April 1 Nozomi invested $47,000 cash and computer equipment worth $40,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,200 cash for the first month's (April) rent. 3 The company purchased $2,000 of office supplies for cash. 10 The company paid $2,200 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,300 cash for two weeks' salaries earned by employees. 24 The company collected $14,000 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $1,300 cash for two weeks' salaries earned by employees. 29 The company paid $300 cash for minor repairs to the company's computer. 30 The company paid $1,100 cash for this month's telephone bill. 30 The company paid $2,000 cash in dividends. 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 307 Common Stock 318 Retained Earnings 319 Dividende 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 $122) 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 $400. d. Employees earned $580 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,250 of commissions that are not yet billed at month-end.
April 1 Nozomi invested $47,000 cash and computer equipment worth $40,000 in the company in exchange for common stock. 2 The company rented furnished office space by paying $2,200 cash for the first month's (April) rent. 3 The company purchased $2,000 of office supplies for cash. 10 The company paid $2,200 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. 14 The company paid $1,300 cash for two weeks' salaries earned by employees. 24 The company collected $14,000 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $1,300 cash for two weeks' salaries earned by employees. 29 The company paid $300 cash for minor repairs to the company's computer. 30 The company paid $1,100 cash for this month's telephone bill. 30 The company paid $2,000 cash in dividends. 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 307 Common Stock 318 Retained Earnings 319 Dividende 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 $122) 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 $400. d. Employees earned $580 of unpaid and unrecorded salaries as of month-end. e. The company earned $2,250 of commissions that are not yet billed at month-end.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject: acounting
Transcribed Image Text:April 1 Nozomi invested $47,000 cash and computer equipment worth $40,000 in the company in exchange for common stock.
2 The company rented furnished office space by paying $2,200 cash for the first month's (April) rent.
3 The company purchased $2,000 of office supplies for cash.
10 The company paid $2,200 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
14 The company paid $1,300 cash for two weeks' salaries earned by employees.
24 The company collected $14,000 cash on commissions from airlines on tickets obtained for customers.
28 The company paid $1,300 cash for two weeks' salaries earned by employees.
29 The company paid $300 cash for minor repairs to the company's computer.
30 The company paid $1,100 cash for this month's telephone bill.
30 The company paid $2,000 cash in dividends.
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.
307 Common Stock
318 Retained Earnings
319 Dividends
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 $122) 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 $400.
d. Employees earned $580 of unpaid and unrecorded salaries as of month-end.
e. The company earned $2,250 of commissions that are not yet billed at month-end.
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