During its first month of operation, HFRM completed the following transactions. March Transactions Transaction Description Date March 1 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 Purchased repair supplies from Gary Company on credit, $650. Paid telephone bill for March, $340. March 10 March 11 Cash flight management system (FMS) repair revenue for the first third of March, $1,650. March 18 March 20 Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. March 31 March 31 March 31 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. Use the following account descriptions for journal entries. Chart of Accounts Account Number Account Title Account Type Assets 111 Cash 117 Prepaid Insurance 119 Repair Supplies 144 Repair Equipment 145 Accum Dep -Repair Equipment Liabilities 212 Accounts Payable 213 Income Tax Payable Stockholders Equity 311 Common Stock 312 Retained Earnings 313 Dividends Revenue 411 FMS Repair Revenue Expenses 511 Store Rent Expense 512 Telephone Expense 513 Insurance Expense 514 Repair Supplies Expense 515 Dep Expense - Repair Equipment 516 Income Tax Expense 517 Electric Expense Normal Balance Debit Debit Debit Debit Credit Credit Credit Credit Credit Debit Credit Debit Debit Debit Debit Debit Debit Debit REQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits-All of your Journal Entries should balance. General Journal Account Number from Chart of Date Accounts tab count Title from Chart of Accounts Debit Credit 111 Cash 20,000 Common stock 117 Prepaid insurance 2,400 Cash 511 Store rent expense 1,900 Cash 144 Purchased repair equipment 5,800 212 4,800 Accounts payable Andrew Co. Cash Purchased repair supplies Accounts payable to Jackson Co. 119 650 212 512 Telephone Expense 340 Cash Cash 1,650 411 Bicycle repair revenue 212 Accounts payble to Jackson Co. 400 Cash Cash 411 2,450 Bicycle repair revenue Cash 1,250 Bicycle repair revenue 517 Electric expense 250 Cash 313 dividends 1,000 Cash 1-Mar 1-Mar 1-Mar 3-Mar 3-Mar 8-Mar 10-Mar 11-Mar 18-Mar 20-Mar 31-Mar 31-Mar 31-Mar 20,000 2,400 1,900 1,000 4,800 650 340 1,650 400 2,450 1,250 250 1,000 Once you've completed this requirement print your General Journal to complete Requirement #2 on the General Ledger worksheet. REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. March Transactions Chart of Accounts 1- Journal Entries 2- General Ledger 3- Trial Balance 4 & 5 Adjus REQUIREMENT #3: Prepare a trial balance for March in the space below. Howard's Flight Radio Management Corporation Trial Balance March 31 Debit Account Number Account Title Balance Credit Only enter accounts that have a balance. 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 tab Date Account Title from Chart of Accounts tab Debit Credit Chart of Accounts 1 - Journal Entries 2 - General Ledger 3- Trial Balance 4 & 5 Adjusting Entries 6 Ad REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Balance Account Title Debit Credit 1 - Journal Entries 2- General Ledger 3- Trial Balance 4 & 5 Adjusting Entries 6 - Adjusted TB Account Number Only enter accounts that have a balance. 7 - Financ ... Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. 1 Howard's Flight Radio Management Corporation Income Statement Howard's Flight Radio Management Corporation Statement of Retained Earnings For the Month Ending March 31 For the Month Ending March 31 8 Revenues: Retained Earnings, March 1 9 FMS Repair Revenue Add: Net Income 10 Total Revenue Subtotal 11 Less: Dividends 12 Expenses: Retained Earnings, March 31 13 Store Rent Expense 14 Telephone Expense 15 Insurance Expense 16 Repair Supplies Exp. 17 Depreciation Exp. 18 Income Taxes Expense 19 Electric Expense 20 Total Expenses 21 22 Net Income 23 24 25 26 27 28 -2345678 Howard's Flight Radio Management Corporation Balance Sheet March 31 Assets: Cash Prepaid Insurance Repair Supplies Repair Equipment Less: Accum. Depr. Total Assets Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity 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 Account Title from Chart of Accounts tab Debit Credit 3 Trial Balance 4 & 5 Adjusting Entries 6- Adjusted TB 7- Financial Statements 8 & 9- - Closing Ent Date 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