Classifying Accounts CHAPTER 4 Completing the Accounting Cycle and Problem 4-13A Performing the steps in the accounting cycle L02.3,4,5,6 CHECK FIGURES: 4. Loss-31.070: Total assets $102. 100: 6. post-closing trial On June 1, 2017, Sam Near created a new travel agency called Tours-For-Less Proble during the company's first month You are Near created the new company by investing $40,000 cash. $5.000 of $60,000 Anr 1 2 The company rented furnished office space by paying $3,200 rent for the first mone 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 compang colected $13.600 of commissions from airlines on tickets obtained for 28 The assistant was paid another $3,600 for two weeks salary 24 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 101 Cash 106 Accounts Recevable 124 Office Supplies 128 Prepaid Insurance 160 Furniture 161 Accumulated Depreciation, Furniture 167 Computer Equipment 168 Accumulated Depreciation, Computer Equipment 201 Accounts Payable 209 Salaries Payable 301 Sam Near, Capital 302 Sam Near. Withdrawais 405 Commissions Revenue 610 Depreciation Expense, Furniture 612 Depreciation Expense, Computer Eqipnen 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Required 1. Set up each of the listed accounts. Note: Your instructor will tell you to use either the bolane column format or T-accounts. 2. Prepare jounal 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. Dapreciation on the cad 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 she 5. Prepare jounal entries to close the temporary accounts and post them to the accounts 6. Prepare a post-closing trial balance. 290 Classifying Accounts CHAPTER 4 Completing the Accounting Cycle and Problem 4-13A Performing the steps in the accounting cycle L02.3,4,5,6 CHECK FIGURES: 4. Loss-31.070: Total assets $102. 100: 6. post-closing trial On June 1, 2017, Sam Near created a new travel agency called Tours-For-Less Proble during the company's first month You are Near created the new company by investing $40,000 cash. $5.000 of $60,000 Anr 1 2 The company rented furnished office space by paying $3,200 rent for the first mone 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 compang colected $13.600 of commissions from airlines on tickets obtained for 28 The assistant was paid another $3,600 for two weeks salary 24 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 101 Cash 106 Accounts Recevable 124 Office Supplies 128 Prepaid Insurance 160 Furniture 161 Accumulated Depreciation, Furniture 167 Computer Equipment 168 Accumulated Depreciation, Computer Equipment 201 Accounts Payable 209 Salaries Payable 301 Sam Near, Capital 302 Sam Near. Withdrawais 405 Commissions Revenue 610 Depreciation Expense, Furniture 612 Depreciation Expense, Computer Eqipnen 622 Salaries Expense 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Required 1. Set up each of the listed accounts. Note: Your instructor will tell you to use either the bolane column format or T-accounts. 2. Prepare jounal 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. Dapreciation on the cad 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 she 5. Prepare jounal entries to close the temporary accounts and post them to the accounts 6. Prepare a post-closing trial balance. 290