Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Need the Post closing by 6pm Please! On April 1, Rick Mitchell created a new travel agency, Mitchell Travel. The following transactions occurred during the

Need the Post closing by 6pm Please!
image text in transcribed
image text in transcribed
On April 1, Rick Mitchell created a new travel agency, Mitchell Travel. The following transactions occurred during the company's first month April 2. Mitchel1 Imvested $38,000 cash and computer equipnent worth $18,600 in the company. April 3 . The company rented furnished office space by paying $2,200 cash for the first wonth's (April) rent. April 4 . The company purchased $2,200 of office supplies for cash. April 10 The conpany paid $1,800 cash for a 12 -month insurance policy. coverage begins on April 11. April 14 The company paid $1,540 cash for tio weeks" salaries earned by esployees. Apr 1124 The company collected $16,000 cash for comissions revenue. Apr 1128 The company paid $1,540 cash for two weeks' salaries earned by enployees. April 29 The company paid $650 cash for minor repairs to computer equiparent. April 30 The company paid $650 cash for this sonth's telephone b111. April 30 Mitchell withdrew $1,700 cash from the company for personal use. Information for month-end adjustments follows: a. Prepaid insurance of $100 expired this month. b. At the end of the month, $650 of office supplies are still available. c. This month's depreciation on computer equipment is $310. d. Employees eamed $616 of unpaid and unrecorded salaries as of month-end e. The company earned $1,850 of commissions revenue that is not yet recorded at month-end. Begin by selecting "Post-closing" from the drop-down below. Then, for each account, use the drop-down to indicate whether the account is included on the post-closing trial balance. Based on your decisions, the post-closing trial balance will be created. Compare your resuits with the Trial Balance tab. Begin by selecting "Post-closing" from the drop-down below. Then, for each account, use the drop-down to indicate whether the account is included on the post-closing trial balance. Based on your decisions, the post-closing trial balance will be created, Compare your results with the Trial Balance tab

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Cases An Interactive Learning Approach

Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt

6th edition

133852105, 978-0133852103

More Books

Students also viewed these Accounting questions