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B E D TEST #1 F G ACCT20 S106 . Question #1 Atlas Advertising showed the following selected transactions for the month ended March 31, 2025. Prepare all necessary journal entries for the transactions. J 3 March 1 Purchased a building by paying cash of $75,000 and borrowing $300,000 from the bank for a 5 year term. 1 Purchased a 2 year insurance policy for the business. Policy coverage begins March 15. Cost of the insurance policy was $4,800 and it was paid when boug 2 Made a hotel reservation by phone regarding a business meeting to 5 be held on April 28th. The full payment of $240 will be required upon arrival at the hotel. 3 4 Purchased cleaning supplies on credit terms, $450 value. 3 15 Paid for purchases of March 4". 1 2 19 Performed advertising work for a client today on account; $35,000 3 value. + 5 20 Collected $8,000 in cash from a client. The advertising work will be 6 done in April. B 28 Performed advertising work for a client today valued at 50% of 9 unearned revenue at the end of February 0 1 29 Provided advertising services to local library, collected $5.000. 3 30 Paid salaries for March; $25,600. 5 30 Received the March phone bill today, $1,300, will be paid April 15 7 30 Collected half of the amount owed by the client of March 19h 3 9 Also additional information to review and use as necessary 0 1. Computer Equipment account March 1 $40,000 Purchased 1 year ago 1 and expected to last 3 years. Equipment expected to have residual value of 2 $4000. (Atlas Advertising uses straight line depreciation) 4 2. Unearned revenue account balance February 28th was $20,000 5 6 3. Hydro bill for March has not been received yet. February bill was for $4,000 3 9 Question 1 Question 1 Answer Question 2 Que Ready