During its first month of operation, HFRM completed the following transactions. Date March 1 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. 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 1 March 3 March 8 March 10 March 11 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. March 18 March 20 March 31 March 31 March 31 Paid the current month's electice bill , $250. Declared and paid cash dividend of $1.000. Requirement #8: Prepare the closing entries at March 31 in the General Journal 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. General Journal Account Number from Chart of Accounts tab Date Account Title from Chart of Accounts tab Debit Credit Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Howard's Flight Radio Management Corporation Post-Closing Trial Balance March 31 Account Account Balance Number Title Debit Credit 3 3 5 1 3 5 6 7 8 9 0 1 2 13 14 15 6 87 March Transactions Chart of Accounts Ready 1 - Journal Entries 2 - General Ledner Requirement #11: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step 7 compute the following ratios, Current Ratio Leverage Ratio Asset Turnover Ratio Net Profit Margin Ratios 12- Interpretation of Ratio