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In this case you will complete the accounting cycle (Illustration 3-6, page3-8) for one month for a new company. To facilitate the end-of-month accounting and reporting process you will use a worksheet. The worksheet is a tool used to adjust account balances and prepare financial statements, however, the worksheet does not replace the financial statements. Preparation of a worksheet is covered in Appendix 3C on pages 3-46 through 3-49. The following is information concerning the company. Instructions are at the end of the case. At the start of the new business the company set up the following chart of accounts: 101 106 124 128 167 168 209 307 318 319 Cash Accounts Receivable Office Supplies Prepaid Insurance Computer Equipment Accumulated Depreciation Computer Equip. Salaries Payable Common Stock Retained Earnings Dividends 405 410 612 622 637 640 650 684 688 901 Commissions Earned Consulting Revenue Depreciation Expense_Computer Equip. Salaries Expense Insurance Expense Rent Expense Office Supplies Expense Repairs Expense Telephone Expense Income Summary You may ADD additional accounts as necessary. Assign an account # based on the account classifications: Assets: 100-199 Liabilities: 200-299 Equity: 300-399 Revenues. 400-499 D.Focu Font Paragraph Styles Il Editing Voice 3 July 1, 2020. John Adams created a new travel agency, Adventure Travel. The following transactions occurred during the company's first month. July 1 Adams invested $65,000 cash and computer equipment worth $27,000 in the company in exchange for common stock 2 The company rented furnished office space by paying $4,500 cash for the first month's (July) rent. The company purchased $2,400 of office supplies for cash and debited the entire amount to an expense account The company collected $14,150 cash for consulting services to be provided in the next four months 10 The company paid $3,330 cash for the premium on a 12-month insurance policy. Coverage begins on July 11 14 The company paid $2,200 cash for two weeks' salaries earned by employees. 5 Case 1 - 17th edition 20/FA 2 24 The company collected $17,400 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $2,200 cash for two we salaries earned by employees. 29 The company paid $540 cash for minor repaus to the company s computer. 30 The company paid $1,900 cash for this month's telephone bill. 30 The company paid $1,500 cash for dividends Paragraph N Styles 24 The company collected $17,400 cash on commissions from airlines on tickets obtained for customers. 28 The company paid $2,200 cash for two weeks' salaries earned by employees. 29 The company paid $540 cash for minor repairs to the company's computer. 30 The company paid $1,900 cash for this month's telephone bill. 30 The company paid $1,500 cash for dividends. c End of Month Information (use for instructions 4 and 5); a. Two-thirds of one month's insurance coverage has expired. b. At the end of the month $1,350 of office supplies are still available. One month's depreciation on the computer equipment was recorded. The company uses straight-line method of depreciation, the computer is estimated to have 3 year useful life and no residual value. d. Employees earned $780 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,200 of commissions that are not yet billed at month-end. f. The company has provided consulting services for $2,900 for customers who have paid in advance (July 5th transaction) Instructions: 1. Journalize July transactions in the provided General Joumal; 2. Post July transactions to the provided ledger accounts (T-accounts), calculate and show the unadjusted balance of each account at the end of the month (unadjusted balances); 3. Prepare the unadjusted trial balance in the worksheet; 4. Record the adjusting entries in the worksheet, 5. Journalize July adjusting entries in the General Journal; 6. Post the adjusting entries to the ledger accounts and determine the adjusted balances; 7. Prepare the adjusted trial balance in the worksheet: 8. Complete the income statements and the balance sheet columns of the worksheet; 9. Prepare in good form the income statement, statement of retained earnings and classified balance sheet for the month ending July 31; 10. Journalize the closing entries in the General Journal: 11. Post the closing entries in the ledger accounts. Bonus: Prepare a post-closing trial balance in the provided template (5 bonus points)