February Adjusting Entries 28-thg 2 The estimated depreciation on building and equipment is $770. 28-thg 2 ...

February Adjusting Entries
28-thg 2   The estimated depreciation on building and equipment is $770.
28-thg 2   One month of rent has expired, $850.
28-thg 2   The annual interest rate is 4% on all notes and paid quarterly. Round to the nearest dollar.
28-thg 2   The supplies remaining at the end of the month was $840.
28-thg 2   Accrued wages and salaries worked in February that will be paid 3-4, $1,940.
28-thg 2   The estimated income taxes for the month is $505.

March Transactions
1-thg 3   Performed car repair services and received cash at the time of sale, $4,510.
4-thg 3   Paid wages and salaries for $2,230, part of which was accrued in February.
10-thg 3   Issued stock to new investors, $12,500.
15-thg 3   Made the interest payment on all notes, all is accrued in interest payable.
15-thg 3   Paid annual income taxes that was accrued in income taxes payable.
20-thg 3   Made a monthly payment on the equipment note, $65.
22-thg 3   Paid cash for advertising, $145.
27-thg 3   Performed car repair services on account, $4,075.
30-thg 3   Paid dividends to owners, $380.

March Adjusting Entries
31-thg 3   The estimated depreciation on building and equipment is $770.
31-thg 3   One month of rent has expired, $850.
31-thg 3   The annual interest rate is 4% on all notes and paid quarterly. Round to the nearest dollar.
31-thg 3   Accrued wages and salaries worked in March that will be paid 4-4, $1,705.
31-thg 3   The estimated income taxes for the month is $725.

Record February and March transactions in the General Journal and post to the General Ledger.
Record adjusting entries for February and March in the General Journal and post to the General Ledger.
Prepare the adjusted trial balance as of February 28 and March 31.
Prepare the following February and March financial statements:
- a) Income Statement for month ended February 28 and March 31
- b) Statement of Stockholders Equity for month ended February 28 and March 31
- c) Balance Sheet as of February 28 and March 31
- d) Statement of Cash Flows for month ended February 28 and March 31
Record February and March closing transactions in the General Journal and post to the General Ledger.
Prepare a post-closing trial balance as of February 28 and March 31.

Solutions

Expert Solution

JANUARY

FEBRUARY

MARCH

FINANCIAL STATEMENTS

ekkarill92 answered 1 year ago

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