a. Record each transaction in the journal. (Note: Narrations are not required.)

b. Post the journal entries using the T-accounts.

c. Trial balance for the month ended 31 March 2020.

d. Journalise the following adjustments given at 31 March 2020.

1) Accrued salary expense, $300

2) Depreciation expense $150

3) Prepaid insurance expired, $200

4) Office supplies on hand, $1,000

5) Unearned service revenue earned during March 2020, $500

e. Post adjusting entries to the T-accounts.

f. Adjusted trial balance.

g. Prepare the statement of profit or loss and a calculation of retained earnings for March, and 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.

- [Journalising, 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) 01 Mar Ben Consulting Inc. began operations by issuing shares for $8,000 cash and a laptop worth $3,000 01 Mar Paid $1,500 cash for office supplies 01 Mar Borrowed $12,000 from the bank 01 Mar Prepaid $1,800 for 9-month insurance policy effective 1 March. 07 Mar Performed consulting services for a customer and received $1,300 cash 10 Mar Completed a consulting job, invoiced the customer $4,500 which is due to be collected within two weeks 14 Mar Paid employee salary, $1,200 15 Mar Received $10,000 cash for performing consulting services 18 Mar Collected $1,000 in advance for consulting service to be performed later 20 Mar Collected $4,500 cash from a customer on account 24 Mar Performed consulting services on credit, $1,800 28 Mar Paid employee salary, $1,200 31 Mar $200 amount of interest expenses are accrued 31 Mar Paid $1,500 cash dividend 31 Mar Paid office rent, $2,000. This rent is for the month of March Ben Inc. - Chart of accounts Assets Liabilities Equity Revenues Expenses 100 Cash 202 Salaries Service payable 300 Share capital 400 revenue 500 Salaries expense Office 105 Accounts Unearned receivable 203 service 305 Retained revenue earnings 503 supplies expense 110 Office supplies 205 Bank loan 310 Dividends 504 Depreciation expense 111 Prepaid 210 Interest payable 330 Income 505 Insurance insurance summary expense 112 Laptop 510 Interest expense 113 Accumulated depreciation 520 Rent expense