On April 1 Jiro Nozomi created a travel agency, Adventure Travel. The following transactions occured during the company's first month. April 1 Nozomi invested $30,000 cash and computer equipment worth $20000 in the company in exchange for common stock. april 2 the company rented furnished office space by paying $1800 cash for the first month's rent april 3 The company purchased $1,000 of office supplies for cash april 10 the compant paid $2400 cash for the premium on a 12 month insurance policy coverage begins on april 11. april 14 the company paid $1600 cash for 2 weeks salaries earned by employess. april 24 the company collected $8000 cash for commissions earned april 28 the company paid $1600 cash for 2 weeks salaries earned april 29 the company paid $350 cash for minor repairs to the company's computer april 30 the company paid $750 cash for this months telephone bill april 30 the company paid $1500 cash in dividends use the following information: 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 $1750 of commissions that are not yet billed at month-end Question: Make a Journal entry work sheet. Record the entry to close the revenue accounts, expense accounts, income summary and dividends acocunt.

On January 1, Sweet Pleasures, Inc., begins business. The company has 14,000 cash on hand and is attempting to project cash receipts and disbursements through April 30. On May 1, a note payable of 10,000 will be due. This amount was borrowed on January 1 to carry the company through its first four months of operation. The unit purchase cost of the companys single product, a box of Sweet Pleasures chocolates, is 12. The unit sales price is 28. Projected purchases and sales in units for the first four months are: Sales terms call for a 5% discount if paid within the same month that the sale occurred. It is expected that 50% of the billings will be collected within the discount period, 25% by the end of the month after purchase, 19% in the following month, and 6% will be uncollectible. Approximately 60% of the purchases are paid for in the month purchased. The rest are due and payable in the next month. Total fixed marketing and administrative expenses for each month include cash expenses of 5,000 and depreciation on equipment of 2,000. Variable marketing and administrative expenses total 6 per unit sold. All marketing and administrative expenses are paid as incurred. REQUIREMENT You have been asked to prepare a cash budget for the next four months to see if the loan can be repaid. Review the worksheet CASHBUD that follows these requirements. The problem data have already been entered in the Data Section of the worksheet.

Prepare journal entries to record the following transactions for the month of November: A. on first day of the month, issued common stock for cash, $20,000 B. on third day of month, purchased equipment for cash, $10,500 C. on tenth day of month, received cash for accounting services, $14,250 D. on fifteenth day of month, paid miscellaneous expenses, $3,200 E. on last day of month, paid employee salaries, $8,600

Harris Welding Company had the following transactions for June. June 1 Tyler Harris invested $9550 cash in a small welding business June 2 Bought used welding equipment on account for $3050 June 5 Hired an employee to start work on July 15. Agreed on a salary of $3390 per month June 17 Billed P. White $2230 for welding work done. June 27 Received $1220 cash from P.White for work billed on June 17.   For each transaction, indicate the basic type of account debited/credited, specific account debited/credited on the account and the amount