Hello can you help to create trial balance?

1 Part XXX Accounting Cycle 2. 3 JM Travel and Tours is a travel agency that offers international and local travel services. The company is owned and operated by 4 Justine Mendoza. The closing balances at the end of March 2020 and the chart of accounts are shown below. 5 6 7 JM Travel and Tours 8 Balance Sheet As at March 31, 2020 LO Assets Liabilities 1 Current Assets Current Liabilities 12 Cash $ 12,450 Accounts Payable 16,400 13 Accounts Receivable 6,420 Unearned Revenue 8,800 14 Prepaid Insurance Bank loan-current portion due 6,000 15 Totals Current Assets $ 18,870 Total Current Liabilities 31,200 16 Property, Plant & Equipment 17 Equipment $ 61,000 Bank Loan - Non-current portion 24,000 18 Accumulated Depreciation (7,700) Total Liabilities 55,200 19 Total Property, Plant & Equipment 53,300 Owner's Equity 20 Mendoza Capital 16,970 21 Total Assets $ 72,170 Total Liabilities & Owners' Equity 72,170 22 23 24 Account Description Account # Account Description Account # 25 ASSETS REVENUE 26 Cash 101 Travel Service Revenue 400 27 Accounts Receivable 105 EXPENSES 28 Prepaid Insurance 110 Advertising Expense 500 29 Equipment 120 Depreciation Expense 510 BO Accumulated Depreciation 125 Insurance Expense 515 1 LIABILITIES Interest Expense 520 32 Accounts Payable 200 Rent Expense 540 3 Bank Loan Interest Payable 205 Salaries Expense 545 34 Salary Payable 210 Telephone Expense 550 35 Unearned Revenue 215 Travel Expense 555 6 Bank Loan-Current Portion 217 87 Bank Loan-Non-Current Portion 220 8 OWNER'S EQUITY 39 Mendoza Capital 300 10 Mendoza Withdrawals 310 11 Income Summary 315 12 13 * Since the loan is to be repaid in less than one year, use the Bank Loan-Current Portion for the credit entry ** Use the Bank Loan-Non-Current Portion for the credit entry since the same amount is still due over the next 12 months; therefore amount of current portion has not changed. At the end of April, the following adjustment had to be journalized to properly report the balances of the company's accounts: Apr 30 Apr 30 Apr 30 Apr 30 Apr 30 Recognized $3,500 of Unearned Revenue as being earned during the month of April. Interest of $50 has accrued on the bank loan. One month of prepaid insurance worth $600 has expired. One month of depreciation for $500 needs to be recorded. Accrued salary expense of $720 needs to be recorded Note: The bank loan is repayable in monthly payments of $500 plus interest. Current portion is $6,000 ($500x12) and long-term is $24,000. When recording monthly payment, please be sure to debit the non-current portion and not the current portion as the latter will not change until the last year of the loan. Required: a) Enter the opening balances from the March 2020 balance sheet into the general ledger accounts. b) Prepare the journal entries for the month of April and post them to the appropriate general ledger accounts. c) Create the trial balance in the worksheet, and then complete the remaining section of the worksheet. d) Create the income statement, statement of owner's equity and the classified balance sheet. e) Prepare the journal entries for the adjustments and post them to the appropriate general ledger accounts. f) Prepare the journal entries to close the books for the month of April 2020(use the income summary account), and post the journal entries to the appropriate general ledger accounts. g) Create the post-closing trial balance. Note: Please read the instructions carefully and follow required steps in the order provided above. Refer to your textbook if needed (Chapter 6) for format of financial statements: Templates have been set up using formats shown in textbook. A B C D F G H 1 2 3 JM Travel and Tours Worksheet April 30, 2020 Unadjusted Trial Balance Adjustments 4 Adjusted Trial Balance DR CR DR CR DR CR 5 6 Account Titles 7 Cash 8 Accounts Receivable 9 Prepaid Insurance 10 Equipment 11 Accumulated Depreciation 12 Accounts Payable 13 Bank Loan Interest Payable 14 Salary Payable 15 Unearned Revenue 16 Bank Loan-Current Portion 17 Bank Loan-Non-Current Portion 18 Mendoza Capital 19 Mendoza Withdrawals 20 Travel Service Revenue 21 Advertising Expense 22 Depreciation Expense 23 Insurance Expense 24 Interest Expense 25 Rent Expense 26 Salaries Expense 27 Telephone Expense 28 Travel Expense 29 Total 30 1 Part XXX Accounting Cycle 2. 3 JM Travel and Tours is a travel agency that offers international and local travel services. The company is owned and operated by 4 Justine Mendoza. The closing balances at the end of March 2020 and the chart of accounts are shown below. 5 6 7 JM Travel and Tours 8 Balance Sheet As at March 31, 2020 LO Assets Liabilities 1 Current Assets Current Liabilities 12 Cash $ 12,450 Accounts Payable 16,400 13 Accounts Receivable 6,420 Unearned Revenue 8,800 14 Prepaid Insurance Bank loan-current portion due 6,000 15 Totals Current Assets $ 18,870 Total Current Liabilities 31,200 16 Property, Plant & Equipment 17 Equipment $ 61,000 Bank Loan - Non-current portion 24,000 18 Accumulated Depreciation (7,700) Total Liabilities 55,200 19 Total Property, Plant & Equipment 53,300 Owner's Equity 20 Mendoza Capital 16,970 21 Total Assets $ 72,170 Total Liabilities & Owners' Equity 72,170 22 23 24 Account Description Account # Account Description Account # 25 ASSETS REVENUE 26 Cash 101 Travel Service Revenue 400 27 Accounts Receivable 105 EXPENSES 28 Prepaid Insurance 110 Advertising Expense 500 29 Equipment 120 Depreciation Expense 510 BO Accumulated Depreciation 125 Insurance Expense 515 1 LIABILITIES Interest Expense 520 32 Accounts Payable 200 Rent Expense 540 3 Bank Loan Interest Payable 205 Salaries Expense 545 34 Salary Payable 210 Telephone Expense 550 35 Unearned Revenue 215 Travel Expense 555 6 Bank Loan-Current Portion 217 87 Bank Loan-Non-Current Portion 220 8 OWNER'S EQUITY 39 Mendoza Capital 300 10 Mendoza Withdrawals 310 11 Income Summary 315 12 13 * Since the loan is to be repaid in less than one year, use the Bank Loan-Current Portion for the credit entry ** Use the Bank Loan-Non-Current Portion for the credit entry since the same amount is still due over the next 12 months; therefore amount of current portion has not changed. At the end of April, the following adjustment had to be journalized to properly report the balances of the company's accounts: Apr 30 Apr 30 Apr 30 Apr 30 Apr 30 Recognized $3,500 of Unearned Revenue as being earned during the month of April. Interest of $50 has accrued on the bank loan. One month of prepaid insurance worth $600 has expired. One month of depreciation for $500 needs to be recorded. Accrued salary expense of $720 needs to be recorded Note: The bank loan is repayable in monthly payments of $500 plus interest. Current portion is $6,000 ($500x12) and long-term is $24,000. When recording monthly payment, please be sure to debit the non-current portion and not the current portion as the latter will not change until the last year of the loan. Required: a) Enter the opening balances from the March 2020 balance sheet into the general ledger accounts. b) Prepare the journal entries for the month of April and post them to the appropriate general ledger accounts. c) Create the trial balance in the worksheet, and then complete the remaining section of the worksheet. d) Create the income statement, statement of owner's equity and the classified balance sheet. e) Prepare the journal entries for the adjustments and post them to the appropriate general ledger accounts. f) Prepare the journal entries to close the books for the month of April 2020(use the income summary account), and post the journal entries to the appropriate general ledger accounts. g) Create the post-closing trial balance. Note: Please read the instructions carefully and follow required steps in the order provided above. Refer to your textbook if needed (Chapter 6) for format of financial statements: Templates have been set up using formats shown in textbook. A B C D F G H 1 2 3 JM Travel and Tours Worksheet April 30, 2020 Unadjusted Trial Balance Adjustments 4 Adjusted Trial Balance DR CR DR CR DR CR 5 6 Account Titles 7 Cash 8 Accounts Receivable 9 Prepaid Insurance 10 Equipment 11 Accumulated Depreciation 12 Accounts Payable 13 Bank Loan Interest Payable 14 Salary Payable 15 Unearned Revenue 16 Bank Loan-Current Portion 17 Bank Loan-Non-Current Portion 18 Mendoza Capital 19 Mendoza Withdrawals 20 Travel Service Revenue 21 Advertising Expense 22 Depreciation Expense 23 Insurance Expense 24 Interest Expense 25 Rent Expense 26 Salaries Expense 27 Telephone Expense 28 Travel Expense 29 Total 30