Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I need the income statement and statement of owners equity 8 Check my work On April 1, 2017, Carolyn Collins company's first month created a
I need the income statement and statement of owners equity
8 Check my work On April 1, 2017, Carolyn Collins company's first month created a new travel agency. Collins Travel. Th following transactions occurred during the Apr. 1 collins invested $42,000 cash and computer equipment worth $21,eee in the company Apr. 2 The company rented furnished office space by paying $2,68e cash for the first month's (Apri1) Apr. 3 The company purchased $1,600 of office supplies for cash Apr. 10 The company paid $3,240 cash for the premium on a 12-month insurance policy. Coverage begins on April 11 Apr. 14 The company paid $2,1e0 cash for two weeks' salaries earned by employees Apr. 24 The company collected $24,e00 cash on comissions from airlines on tickets obtained for custoners Apr. 28 The company paid $2,100 cash for two weeks' salaries earned by employees. Apr. 29 The company paid $8e0 cash for minor repairs to the company's computer. Apr. 30 The company paid $500 cash for this month's telephone bill Apr. 3e Collins withdrew $2,100 cash from the company for personal use 3.33 points eBook Print Information for month-end adjustments follows: a. Two-thirds (or $180) of one month's insurance coverage has expired. b. At the end of the month, $850 of office supplies are still available. c. This month's depreciation on the computer equipment is $350 d. Employees earned $840 of unpaid and unrecorded salaries as of month-end e. The company earned $1.790 of commissions that are not yet billed at month-end. Requirement Journal GeneralTrial Balance Statement Ledger St Owners Balance Sheet Post Closing Equity Use the drop- downs to select the accounts properly included on the income statement. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. McStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started