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Begin by selecting Post-closing from the drop-down below. Then, for each account, use the drop-down to indicate whether the account is included on the post-closing
Begin by selecting "Post-closing" from the drop-down below. Then, for each account, use the drop-down to indicate whether the account is included on the post-closing trial balance. Based on your decisions, the post-closing trial balance will be created. Compare your results with the Trial Balance tab.
On April 1, 2018, Susan Allen created a new travel agency, Allen Travel. The following transactions occurred during the company's first month Apr. 1Allen invested $34,000 cash and computer equipment worth $16,200 in the company in exchange for common stock. Apr. 2 The company rented furnished office space by paying $2,600 cash for the first month's (April) rent Apr. 3 The company purchased $1,400 of office supplies for cash. Apr. 10 The company paid $2,520 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. Apr. 14 The company paid $1,820 cash for two weeks' salaries earned by employees Apr. 24 The company collected $24,000 cash on commissions from airlines on tickets obtained for customers. Apr. 28 The company paid $1,820 cash for two weeks salaries earned by employees Apr. 29 The company paid $500 cash for minor repairs to the company's computer. Apr. 30 The company paid $450 cash for this month's telephone bill Apr. 30 The company paid $1,900 cash in dividends. Information for month-end adjustments follows a. Two-thirds (or $140) of one month's insurance coverage has expired b. At the end of the month, $1,000 of office supplies are still available c. This month's depreciation on the computer equipment is $270 d. Employees earned $728 of unpaid and unrecorded salaries as of month-end e. The company earned $1,810 of commissions that are not yet billed at month-end Included on Post-closing Trial Balance? Post-closing Trial Balance Type of Account Account Cash Accounts receivable Office supplies Prepaid insurance Computer equipment Accumulated depreciation - Computer equipment Salaries payable Common stock Retained earnings Commissions earned Depreciation expense Computer equipment Salaries expense Insurance expense Rent expense Office supplies expense Repairs expense Telephone expense 400 Yes Permanent Yes Permanent Yes Permanent 50,200 Temporary 0 400 S 50,200 TotalsStep by Step Solution
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