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Please help me with this question and I will give a thumbs up. Thank you! On April 1, Carolyn Collins created a new travel agency,
Please help me with this question and I will give a thumbs up. Thank you!
On April 1, Carolyn Collins created a new travel agency, Collins Travel. The following transactions occurred during the company's firs month. April 2 Collins invested $42,000 cash and computer equipment worth $21, 000 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 $1,600 of office supplies for cash. April 10 The company paid $3,240 cash for a 12-month insurance policy. Coverage begins on April 11 . April 14 The company paid $2,100 cash for two weeks' salaries earned by employees. April 24 The company collected $24,000 cash for commissions revenue. April 28 The company paid $2,100 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 $500 cash for this month's telephone bill. April 30 collins withdrew $2,100 cash from the company for personal use. Information for month-end adjustments follows: a. Prepaid insurance of $180 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 $350. d. Employees earned $840 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,790 of commissions revenue that is not yet recorded at month-end. General Journal tab - Prepare journal entries for Collins 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 mav view the unadiusted adiusted or nost-closina trial balances bv choosina from the drondown 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 tabStep by Step Solution
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