On April 1, 2023, Pat started a new travel agency, Adventure Travel. The following transactions occurred during the month of April: April 1-Pat invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock. April 2-The company paid $1,800 cash for the first's month rent. April 3-The company purchased $1,000 of office supplies. April 10-The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage began on April 11. April 15-The company billed a customer for $1,750 for commissions earned. April 14-The company paid $1,600 cash for two week's salaries earned by the employees. April 24-The company collected $8,000 cash on commissions earned. April 28-The company paid $1,600 cash for two week's salaries earned by the employees. April 28-The company paid $350 cash for computer repairs. April 30-The company paid $750 cash for April's telephone bill. April 30-The company paid $1,500 cash in dividends. ADVENTURE TRAVEL CHART OF ACCOUNTS: 101 Cash 106 Accounts receivable 124 Office supplies 128 Prepaid insurance 167 Computer equipment 168 Accumulated depreciation 209 Salaries payable 307 Common stock 318 Retained earnings 319 Dividends 405 Commissions earned 612 Depreciation expense 622 Salaries expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 684 Repairs expense 688 Telephone expense 901 Income summary 1. Prepare the journal entries for the above transactions and post to T-Accounts. 2. Prepare the unadjusted trial balance as of April 30. ۵ hp W NEW 9 9/
On April 1, 2023, Pat started a new travel agency, Adventure Travel. The following transactions occurred during the month of April: April 1-Pat invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock. April 2-The company paid $1,800 cash for the first's month rent. April 3-The company purchased $1,000 of office supplies. April 10-The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage began on April 11. April 15-The company billed a customer for $1,750 for commissions earned. April 14-The company paid $1,600 cash for two week's salaries earned by the employees. April 24-The company collected $8,000 cash on commissions earned. April 28-The company paid $1,600 cash for two week's salaries earned by the employees. April 28-The company paid $350 cash for computer repairs. April 30-The company paid $750 cash for April's telephone bill. April 30-The company paid $1,500 cash in dividends. ADVENTURE TRAVEL CHART OF ACCOUNTS: 101 Cash 106 Accounts receivable 124 Office supplies 128 Prepaid insurance 167 Computer equipment 168 Accumulated depreciation 209 Salaries payable 307 Common stock 318 Retained earnings 319 Dividends 405 Commissions earned 612 Depreciation expense 622 Salaries expense 637 Insurance expense 640 Rent expense 650 Office supplies expense 684 Repairs expense 688 Telephone expense 901 Income summary 1. Prepare the journal entries for the above transactions and post to T-Accounts. 2. Prepare the unadjusted trial balance as of April 30. ۵ hp W NEW 9 9/
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:On April 1, 2023, Pat started a new travel agency, Adventure Travel. The following transactions occurred
during the month of April:
April 1-Pat invested $30,000 cash and computer equipment worth $20,000 in the company in exchange
for common stock.
April 2-The company paid $1,800 cash for the first's month rent.
April 3-The company purchased $1,000 of office supplies.
April 10-The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage
began on April 11.
April 15-The company billed a customer for $1,750 for commissions earned.
April 14-The company paid $1,600 cash for two week's salaries earned by the employees.
April 24-The company collected $8,000 cash on commissions earned.
April 28-The company paid $1,600 cash for two week's salaries earned by the employees.
April 28-The company paid $350 cash for computer repairs.
April 30-The company paid $750 cash for April's telephone bill.
April 30-The company paid $1,500 cash in dividends.
ADVENTURE TRAVEL CHART OF ACCOUNTS:
101 Cash
106 Accounts receivable
124 Office supplies
128 Prepaid insurance
167 Computer equipment
168 Accumulated depreciation
209 Salaries payable
307 Common stock
318 Retained earnings
319 Dividends
405 Commissions earned
612 Depreciation expense
622 Salaries expense
637 Insurance expense
640 Rent expense
650 Office supplies expense
684 Repairs expense
688 Telephone expense
901 Income summary
1. Prepare the journal entries for the above transactions and post to T-Accounts.
2. Prepare the unadjusted trial balance as of April 30.
۵
hp
W
NEW
9
9/
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