NEED ANSWERS ACCORDING TO THE FORMAT IN THE YOUTUBE ATTACHED VIDEO. (IF POSSIB
I NEED ANSWERS ACCORDING TO THE FORMAT IN THE YOUTUBE ATTACHED VIDEO. (IF POSSIBLE TAKE THE SCRENSHOT AND WORK AND WRITE ON IT). I DID THE FIRST QUESTION. LINK n April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.
April 2Nozomi invested $48,000 cash and computer equipment worth $25,000 in the company in exchange for its common stock.
April 3The company rented furnished office space by paying $2,800 cash for the first month’s (April) rent.
April 4The company purchased $1,900 of office supplies for cash.
April 10The company paid $2,160 cash for a 12-month insurance policy. Coverage begins on April 11.
April 14The company paid $1,500 cash for two weeks’ salaries earned by employees.
April 24The company collected $12,000 cash for commissions revenue.
April 28The company paid $1,500 cash for two weeks’ salaries earned by employees.
April 29The company paid $500 cash for minor repairs to computer equipment.
April 30The company paid $900 cash for this month’s telephone bill.
April 30The company paid $1,560 cash in dividends.
The company’s chart of accounts follows:
101Cash403Commissions Revenue
106Accounts Receivable612Depreciation Expense—Computer Equipment
124Office Supplies622Salaries Expense
128Prepaid Insurance637Insurance Expense
167Computer Equipment640Rent Expense
168Accumulated Depreciation—Computer Equipment650Office Supplies Expense
209Salaries Payable684Repairs Expense
307Common Stock688Telephone Expense
318Retained Earnings901Income Summary
319Dividends Use the following information to prepare adjusting entries:
Prepaid insurance of $120 expired this month.
At the end of the month, $700 of office supplies are still available.
This month’s depreciation on computer equipment is $500.
Employees earned $480 of unpaid and unrecorded salaries as of month-end.
The company earned $2,350 of commissions revenue that is not yet recorded at month-end.
Required:
1. & 2. Prepare journal entries to record the transactions for April and post them to ledger accounts in Requirement 6B GL tab. The company records prepaid and unearned items in balance sheet accounts.
3. Using account balances from Requirement 6B GL tab, prepare an unadjusted trial balance as of April 30.
4. Journalize the adjusting entries for the month, and then post to the ledger on Requirement 6B GL tab, using April 30 Adjusted as the date.
5a. Using adjusted account balances from Requirement 6B GL tab, prepare an adjusted trial balance as of April 30.
5b. Prepare the income statement for the month of April 30.
5c. Prepare the statement of retained earnings for the month of April 30.
5d. Prepare the balance sheet at April 30.
6a. Prepare journal entries to close the temporary accounts and then post to Requirement 6B GL tab, using April 30 Close as the date.
6b. Post the journal entries to the ledger.
7. Prepare a post-closing trial balance.
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