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. Payment 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. Requirement 7. Prepare the financial statements for Howard's Fight Rodio Management Corporation as of March 31 in the spoce below. You will only be preparing the income Statement, Statement of Retained Eoming, and the Balance Sheet The Statement of Cash Flows so required Financial Statement, but is not required for this project Howard Fight Radio Management Corporation Income Statement For the Month Ending March 31 Howard's Flight Radio Management Corporation Balance Sheet March 31 Howards Flight Radio Management Corporation Statement of Reloined Fornings for the Month Ending March 31 Retained Eaming, March 1 Add: Net income Subtotal Less Dividends Retoined Emin March 31 Assets Cash Prepaid Insurance Repar Supplies Repair Equipment Les Accum. Depr Total Assets Revenver 9 FMS Repair Revenue 10 Total Revenue 11 12 Expenser 13 Store Rent Expense 14 Telephone Experise 15 Insurance Expense 16 Repair Supplies Bip 17 Depreciation Exp. 18 Income Taxes Expense 19 Electric Experte 20 Total Expenses 21 22 Net Income 23 24 25 -28 Liabilities and Stockholders' Equity Liabilities Accounts Payable Income Taxes Payable Total abilities Stockholders' Equity Common Stock Retained Eaming Total Stockholders' Equity Total Liabilities & Stockholders Equity PR