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