During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, completed the following transactions. March 1 Owner invested $72000 cash in the business. March 2 Paid the current month's rent, $4,500. March 3 Paid the premium on a 1-year insurance policy, $3,300. March 7 Purchased supplies on account from Parkview Company, $900. March 10 Paid employee salaries, \$2,200. Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance March 14 was placed on account. Note: Use accounts payable for the balance due. March 15 Received cash for landscaping revenue for the first half of March, $4,896. March 19 Made payment on account to Parkview Company, \$450. March 31 Received cash for landscaping revenue for the last half of March, $5,304. Requirements: 1. Make a tabular analysis of the transactions using the following column headings: cash, prepaid insurance, supplies, equipment, accounts payable, owner's capital, owner's drawings, revenue and expense. 2. Prepare joumal entries to record the March transactions. 3. Prepare necessary T Accounts 4. Prepare a trial balance on March 31 Other data: a) One month's insurance has expired. b) The remaining inventory of supplies is $475. c) The estimated depreciation on equipment is $150. Requirements: 5. Prepare appropriate adjusting entries on March 31. 6. Prepare an adjusted trial balance on March 31. 7. Enter the adjusted trial balance on the worksheet and complete the worksheet 8. Prepare an income statement, owner's equity statement for March and a balance sheet on March 31 . 9. Prepare the closing entries. 10. Prepare a post-closing trial balance. During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, completed the following transactions. March 1 Owner invested $72000 cash in the business. March 2 Paid the current month's rent, $4,500. March 3 Paid the premium on a 1-year insurance policy, $3,300. March 7 Purchased supplies on account from Parkview Company, $900. March 10 Paid employee salaries, \$2,200. Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance March 14 was placed on account. Note: Use accounts payable for the balance due. March 15 Received cash for landscaping revenue for the first half of March, $4,896. March 19 Made payment on account to Parkview Company, \$450. March 31 Received cash for landscaping revenue for the last half of March, $5,304. Requirements: 1. Make a tabular analysis of the transactions using the following column headings: cash, prepaid insurance, supplies, equipment, accounts payable, owner's capital, owner's drawings, revenue and expense. 2. Prepare joumal entries to record the March transactions. 3. Prepare necessary T Accounts 4. Prepare a trial balance on March 31 Other data: a) One month's insurance has expired. b) The remaining inventory of supplies is $475. c) The estimated depreciation on equipment is $150. Requirements: 5. Prepare appropriate adjusting entries on March 31. 6. Prepare an adjusted trial balance on March 31. 7. Enter the adjusted trial balance on the worksheet and complete the worksheet 8. Prepare an income statement, owner's equity statement for March and a balance sheet on March 31 . 9. Prepare the closing entries. 10. Prepare a post-closing trial balance
