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).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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 the
month.
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) ren
3 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 A
Apr. 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.

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