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On April 1, Greg Taylor created a new travel agency, Taylor Travel. The following transactions occurred during the company's first month. April 2 Taylor invested
On April 1, Greg Taylor created a new travel agency, Taylor Travel. The following transactions occurred during the company's first month. April 2 Taylor invested $43,000 cash and computer equipment worth $14,480 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,300 cash for the first month's (April) rent. April 4 The company purchased $2,200 of office supplies for cash. April 10 The company paid $3,600 cash for a 12-month insurance policy. Coverage begins on April 11. Apri1 14 The company paid $1,400 cash for two weeks' salaries earned by employees. April 24 The company collected $18,000 cash for commissions revenue, April 28 The company paid $1,400 cash for two weeks' salaries earned by employees. April 29 The company paid $500 cash for minor repairs to computer equipment. April 30 The company paid $650 cash for this month's telephone bill. April 30 The company paid $2,200 cash in dividends. Information for month-end adjustments follows: a. Prepaid insurance of $200 expired this month. b. At the end of the month, $850 of office supplies are still available. c. This month's depreciation on computer equipment is $240. d. Employees earned $560 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,780 of commissions revenue that is not yet recorded at month-end. Use the drop-downs to select the accounts properly included on the balance sheet. The unadjusted, adjusted, or post-closing balances will appear for each account, based on your selection. 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
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