Darby Consulting, Inc , was established on March 1, and during March, Darby entered into the following transactions Mar 1 Issued $10,000 common stock in exchange for cash 3 Purchased $300 of supplies on account 7 Prepaid $1,500 total for April, May, and June rent 8 Paid $175 towards the March 3 pur...

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Darby Consulting, Inc., was established on March 1, and during March, Darby entered into the following transactions:

Question:

Darby Consulting, Inc., was established on March 1, and during March, Darby entered into the following transactions:
Mar. 1 Issued $10,000 in exchange for cash.
3 Purchased $300 of supplies on account.
7 Prepaid $1,500 total for April, May, and June rent.
8 Paid $175 towards the March 3 purchase of supplies.
11 Billed customers $5,780 for services rendered.
12 Paid $700 for March advertising.
25 Received $4,500 from customers billed on March 11.
28 Paid $200 in dividends to stockholders.
29 Paid $1,200 for March salaries.
29 Paid $760 for March utilities.
Required
a. Prepare journal entries for each transaction (omitting explanations).
b. Post journal entries to appropriate T-accounts.
c. Prepare a trial balance at March 31.
d. Prepare an income statement and a statement of retained earnings for the month of March. Prepare a at the end of March.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...