2) Depreciation exper se $150 3) Prepaid insurance expired, S200 4) Office supplies on hand $1,000 5) Uneamed service revenue earned during March 2020. $500 e Post adjusting entries to the T-accounts - Joumalising. posting. adjusting, closing, and the financial statements)- Q1. Ben Consulting Inc. completed the following transactions during its first month of operations for March 2020. (Note: Ignore GSTs) f Prepare an adjusted trial balance 01 Mar 9. Prepare the statement of profit or loss and a calculation of retained earnings for March, and prepare a statement of financial position as at 31 March h Journalise and post closing entries and complete the closing process as if it were the end of the financial month 01 Mar 01 Mar 01 Mar 07 Mar 10 Mar 14 Mar 15 Mar 18 Mar 20 Mar 24 Mar 28 Mar 31 Mar 31 Mar 31 Mar Ben Consulting Inc. began operations by issuing shares for $8,000 cash and a laptop worth $3,000 Paid $1,500 cash for office supplies Borrowed $12,000 from the bank Prepaid $1,800 for 9-month insurance policy effective 1 March Performed consulting services for a customer and received $1,300 cash Completed a consulting job, invoiced the customer $4,500 which is due to be collected within two weeks Paid employee salary, $1,200 Received $10,000 cash for performing consulting services Collected $1,000 in advance for consulting service to be performed later Collected $4,500 cash from a customer on account Performed consulting services on credit, $1,800 Paid employee salary, $1,200 $200 amount of interest expenses are accrued Paid $1,500 cash dividend Paid office rent, $2,000. This rent is for the month of March Assets 100 Cash 300 Share 400 Service 500 105 Accounts receivable Ben Inc. - Chart of accounts Liabilities Equity Revenues Salaries 202 payable capital revenue Unearned 203 service 305 Retained earnings revenue 205 Bank loan 310 Dividends Interest 210 330 Income payable summary Office Supplies Prepaid insurance Expenses Salaries expense Office supplies expense Depreciation expense Insurance expense Interest expense Rent expense 111 Laptop 113 Accumulated depreciation 520 a Record each transaction in the journal(Note: Narrations are not required.) b. Post the journal entries using the T-accounts. c. Prepare a trial balance for the month ended 31 March 2020. d. Joumalise the following adjustments given at 31 March 2020. 1) Accrued salary expense, $300