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In: Accounting

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


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