CHAPTER 4 Completing the Accounting Cycle and Classifying Account Problem 4-13A Performing the steps in the accounting cycle L02.3 CHECK FOURES; 4. Loss $1.070; Total assets-S 102.1006. Post-Ceun; 0aance-Si On June 1, 2017, Samm Near created a new travel agency called ToursPor Less These act $104.150 during the company's first month cneated the new company by investing 540,000 cash, $5.000 ot famiture, and $60,000 2 The company rented fumished office space by paying $3.200 rent for the first month 3 The company purchased $2,400 of office supplies for cash 0 The compary paid $7,200 for the premium on a 14 The owner's assistant was paid $3,600 for two weeks' salary 24 The company collected $13,600 28 The assistant was paid another $3,600 for two weeks' salary 29 The company paid the month's $3.500 phone bi 30 The company repaired its computer for $700 on account 30 The owner withdrew $2,850 cash from the business for personal use. one year insurance policy of commissions from airlines on tickets obtained for customers The company's chart of accounts included these accounts: 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 160 Furniture 161 Accumulated Depreciation, Furniture 167 Computer Equipment 168 Accumulated Depreciation, Computer Equipment 302 Sam Near, Withdrawals 405 Commissions Revenue 610 Depreciation Expense, Furniture 612 Depreciation Expense, Computer Equipmen 622 Sataries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary 201 Accounts Payable 209 Salaries Payable 301 Sam Near, Capital 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. 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 get been billed. 4 Prepare an income statement, a statement of changes in equity, and a classified ba S. Prepare jounal entries to close the temporary accounts and post them to the accounts . Prepare a post-closing trial balance. 290