Following his recent loss at the U.S. elections, former President…

Following his recent loss at the U.S. elections, former President Trump has had to return to work. He has decided to open a travel agency, and has asked you to be his intern. He would like you to assist him with recording his monthly business transactions, and preparation of his monthly financial statements.

On April 1, 2021, Donald Trump created a new travel agency, Travel with Trump. The following transaction occurred during the company’s first month.

April 1: Trump invested $20,000 cash and computer equipment worth $40,000 in the company.

April 2. The company rented furnished office space by paying $1,700 cash for the first month’s(April) rent

April 3: The company purchased $1,100 of office supplies for cash

April 10: The company paid $3,600 cash for the premium on a 12-month insurance policy.

Coverage begins on April 11

April 14: The company paid $1,800 cash for two weeks’ salaries earned by employees

April 24: The company collected $7,900 cash on commissions from airlines on tickets obtained for customers

April 28: The company paid $1,800 cash for two weeks’ salaries earned by employees

April 29: The company paid $250 cash for minor repairs to the company’s computer

April 30: The company paid $650 cash for this month’s telephone bill

April 30: Donald Trump withdrew $1,500 cash from the company for personal use

Use the following information to journalize and post adjusting entries for the month

1. Two-thirds of one month’s insurance coverage has expired
2. At the end of the month, $700 of office supplies are still available
3. This month’s depreciation on the computer equipment is $600
4. Employees earned $320 of unpaid and unrecorded salaries as at month end
5. The company earned $1,650 of commissions that are not vet billed at month end. -Prepare the income statement and the statement of changes in equity for the month of April and the statement of financial position at April 30, 2021. – Prepare journal entries to close the temporary accounts and post these entries to the led. -Prepare a post closing trial balance