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. B 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 $120. d) The estimated income taxes are $65. 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. General Journal Account Number from Chart of Accounts lab Debil Account Title from Charl of Accounts tab Date Credil 5 B 7 B 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27