Chart of Accounts

Account Type Account Number Account Title Normal Balance

Assets

$111$ Cash Debit

$117$ Prepaid Insurance Debit

$119$ Repair Supplies Debit

$144$ Repair Equipment Debit

$145$ Accum Dep $-$Repair Equipment Credit

Liabilities

$212$ Accounts Payable Credit

$213$ Income Tax Payable Credit

Stockholders Equity

$311$ Common Stock Credit

$312$ Retained Earnings Credit

$313$ Dividends Debit

Revenue

$411$ FMS Repair Revenue Credit

Expenses

$511$ Store Rent Expense Debit

$512$ Telephone Expense Debit

$513$ Insurance Expense Debit

$514$ Repair Supplies Expense Debit

$515$ Dep Expense $-$ Repair Equipment Debit

$516$ Income Tax Expense Debit

$517$ Electric Expense DebitDuring its first month of operation, HFRM completed the following transactions.

March Transactions

Using this info please help me complete parts $4$ through $7$: Requirement #$4$: Prepare adjusting entries using the following information in the General Journal below. Show your calculations!

a$)$ One month's insurance has expired.

b$)$ The remaining inventory of repair supplies is $$200.$

c$)$ The estimated depreciation on repair equipment is $$150.$

d$)$ The estimated income taxes are $$100.$

Requirement #$5$: Post the adjusting entries on March $31$ below to the General Ledger T$-$accounts and compute adjusted balances. Just add to the balances that are already listed.

This will go on a General Journal with the following tabs: Date, Account number from chart, Account tile from chart of accounts tab, Debit, and Credit.

REQUIREMENT #$6$: Prepare an Adjusted Trial Balance in the space below.

Howard's Flight Radio Management Corporation

Adjusted Trial Balance

March $31$ This will go on a table containing the following tabs:

Account Number, Account Tile, and the Balance which is either Debit or Credit.

Requirement #$7$: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March $31$ in the space below.

You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet.

The Statement of Cash Flows is a required Financial Statement, but is not required for this project.

This will require the following: FMS Repair Revenue

Total Revenue

Expenses: Store Rent Expense, Telephone Expense, Insurance Expense, Repair Supplies Expense, Depreciated Expense, Income Taxes Expense, Electric Expense, Total Expenses, Net Income

Retained earnings March $1$

Add: Net Income

Subtotal

Less: Dividends

Retained Earnings, MArch $31$

Balance Sheet:

Assets: Cash, Prepaid Insurance, Repair Supplies, Repair Equipment, Less: Acccum Depr, Total assets

Liabilities and stockholders' equity: Liabilities, Accounts Payable, Income Taxes Payable, Total Liabilities, Stockholder's equity: Common Stock, Retained Earnings, Total Stockholders' Equity, Total liabilities and Stockholders' equity.

Please Help