1. 2. 3.

On 1st of March Brandon starts a new company of advertising services called NEWCO, Ltd. and realized the following transactions: 3 of March: NEWCO, Ltd. issued to Jason 100,000 shares in exchange of $100,000

3th of March: NEWCO, Ltd signs a renting contract for the offices. The price of the rent is $6,000 per month payable at the beginning of every semester. The company pays $36,000 the days of the contract.

4th of March: NEWCO, Ltd purchased furniture to ALL4OFFICE, Inc. for $15,000. NEWCO, Ltd paid $4,000 in cash, the remaining $11,000 will have to be paid by the end of the month. The company decides to record the purchase of the furniture as an asset.

4th of March: NEWCO, Ltd, signs a 12 months insurance contract for $6,000 paid cash the same day. 5th of March: NEWCO, Ltd purchased a computer system on account to CPU WORLD, Inc for $15,000, to be paid in June. The useful life the computer system

is estimated to 5 years, no salvage value.

6th of March: NEWCO, Ltd makes some installations in the office for $1,500 paid in cash. The company decides to charge it to an expense account.

7th of March: NEWCO, Ltd hires one employee with a salary $2,000/ month. Salaries are paid on the following day 2 of each month.

8 of March: NEWCO, Ltd Signs a contract for a work to perform for the first client: Mr. Starts. The fees amount to $7,000 paid in cash at the day of the signing of the contract. The work must be delivered at the end of the month

12 of March: OTHERCO, Inc. hires NEWCO, Ltd for a $45,000 project, payable the day 10 of the month of April 29th of March: NEWCO, Ltd. delivers the work done to MR. Starts paid on March 8th 30 of March: The company receives an electricity bill for $2,600 payable in June 30 of March, the company counts its furniture which amount to $4,000

31 of March, the company delivers the work ordered by OTHERCO, Inc.

1. Record the transactions of the company on the General Journal (10 points) 2. Prepare the adjusting entries to be made at the end of the month of March (10 points)

3. Prepare an Income statement at March 31. (10 points)

4. Prepare the closing entries at March 31 (20 points)

5. Prepare the Balance sheet at April 1 (20 points

please answer the all questions by detail