In: Accounting
Common Stock | $ 88,200 | |
Retained Earnings | $ 33,277 | |
Cash | $ 7,505 | |
Accounts Receivable | $ 4,670 | |
Supplies | $ 750 | |
Prepaid Rent | 5000 | |
Building | 87000 | |
Equipment | 109000 | |
Accumulated Depreciation | 42600 | |
Accounts Payable | 6220 | |
Utilities Payable | 0 | |
Wages and Salaries Payable | 1900 | |
Income Tax Payable | 10155 | |
Interest Payable | 203.4 | |
Notes Payable | 30420 | |
Bonus Payable | 950 | |
Total | $ 213,925 | $ 213,925 |
1-Mar | Performed car repair services and received cash at the time of sale, $3,950. |
4-Mar | Paid wages and salaries for $2,100, part of which was accrued in February. |
10-Mar | Issued stock to new investors, $10,000. |
15-Mar | Made the interest payment on all notes, all is accrued in interest payable. |
15-Mar | Paid annual income taxes that was accrued in income taxes payable. |
20-Mar | Made a monthly payment on the equipment note, $80. |
22-Mar | Paid cash for advertising, $150. |
27-Mar | Performed car repair services on account, $4,020. |
30-Mar | Paid dividends to owners, $360. |
March Adjusting Entries | |
31-Mar | The estimated depreciation on building and equipment is $700. |
31-Mar | One month of rent has expired, $1,000. |
31-Mar | The annual interest rate is 4% on all notes and paid quarterly. Round to nearest dollar. |
31-Mar | Accrued wages and salaries worked in March that will be paid 4-4, $1,890. |
31-Mar | The estimated income taxes for the month is $720. |