50.1K

Verified Solution

Link Copied!

Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. General Ledger Account Data is not available until journal entries have been entered. 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. 'ou may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down box elow. Your choice will determine the reported values on the financial statement tabs. On April 1, Hao Lee created a new travel agency, Lee Travel. The following transactions occurred during the company's first mont April 2 Lee invested $40,000 cash and computer equipment worth $12,600 in the company. April 3 The company rented furnished office space by paying $2,000 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 $2,520 cash for a 12 -month insurance policy. Coverage begins on April 11 . April 14 The company paid $1,820 cash for two weeks' salaries earned by employees. April 24 The company collected $12,000 cash for commissions revenue. April 28 The company paid $1,820 cash for two weeks' salaries earned by employees. April 29 The company paid $500 cash for minor repairs to computer equipment. April 30 The company paid $500 cash for this month's telephone bill. April 30 Lee withdrew $1,900 cash from the company for personal use. Information for month-end adjustments follows: a. Prepaid insurance of $140 expired this month. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on computer equipment is $210. d. Employees earned $728 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,850 of commissions revenue that is not yet recorded at month-end. Journal entry worksheet 4567819 Lee invested $40,000 cash and computer equipment worth $12,600 in the company. Note: Enter debits before credits. 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. 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. The unadjusted or adjusted balances will appear for each account, based on your selection. Note: Selecting Post-Closing will only display ending capital. Each journal entry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. General Ledger Account Data is not available until journal entries have been entered. 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. 'ou may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down box elow. Your choice will determine the reported values on the financial statement tabs. On April 1, Hao Lee created a new travel agency, Lee Travel. The following transactions occurred during the company's first mont April 2 Lee invested $40,000 cash and computer equipment worth $12,600 in the company. April 3 The company rented furnished office space by paying $2,000 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 $2,520 cash for a 12 -month insurance policy. Coverage begins on April 11 . April 14 The company paid $1,820 cash for two weeks' salaries earned by employees. April 24 The company collected $12,000 cash for commissions revenue. April 28 The company paid $1,820 cash for two weeks' salaries earned by employees. April 29 The company paid $500 cash for minor repairs to computer equipment. April 30 The company paid $500 cash for this month's telephone bill. April 30 Lee withdrew $1,900 cash from the company for personal use. Information for month-end adjustments follows: a. Prepaid insurance of $140 expired this month. b. At the end of the month, $700 of office supplies are still available. c. This month's depreciation on computer equipment is $210. d. Employees earned $728 of unpaid and unrecorded salaries as of month-end. e. The company earned $1,850 of commissions revenue that is not yet recorded at month-end. Journal entry worksheet 4567819 Lee invested $40,000 cash and computer equipment worth $12,600 in the company. Note: Enter debits before credits. 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. 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. The unadjusted or adjusted balances will appear for each account, based on your selection. Note: Selecting Post-Closing will only display ending capital

Answer & Explanation Solved by verified expert

See Answer