a. Journalize the March transactions b. Post to the ledger accounts. (Use T-accounts). C. Prepare a trial balance at March 31. d. Journalize the following adjustments 1. Services performed but unbilled and uncollected at March 31 was $200, 2. Depreciation on equipment for the month was $250. 3. One-Sixth of the insurance expired. 4. An inventory count shows $280 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $1,080. 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has accrued and will be paid April 1. (Hint: Use the formula from Illustration 4.19 to compute interest- Face Value of Note X Annual Interest Rate X Time in terms of one year Interest) e Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance. g. Prepare the income statement and a retained earnings statement for March and a classified lite balance sheet at March 31. h. Journalize and post closing entries and complete the closing process. i. Prepare a post-closing trial balance at March 31. 1. Services performed but unbilled and uncollected at March 3 was $200 2. Depreciation on equipment for the month was $250 3. One-Sixth of the insurance expired. 4. An inventory count shows $280 of cleaning supplies on hand at March 31 5. Accrued but unpaid employee salaries were $1,080 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has come and will be April 1. (Hint: Use the formula from illustration 4.19 to compute interesa v e X Annual Interest Rate X Time in terms of one year interest) e Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance. 8. Prepare the income statement and a retained earnings statement for Marchanda balance sheet at March 31. h. Journalize and post closing entries and complete the closing Prepare a post-closing trial balance at March 31 of Note a. Journalize the March transactions b. Post to the ledger accounts. (Use T-accounts). C. Prepare a trial balance at March 31. d. Journalize the following adjustments 1. Services performed but unbilled and uncollected at March 31 was $200, 2. Depreciation on equipment for the month was $250. 3. One-Sixth of the insurance expired. 4. An inventory count shows $280 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were $1,080. 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has accrued and will be paid April 1. (Hint: Use the formula from Illustration 4.19 to compute interest- Face Value of Note X Annual Interest Rate X Time in terms of one year Interest) e Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance. g. Prepare the income statement and a retained earnings statement for March and a classified lite balance sheet at March 31. h. Journalize and post closing entries and complete the closing process. i. Prepare a post-closing trial balance at March 31. 1. Services performed but unbilled and uncollected at March 3 was $200 2. Depreciation on equipment for the month was $250 3. One-Sixth of the insurance expired. 4. An inventory count shows $280 of cleaning supplies on hand at March 31 5. Accrued but unpaid employee salaries were $1,080 6. One month of the prepaid rent has expired. 7. One month of interest expense related to the note payable has come and will be April 1. (Hint: Use the formula from illustration 4.19 to compute interesa v e X Annual Interest Rate X Time in terms of one year interest) e Post adjusting entries to the T-accounts. f. Prepare an adjusted trial balance. 8. Prepare the income statement and a retained earnings statement for Marchanda balance sheet at March 31. h. Journalize and post closing entries and complete the closing Prepare a post-closing trial balance at March 31 of
