Problem 1 On April 1, Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month. 2020, April 1. Nozomi invested $30,000 cash and...

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Problem 1 On April 1, Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month. 2020, April 1. Nozomi invested $30,000 cash and computer equipment worth$20,000 in the company. 2. The company rented furnished office space by paying $1,800 cash for the first month’s (April) rent. 3. The company purchased $1,000 of office supplies for cash 10. The company paid $2,400 cash for the premium on a 12- month insurance policy. Coverage begins on April 11. 11. The company provided services to the following clients on account: Mike $3,500; Pelosi $6,000; Christy $1,200 14. The company paid $1,600 cash for two weeks’ salaries earned by employees. 15. The company bought a van in credit from Union Motors 20,000 16. Received $5000 cash from Pelosi 24. The company collected $8,000 cash for Services provided. 28. The company paid $1,600 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 $750 cash for this month’s telephone bill. 31. Nozomi withdrew $1,500 cash from the company for personal use. Required a. Prepare journal entries to record the transactions for April and post them to the ledger accounts. b. Prepare unadjusted Trial Balance as of April 30 Problem 2. The following unadjusted trial balance relates to the business activities of Hawkeye Ranges Unadjusted Trial Balance As of December 31 ,2029 Account Title Dr Cr Cash $14000 Supplies 6,500 Equipment 135,000 Accumulated depreciation – Equipment $30,000 Unearned members fees 15000 Notes payable 75000 Hawkeye, Capital 50250 Hawkeye, Withdrawals 21125 Members fee earned 42000 Salaries expense 30000 Interest expense 5625 Totals 212,250 212,250 Additional information a. As of December 31, employees had earned $1,200 of unpaid and unrecorded salaries b. The cost of supplies still available at December 31 is $3,000 c. The notes payable requires an interest payment to be made every three months. The amount of unrecorded accrued interest at December 31 is $1,875 d. Depreciation expense for the year is $15,000 e. In addition to the member fees included in the revenue account balance, the company has earned another $9,300 in unrecorded fees that will be collected on January 31. Required Income statement and a Balance Sheet
Answered Same DayOct 30, 2021

Answer To: Problem 1 On April 1, Nozomi created a new travel agency, Adventure Travel. The following...

Chirag answered on Oct 30 2021
136 Votes
Sheet1
    Problem 1
    Date    Journal    Debit    Credit
    April 01    Cash    30000
        Computer Equipment    20000
        
J.Nozomi, Capital        50000
    April 02    Rent Expense    1800
         Cash        1800
    April 03    Office Supplies    1000
         Cash        1000
    April 10    Prepaid Insurance    2400
         Cash        2400
    April 11    Accounts Receivable    10700
         Commission Earned        10700
    April 14    Salaries Expense    1600
         Cash        1600
    April 15    Van     20000
         Account Payable        20000
    April 16    Cash     5000
         Account Receivable        5000
    April 24    Cash    8000
         Commission Earned        8000
    April 28    Salaries Expense    1600
         Cash        1600
    April 29    Repairs Expense    350
         Cash        350
    April 30    Telephone Expense    750
         Cash        750
    April 30    J.Nozomi,...
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