Maria Company started its operations on March 1, 2018. The following transactions took place during the...

Maria Company started its operations on March 1, 2018. The following transactions took place during the first month of operations:

March 1: Maria invests $1,840,000 cash to start the business.

March 4: Purchased furniture for $240,000, paying $100,000 in cash and sign a note for

the remaining balance.

March 9: Purchased supplies for $12,200 on credit.

March 15: Paid $18,000 cash for March rent.

March 18: Paid $4,200 cash for office supplies purchased on March 9.

March 21: Services billed to customers amount to $104,000.

March 24: Received utility bills for $22,000 for the month of March.

March 27: Paid $64,000 cash for salaries.

March 30: Received $80,000 cash from customers in payment for services billed on

March 21.

March 31: Maria withdrew $15,000 from the business for personal use.

Required: ( Note the answers should be computerized )

1- Using a table, show the effect of the above transactions on the accounting equation.

2- Prepare Journal entries to record the above transactions.

3- Post to the appropriate ledger accounts.

4- Prepare the trial balance on March 31 2018.

5. Prepare the financial statements of Rose Company on March 31 2018.

Solutions

Expert Solution

ekkarill92 answered 1 year ago

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