Question

Tim opened the Emporium on March 1, 2017. During March, the following transaction were completed:

March 1   Issued 10,000 shares of common stock for $25,000 cash
March 1    Purchased used servers for $10,000, paying $6,000 cash and the balance on account
March 3    Purchased office supplies for $1,500 on account
March 5    Paid $2,400 cash on 1-year insurance policy effective March 1
March 14   Billed customers $4,200 for data analysis services
March 18   Paid $1,500 cash on amount owed on servers and $500 on amount owed on office supplies
March 20   Paid $2,750 cash for employee salaries
March 21   Collected $1,400 cash from customers billed on March 14
March 28   Billed customers $6,200 for data analysis services
March 31   Paid $350 for server maintenance which did not extend the life or function of the servers
March 31   Declared and paid $900 cash dividend

Required:
     1) Journalize the March transactions
     2) Post to the ledger accounts
     3) Prepare a trial balance at March 31
     4) Journalize the following adjustments
               a. earned but unbilled and uncollected revenue at March 31 was $800
               b. depreciation on equipment for the month was $650
               c. one-twelfth of the insurance policy expired
               d. an inventory count shows $280 of office supplies on hand at March 31
               e. Incurred employee slararies but unpaid were $1,060
     I HAVE COMPLETED THIS MUCH-------------------(answers are below) -----Please help with the remaining questions 5,6,7,8 and 9----------

      5) Posting adjusting entries to the general ledger
      6) Prepare an adjusted trial balance
      7) Prepare the income statement and a retained earnings statement for March and a classified balance sheet at 3/31
      8) Journalize and post closing entries and complete the closing process
      9) Prepare a post closing trial balance at 3/31

1) Journal Entries :
Date	Accounts Titles	Debit $	Credit $
Mar 1 2017	Cash	25000
	Common Stock		25000
1	Equipment	10000
	Cash		6000
	Accounts Payable		4000
	(purchase of used server)
3	Off. Supplies	1500
	AP		1500
5	Prepaid Ins	2400
	Cash		2400
14	AR	4200
	Service Revenue		4200
18	AP	2000
	Cash		2000
20	Salary Expense	2250
	Cash		2250
21	Cash	1400
	AR		1400
28	AR	6200
	Service Revenue		6200
31	Maintenance Exp.	350
	Cash		350
31	Dividend Exp.	900
	Cash		900
2) T-Accounts - Ledger Accounts :
Debit Entries	Amount $	Credit Entries	Amount $
Cash a/c:
1	25000	1	6000
21	1400	5	2400
		18	2000
		20	2750
		31	350
		31	900
		C/b	12000
Common Stock a/c:
		1	25000
Equipment a/c:
1	6000	c/b	10000
1	4000
AP a/c :
18	2000	1	4000
c/b	3500	3	1500
Off. Supplies a/c:
3	1500
Prepaid Insurance a/c :
5	2400
AR a/c :
14	4200	21	1400
28	6200	c/b	9000
Service Revenue a/c :
c/b	10400	14	4200
		28	6200
Salary Exp a/c:
20	2750
Maint. Exp. A/c :
31	350
Dividend exp. A/c :
31	900
3) Trial Balance as on Mar 31, 2017 :
Accounts Titles	Debit $	Credit $
CAsh	12000
CS		25000
Equipment	10000
AP		3500
Off. Supplies	1500
Prepaid Insu	2400
AR	9000
Service Revenue		10400
Salary exp.	2750
Maintenance exp.	350
Dividend exp.	900
Total	$38,900	$38,900
4) Adjustment Journal Entries :
Date	Accounts Titles and explanation	Debit $	Credit $
31-Mar	AR	800
	Service Rev		800
	Depreciation	650
	Acc Dep - Equipment		650
	Insurance exp	200
	Prepaid Insu		200
	off supplies exp	1220
	off supplies		1220
	(1500 - 280)
31-Mar	Salary Exp	1060
	Salary payable		1060

Answer 1