Question

1.) Record February and March transactions in the General Journal and post to the General Ledger.

2.) Record adjusting entries for February and March in the General Journal and post to the General Ledger.

3.) Prepare the adjusted trial balance as of February 28 and March 31.

4.) 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

e) Record February and March closing transactions in the General Journal and post to the General Ledger.

f) Prepare a post-closing trial balance as of February 28 and March 31.

February Transactions
1-Feb	Paid six months of rent in advance, $6,000.
4-Feb	Paid wages and salaries for $2,335, part of which was accrued in January.
7-Feb	Purchased supplies on account, $930
11-Feb	Performed car repair services on account, $3,910.
17-Feb	Collected cash from credit sales made in January and February, $4,200.
20-Feb	Made a monthly payment on the equipment note, $80.
23-Feb	Performed car repair services and received cash at the time of sale, $4,390.
25-Feb	Accrued for the bonus earned by the shop manager that will be paid in April, $950.
February Adjusting Entries
28-Feb	The estimated depreciation on building and equipment is $700.
28-Feb	One month of rent has expired, $1,000.
28-Feb	The annual interest rate is 4% on all notes and paid quarterly. Round to nearest dollar.
28-Feb	The supplies remaining at the end of the month was $750.
28-Feb	Accrued wages and salaries worked in February that will be paid 3-4, $1,900.
28-Feb	The estimated income taxes for the month is $815.
March Transactions
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.

Thunderduck Car Repair
Post-Closing Trial Balance
As of January 31, 20X1
	Debit	Credit
Cash	$           7,330
Accounts Recievable	$           4,960
Supplies	$               675
Prepaid Rent	$                  -
Building	$         87,000
Equipment	$      109,000
Wages and Salaries Payable		$       1,940
Income tax payable		$       9,340
Utilities payable		$              -
Accumulated Depreciation		$     41,900
Accounts Payable		$       5,290
Note payable		$     30,500
Interest payable		$           102
Common stock		$     88,200
Retained Earnings		$     31,693
TOTAL	$      208,965	$ 208,965

Answer 1

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Question has multiple part and muliple months. Have done for February, Please post for March seperately.

Date	Account	Debit	Credit
Feb 1	Prepaid Rent	6000
Feb 1	Cash		6000
Feb 4	Wages and Salaries Payable	1940
Feb 4	Wages and Salaries Expense	395
Feb 4	Cash		2335
Feb 7	Supplies	930
Feb 7	Accounts Payable		930
Feb 11	Accounts Receivable	3910
Feb 11	Repair Service Income		3910
Feb 17	Cash	4200
Feb 17	Accounts Receivable		4200
Feb 20	Note Payable	80
Feb 20	Cash		80
Feb 23	Accounts Receivable	4390
Feb 23	Repair Service Income		4390
Feb 25	Wages and Salaries Expense	950
Feb 25	Wages and Salaries Payable		950

Adjusting Entries
Date	Account	Debit	Credit
a.	Depreciation Expense	700
	Accumulated Depreciation		700
b.	Rent Expense	1000		6000/6
	Prepaid Rent		1000
c.	Interest Expense	102		30500*4%/12
	Interest Payable		102
d.	Supplies Expense	855		675+930-750
	Supplies		855
e.	Wages and Salaries Expense	1900
	Wages and Salaries Payable		1900
f.	Income Tax Expense	815
	Income Tax Payable		815
Unadjusted Trial Balance Adjustment Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Cash 3115 3115 3115 Accounts Receivable 9060 9060 9060 Supplies 1605 855 750 750 Prepaid Rent 6000 1000 5000 5000 Building 87000 87000 87000 Equipment 109000 109000 109000 Accumulated Depreciation 0 41900 700 42600 42600 Accounts Payable 6220 6220 6220 Wages and Salaries Payable 950 1900 2850 2850 Income Tax Payable 0 9340 815 10155 10155 Utilities Payable 0 0 0 Note Payable 0 30420 0 30420 30420 Interest Payable 0 102 102 204 204 Common Stock 0 88200 0 88200 88200 Retained Earning 0 31693 0 31693 31693 Repair Service Income 0 8300 0 8300 8300 Rent Expense 0 1000 1000 1000 Supplies Expense 0 855 855 855 Interest Expense 0 102 102 102 Depreciation Expense 0 700 700 700 Wages and Salaries Expense 1345 1900 3245 3245 Income Tax Expense 0 815 815 815 Total 217125 217125 5372 5372 220642 220642 6717 8300 213925 212342 Net Income 1583 1583 Grand Total 213925 213925

Closing Entries
Feb 28	Repair Service Income	8300
Feb 28	Income Summary		8300
Feb 28	Income Summary	6717
Feb 28	Rent Expense		1000
Feb 28	Supplies Expense		855
Feb 28	Interest Expense		102
Feb 28	Depreciation Expense		700
Feb 28	Wages and Salaries Expense		3245
Feb 28	Income Tax Expense		815
Feb 28	Income Summary	1583
Feb 28	Retained Earning		1583