Performing the steps in the accounting cycle LO2, 3, 4, 5, 6 CHECK FIGURES: 4. Loss = $1, 070; Total assets = $102, 100; 6. Post-closing trail balance = $104, 150 On June 1, 2017, Sam Near created a new travel agency called Tours-For-Less. These activities occurred during the company's first month. June 1 Near created the new company by investing $40,000 cash, $5,000 of furniture, and computer equipment $60,000. 2 The company rented furnished office space by paying $3, 200 rent for the first month. 3 The company purchased $2, 400 of office supplies for cash. 10 The company paid $7, 200 for the premium on a one year insurance policy. 14 The owner's assistant was paid $3, 600 for two weeks' salary. 24 The company collected $13, 600 of commissions from airlines on tickets obtained for customers. 28 The assistant was paid another $3, 600 for two weeks' salary. 29 The company paid the month's $3, 500 phone bill. 30 The company repaired its computer for $700 on account. 30 The owner withdrew $2, 850 cash from the business for personal use. The company's chart of accounts included these accounts: Required 1. Set up each of the listed accounts. 2. Prepare journal entries to record the transactions for June and post them to the accounts. 3. Use the following information to journalize and post the adjustments for the month: a. Two-thirds of one month's insurance coverage was consumed. b. There were $1, 600 of office supplies on hand at the end of the month. c. Depreciation on the computer equipment was estimated to be $1, 650 and $400 on the furniture. d. The assistant had earned $320 of unpaid and unrecorded salary. e. The company had earned $3, 500 of commissions that had not yet been 4. Prepare an income statement, a statement of changes in equity, and a classified balance sheet. 5. Prepare journal entries to close the temporary accounts and post them to the accounts. 6. Prepare a post-closing trial balance