Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

!! On April 1, Jose Garcia created a new travel agency. Garcia Travel. The following transactions occurred during the company's first month. Apri1 2 Garcia

image text in transcribed
image text in transcribed
!!
On April 1, Jose Garcia created a new travel agency. Garcia Travel. The following transactions occurred during the company's first month. Apri1 2 Garcia invested $38,600 cash and computer equipment worth $11,400 in the company. April 3. The company rented furnished office space by paying $2,600 cash for the first month's (April) rent. April 4 The company purchased $1,200 of office supplies for cash. April 10 The company paid 51,800 cash for a 12-month insurance policy. Coverage begins on Apri1 11. April 14 The company paid $1,540 cash for two weeks' salaries earned by employees. April 24 The cospany collected $24,660 cash for commissions revenue. April 28 The conpany paid $1,540 cash for two weeks' salaries earned by employees. April 29 The company paid 365e cash for minor repairs to computer equipment. April 30 The company paid $480 cash for this month's telephone bil1. April 30 Garcia 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, $600 of office supplies are still avallable. c. This month's depreciation on computer equipment is $190. d. Employees earned $616 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,830 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 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 The Art and Science of Assurance Engagements

Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones

14th Canadian edition

134613112, 134835018, 9780134885254 , 978-0134613116

More Books

Students also viewed these Accounting questions

Question

Total how many Digital Epochs did world had till date? 1 2 3 4

Answered: 1 week ago

Question

L A -r- P[N]

Answered: 1 week ago

Question

To identify HRM functions when it is created.

Answered: 1 week ago

Question

To understand the role of HRM as a business development partner.

Answered: 1 week ago