Date March 1 March Transactions Transaction Description Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 March 1 March 3 Paid the premium on a 1-year insurance policy, $2,400. Paid the current month's rent expense, $1.900. Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 March 10 March 11 March 18 March 20 March 31 March 31 March 31 Purchased repair supplies from Gary Company on credit, $650. Paid telephone bill for March, $340. Cash flight management system (FMS) repair revenue for the first third of March, $1,650 Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. Cash FMS repair revenue for the last third of March, $1,250. Paid the current month's electice bill, $250. Declared and paid cash dividend of $1,000. Account Title Account Number 111 CASH 311 COMMON STOCK 117 PREPAID INSURANCE 144 REPAIR EQUIPMENT 514 REPAIR SUPPLIES 212 ACCOUNTS PAYABLE 411 REPAIR REVENUE 517 ELECTRIC 512 TELEPHONE 511 RENT 313 DIVIDEND Balance Debit Credit 18,060 20,000 2,400 5,800 650 5,050 5350 250 340 1.900 1,000 3 4 5 6 27 28 229 30 31 32 33 34 35 36 37 38 30.400 30.400 Requirement #8: Prepare the closing entries at March 31 in the General Joumal below. Hint: Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. 2 3 General Journal Account Number from Chart of Accounts tab Debil Account Title from Chart of Accounts tab Date Credil DONO 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 11