CHAPTER 4 Completing the Accounting Cyce and Problem 4-13A Performing the steps in the CHECK PIGURES: 4. Loss $1.070: Total assets $102.1006. Post closing trial baiance- $104 cycle L Proble On June 1, 2017, Sam Near created a new travel agency called Tours-For-Less. Thess during the compang's first month March Neor created the new company by investing $40,000 cash. $5.000 of furniture, and computer 2 The company rented funished office space by paying $3.200 rent for the first montn 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 $60,000 Pro 14 The owner's assistant was paid $3.600 for two weeks' salary The 24 The company collected $13,600 of commissions from arines 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 bil 30 The company repaired its computer for $700 on account 30 The owner withdrew $2,850 cash from the business for personal use The compang's chart of accounts included these accounts: 101 Cash 106 Accounts Receivable 124 Orfice Supplies 128 Prepaid Insurance 160 Furniture 161 Accumulated Depreciation, Furniture 167 Computer Equipment 168 Accumulated Depreciation, Computer Equipment 201 Accounts Payable 204 Salaries Payable 301 Sam Near, Capital 302 Sam Near, Withdrawals 405 Commissions Revenue 610 Depreciation Expense, Furniture 612 Depreciation Expense, Computer Equipment 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repasirs Expense 688 Telephone Expense 01 Income Summany Required 1. Set up each of the listed accounts Note: Your instructor will tell you to use either the balance olmn format or T accounts 2. Prepare journal entries to record the transactions for June and post them to the accounts a. 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. e. 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 compang 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 s. Prepare journal entries to close the temporary accounts and post them to the accounts 6. Prepare a post-closing trial balance