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Problem 4-13B Performing the steps in the accounting cycle LO2,3,4,5,6 CHECK FIGURES: 4. Profit $5.140; Total assets-$604,000:6. Postclosing trial balance $606,400 On July 1, 2017, Amy Young created a new self storage business called Young Co. These events occurred during the company's first month: July 1 Young invested $40,000 cash and land and buildings worth $320,000 and $240,000, respectively. 2 Rented equipment by paying $3,600 rent for the first month. 5 Purchased $4.600 of office supplies for cash. 10 Paid $10,800 for the premium on a one-year insurance policy effective today. 14 Paid an employee $1,800 for two weeks' salary. 24 Collected $17,600 of storage revenue from customers. 28 Paid another $1.800 for two weeks salary 29 Paid the month's $600 phone bill. 30 Repaired leaking roof for $1,700 on account 31 Young withdrew $3,200 cash from the business for personal use. The company's chart of accounts included these accounts: 101 Cash 106 Accounts Receivable 124 Office Supplies 128 Prepaid Insurance 170 Land 173 Buildings 174 Accumulated Depreciation, Buildings 201 Accounts Payable 209 Salaries Payable 301 Amy Young. Capital 302 Amy Young, Withdrawals 401 Storage Revenue 606 Depreciation Expense, Buildings 622 Salaries Expense 637 Insurance Expense 640 Equipment Rental Expense 650 Office Supplies Expense 684 Repairs Expense 688 Telephone Expense 901 Income Summary 300

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