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PLEASE FILL IN Trial Balance Income Statement St Owners Equity Balance Sheet Post Closing On April...

PLEASE FILL IN

  • Trial Balance
  • Income Statement
  • St Owners Equity
  • Balance Sheet
  • Post Closing

On April 1, Rita Griffin created a new travel agency, Griffin Travel. The following transactions occurred during the company’s first month.

Apr. 1 Griffin invested $45,000 cash and computer equipment worth $15,600 in the company.
Apr. 2 The company rented furnished office space by paying $2,500 cash for the first month’s (April) rent.
Apr. 3 The company purchased $1,200 of office supplies for cash.
Apr. 10 The company paid $2,160 cash for the premium on a 12-month insurance policy. Coverage begins on April 11.
Apr. 14 The company paid $1,680 cash for two weeks’ salaries earned by employees.
Apr. 24 The company collected $22,000 cash for commissions earned.
Apr. 28 The company paid $1,680 cash for two weeks’ salaries earned by employees.
Apr. 29 The company paid $800 cash for minor repairs to the company’s computer.
Apr. 30 The company paid $400 cash for this month’s telephone bill.
Apr. 30 Griffin withdrew $1,800 cash from the company for personal use.

Information for month-end adjustments follows:

  1. Prepaid insurance of $120 has expired this month.
  2. At the end of the month, $950 of office supplies are still available.
  3. This month’s depreciation on the computer equipment is $260.
  4. Employees earned $672 of unpaid and unrecorded salaries as of month-end.
  5. The company earned $1,800 of commissions that are not yet billed at month-end.

AFTER COMPLETING 19 TRANSACTIONS IN THE GENERAL JOURNAL

  • GENERAL JOURNAL ENTRIES:

  • 1 Griffin invested $45,000 cash and computer equipment worth $15,600 in the company.

  • 2 The company rented furnished office space by paying $2,500 cash for the first month's (April) rent.

  • 3 The company purchased $1,200 of office supplies for cash. The company's policy is to initially record all prepaid and unearned items in balance sheet accounts.

  • 4 The company paid $2,160 cash for the premium on a 12-month insurance policy. Coverage begins on April 11. The company's policy is to initially record all prepaid and unearned items in balance sheet accounts.

  • 5 The company paid $1,680 cash for two weeks' salaries earned by employees.

  • 6 The company collected $22,000 cash for commissions earned.

  • 7 The company paid $1,680 cash for two weeks' salaries earned by employees.

  • 8 The company paid $800 cash for minor repairs to the company's computer.

  • 9 The company paid $400 cash for this month's telephone bill.

  • 10 Griffin withdrew $1,800 cash from the company for personal use.

  • 11 Prepaid insurance of $120 has expired this month.

  • 12 At month-end, $950 of supplies are still available. Record the required adjusting entry, if any.

  • 13 This month's depreciation on the computer is $260. Record the required adjusting entry, if any.

  • 14 Employees earned $672 of unpaid and unrecorded salaries as of month-end. Record the required adjusting entry, if any.

  • 15 The company earned $1,800 of commissions that are not yet billed at month-end. Record the required adjusting entry, if any.

  • 16 Record the entry to close the revenue account(s).

  • 17 Record the entry to close the expense account(s).

  • 18 Record the entry to close Income summary.

  • 19 Record the entry to close the owner's withdrawals account.

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