On April 1, Rita Griffin created a new travel agency, Griffin Travel. The following transactions occurred during the company's first month. April 2 Griffin invested $45,000 cash and computer equipment worth $15,600 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,500 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 $2,160 cash for a 12-month insurance policy. Coverage begins on April 11. April 14 The company paid $1,680 cash for two weeks' salaries earned by employees. April 24 The company collected $22,000 cash for commissions revenue. April 28 The company paid $1,680 cash for two weeks' salaries earned by employees. April 29 The company paid $800 cash for minor repairs to computer equipment. April 30 The company paid $400 cash for this month's telephone bill. April 30 The company paid $1,800 cash in dividends. Information for month-end adjustments follows: a. Prepaid insurance of $120 expired this month. b. At the end of the month, $950 of office supplies are still available. c. This month's depreciation on computer equipment is $260. d. Employees earned $672 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,800 of commissions revenue that is not yet recorded at month-end. Answer is not complete. General Journal tab - Prepare journal entries for Griffin Travel's first month of operations. Prepare any necessary adjusting and closing entries for the current month. General Ledger tab - Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Trial Balance tab - You may view the unadjusted, adjusted, or post-closing trial balances by choosing from the dropdown box below. Your choice will determine the reported values on the financial statement tabs. Income Statement tab - 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. Statement of Retained Earnings tab - The unadjusted, adjusted or post-closing balances will appear for each account, based on your selection. Balance Sheet tab - Use the drop-downs to select the accounts properly included on the balance sheet. The unasted, adjusted or post-closing balances will appear for each account, based on your selection. Post-Closing tab-Use the drop-downs to indicate whether each account is included on the post-closing trial balance. Answer is not complete. 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. Answer is not complete. 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
