Date Activity 3/1/05 The company completed one tax return for a client and billed the client,...

Date	Activity
3/1/05	The company completed one tax return for a client and billed the client, Joseph Smith, $500 on invoice #101.
3/2/05	The company completed one consulting service and billed the client, Joseph Smith, $100 on invoice #102.
3/3/05	The company borrowed $1,000 on a two-year note, with principle and 8% interest due at maturity. This loan from FNB Destin requires preparation of annual financial statements.
3/4/05	The company purchased one week worth of office supplies for use in the administrative offices, $600 cash.
3/5/05	The company paid current month’s administrative expenses in cash, $150.
3/6/05	The company paid sales commissions, $60.
3/15/05	The company completed one tax return for a client and billed the client, Regan Elise, $700 on invoice #103.
3/16/05	Collected $450 from Joseph Smith on invoice #100 (from previous month).
3/17/05	The company completed consulting service for a client, Riggs Auto, and billed the client $300 on invoice #104
3/31/05	The company paid administrative salaries, $70.
3/31/05	The company completed one tax return for a client and billed the client, Riggs Auto, $800 on invoice #105.
3/31/05	The company accrues $7 of interest payable on the outstanding note payable. There are no other adjusting entries for this month.
3/31/05	Collected $400 from Joseph Smith on invoice #101.
3/31/05	Paid $25 dividends to owners.

Posting reference	Cash	Accounts receivable	Supplies	Equipment	0	Payables	Long-term debt	Contributed capital	Retained earnings	Dividends	Revenue	Selling Expense	Administrative Expense	Other expense
Beg. Bal. 3/1/05	100	450	0	0	0	0	0	445	105	0	0	0	0	0
1	0	500	0	0	0	0	0	0	0	0	500	0	0	0
2	0	100	0	0	0	0	0	0	0	0	100	0	0	0
3	1000	0	0	0	0	1000	0	0	0	0	0	0	0	0
4	-600	0	600	0	0	0	0	0	0	0	0	0	0	0
5	-150	0	0	0	0	0	0	0	0	0	0	0	150	0
6	-60	0	0	0	0	0	0	0	0	0	0	60	0	0
7	0	700	0	0	0	0	0	0	0	0	700	0	0	0
8	450	-450	0	0	0	0	0	0	0	0	0	0	0	0
9	0	300	0	0	0	0	0	0	0	0	300	0	0	0
10	-70	0	0	0	0	0	0	0	0	0	0	0	70	0
11	0	800	0	0	0	0	0	0	0	0	800	0	0	0
12	-7	0	0	0	0	-7	0	0	0	0	0	0	0	0
13	400	-400	0	0	0	0	0	0	0	0	0	0	0	0
14	0	0	0	0	0	25	0	0	-25	0	0	0	0	0
					0
Ending balance	1063	2000	600	0	0	1018	0	445	80	0	2400	60	220	0

Expert Solution


Posting reference	Cash	Accounts receivable	Supplies	Equipment	Payables	Long-term debt	Contributed capital	Retained earnings	Dividends	Revenue	Selling Expense	Administrative Expense	Other expense
Beg. Bal. 3/1/05	100.00	450.00	-	-	-	-	-	445.00	105.00	-	-	-	-	-
1	-	500.00	-	-	-	-	-	-	-	-	500.00	-	-	-
2	-	100.00	-	-	-	-	-	-	-	-	100.00	-	-	-
3	1,000.00	-	-	-	-	1,000.00	-	-	-	-	-	-	-	-
4	(600.00)	-	600.00	-	-	-	-	-	-	-	-	-	-	-
5	(150.00)	-	-	-	-	-	-	-	-	-	-	-	150.00	-
6	(60.00)	-	-	-	-	-	-	-	-	-	-	60.00	-	-
7	-	700.00	-	-	-	-	-	-	-	-	700.00	-	-	-
8	450.00	(450.00)	-	-	-	-	-	-	-	-	-	-	-	-
9	-	300.00	-	-	-	-	-	-	-	-	300.00	-	-	-
10	(70.00)	-	-	-	-	-	-	-	-	-	-	-	70.00	-
11	-	800.00	-	-	-	-	-	-	-	-	800.00	-	-	-
12	(7.00)	-	-	-	-	(7.00)	-	-	-	-	-	-	-	-
13	400.00	(400.00)	-	-	-	-	-	-	-	-	-	-	-	-
14	-	-	-	-	-	25.00	-	-	(25.00)	-	-	-	-	-
					-
Ending balance	1,063.00	2,000.00	600.00	-	-	1,018.00	-	445.00	80.00	-	2,400.00	60.00	220.00	-

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Date Activity 3/1/05 The company completed one tax return for a client and billed the client,...

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