On April 1, 2016, Jiro Nozomi created a new travel agency,
Adventure Travel. The following transactions occurred during the company’s
first month.
April 1 Nozomi invested $30,000 cash and computer equipment worth $20,000 in the company in exchange for common stock.
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.
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14
The
company paid $1,600 cash for two weeks’ salaries earned by employees.
24
The
company collected $8,000 cash on commissions from airlines on tickets obtained
for customers.
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.
30
The
company paid $1,500 cash in dividends.
Descriptions of items that require adjusting entries on
April 30, 2016, follow.
Two-thirds (or
$133) of one month’s insurance coverage has expired.
At the end of the
month, $600 of office supplies are still available.
This month’s
depreciation on the computer equipment is $500.
Employees earned
$420 of unpaid and unrecorded salaries as of month-end.
The company earned
$1,750 of commissions that are not yet billed at month-end.
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