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III The post-closing trial balance (starting balances in T acets for April) of the Andrew...

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Accounting

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III The post-closing trial balance (starting balances in T acets for April) of the Andrew Import Company at March 31 is as followe Transactions during April and additional information follow. 1. Made sales of $34 and collected cash of $7 and the rest was on account; cost related to sales $13. 2. Finished work in April for customers who paid in advance as of March; cost related to sales was $1. 3. Cash collected on accounts receivable $2 4. Salaries paid in cash $8 5. Salaries earned on April 29 and 30, but not yet paid \$2 6. Borrowed $120 on April 1 st from the bank at 10%. 7. Used one month of the prepaid insurance which equaled $2 8. Miscellaneous expenses paid in cash $1 9. Merchandise purchased on account $6 10. Accounts payable paid in cash $5 11. Building and Equipment depreciated over 3 yrs; no salvage 12. Adjustments? 13. The income tax rate is 40% Required: Prepare journal entries for the above transactions including the closing entry, you can ignore explanations for each entry, and an income statement for the month of April and a balance sheet at April 30 in GOOD form

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