Record the entry to close the revenue account(s). On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during themonth.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) ren3 The company purchased $1,000 of office supplies for cash.Apr.Apr.Apr.Apr. 10 The company paid $2,400 cash for the premium on a 12-month insurance policy. Coverage begins on AApr. 14 The company paid $1,600 cash for two weeks' salaries earned by employees.Apr. 24 The company collected $8,000 cash for commissions earned.Apr. 28 The company paid $1,600 cash for two weeks' salaries earned by employees.Apr. 29 The company paid $350 cash for minor repairs to the company's computer.Apr. 30 The company paid $750 cash for this month's telephone bill.Apr. 30 Nozomi withdrew $1,500 cash from the company for personal use.Information for month-end adjustments follows:a. Prepaid insurance of $133 has expired this month.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 $420 of unpaid and unrecorded salaries as of month-end.e. The company earned $1,750 of commissions that are not yet billed at month-end.

Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…

Answered: Record the entry to close the revenue…

Business

Accounting

Record the entry to close the revenue account(s).

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

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