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Please help with requirements 5 and 6 PRACTICE EXERCISES CHAPTER 4- COMPLETE THE ACCOUNTING CYCLE Gordon established Oasis Vacation, his new travel agency, on the
Please help with requirements 5 and 6
PRACTICE EXERCISES CHAPTER 4- COMPLETE THE ACCOUNTING CYCLE Gordon established Oasis Vacation, his new travel agency, on the beginning of June, 2021. The company decided to rent a furnished office space and started to record the first month's transaction as follows: Gordon invested $27,000 computer equipment and $42,000 cash in the June 2 ws company 5 14 3 Paid $1,250 cash for the first month rent. Purchased office supplies for $1,100 cash. 10 Paid a 24-month insurance policy for $4,320 cash. The policy begins on June 10 Paid employees $1,600 two weeks salaries. 22 Collected commissions revenue worth $12,150 cash. Paid employees $1,600 two weeks salaries. 29 Repaired computer equipment worth $300 30 Telephone bill charged for June $680 30 Withdrew $1,300 cash for personal use Oasis Vacation's chart of accounts: 27 101 Cash 209 Salaries Payable 106 Accounts Receivable 301 Gordon, Capital 124 Office Supplies 302 Gordon, Withdrawals 128 Prepaid Insurance 403 Commissions Revenue 167 Computer Equipment 612 Depreciation Expense - Equipment 168 Accumulated Dep- 622 Salaries Expense Equipment 637 Insurance Expense 640 Rent Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary Requirements: 1. Prepare journal entries to record the transactions for June and post them to ledger accounts 2. Prepare an unadjusted trial balance at June 30. 3. Additional information is given for June, prepare the adjusting entries N a. $4,200 of prepaid insurance is still in force. b. $550 office supplies are still on hand. C. Computer equipment is depreciated by $425 end of the month. d. $420 salaries expenses have not been paid and recorded. e. Commissions Revenue earned but not yet recorded, $1,870. 4. Prepare the adjusted trial balance at June 30. Prepare income statement statement of owner's equity for the month of June and the balance sheet at June 30. 5. Prepare closing entries. 6. Prepare a post-closing trial balance Step by Step Solution
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