Common Stock $ 88,200 Retained Earnings $ 33,277 Cash $ 7,505 Accounts Receivable $ &nb

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

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

Prepare a post-closing trial balance as of March 31

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.

Expert Solution

ekkarill92 answered 3 years ago

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