On June 1, 2014, Sam Near created a new travel agency called Tours-For-Less. These activities occurred during the company's first month:
June 1 Near created the new company by investing $40,000 cash, $5,000 of furniture, and computer equipment worth $60,000.
2 The company rented furnished office space by paying $3,200 rent for the first month.
3 The company purchased $2,400 of office supplies for cash.
10 The company paid $7,200 for the premium on a one-year insurance policy.
14 The owner's assistant was paid $3,600 for two weeks' salary.
24 The company collected $1 3,600 of commissions from airlines on tickets obtained for customers.
28 The assistant was paid another $3,600 for two weeks' salary.
29 The company paid the month's $3,500 phone bill.
30 The company repaired its computer for $700 on account.
30 The owner withdrew $2,850 cash from the business for personal use.
The company's chart of accounts included these accounts:

Required
1. Set up each of the listed accounts. Note: Your instructor will tell you to use either the balance column format or T-accounts.
2. Prepare journal entries to record the transactions for June and post them to the accounts.
3. Use the following information to journalize and post the adjustments for the month:
a. Two-thirds of one month's insurance coverage was consumed.
b. There were $1,600 of office supplies on hand at the end of the month.
c. Depreciation on the computer equipment was estimated to be $1,650 and $400 on the furniture.
d. The assistant had earned $320 of unpaid and unrecorded salary.
e. The company had earned $3,500 of commissions that had not yet been billed.
4. Prepare an income statement, a statement of changes in equity, and a classified balance sheet.
5. Prepare journal entries to close the temporary accounts and post them to the accounts.
6. Prepare a post-closing trial balance.