EN 221 2020-2021 Fall MT.pdf x minu%20sahabi/Downloads/MAN%20221%202020-2021%20Fall%20MT.pdf There are three parts in two pages totaling 100 points. You should answer the questions by your handwriting Computer based solutions will not be accepted. You should upload the answers in UZEM page in 2 hours before the system gets closed (if you don't upload on time, your answers will not be evaluated). Part I: Daily Activities Accounts that you can use: Common Stock, Cash, Furniture, Computer, Service Revenue, Accounts Receivable, Salaries Expense, Rent Expense, Accounts Payable, Utility Expense, ABM Company completed the following transactions during March, 2017: March 2 Received $11.000 cash from Ruiz, and issued common stock to him. (4 points) March 3 Paid cash to purchase a computer, S4,200.(4 points) March 9 Performed services for a client and received cash for the full amount of $1,000 (4 points) March 12 Paid utility expenses, S200. (4 points) March 16 Purchased office furniture for $1.800. Paid $800 cash. Rest will be paid in two weeks. (4 points) March 18 Performed services for a client on account, $1,500 (4 points) March 28 Collected $1.500 from the client on March 18. (4 points) March 29 Paid S1000 for the payment of furniture purchased on March 16. (4 points) March 30 Performed services for a client and received cash for the full amount of $2,500 (4 points) March 31 Paid monthly office rent, $700 (4 points) March 31 Paid salaries of S 2,500 for March (4 points) Instructions 1- Journalize the transactions for the month of March 2. Prepare Taccounts and trial balance for the month of March 3. Prepare Income Statement and Balance Sheet at the end of the month. 1 2020-2021 Fail MT.pdf x + u%20sahabi/Downloads/MAN%20221%202020-2021%20Fall%20MT.pdf 3. Prepare Income Statement and Balance Sheet at the end of the month. Part 2: Adjusting Entries Advance Corporation has the following transactions that require adjustments for March, 2017. Data for adjusting entries 1- March 1 Received $2,400 in advance for a work to be performed on March 20, the company performed the service on March 20. (13 points) 2- March 1 Purchased one-year insurance policy for $1.200. (13 points) Instructions Prepare the necessary adjusting entries for the month of March for the transaction day and the end of the month. AN 221 2020-2021 Fall MT.pdf x aminu%20sahabi/Downloads/MAN%20221%202020-2021%20Fall%2OMT.pdf 2 1 2 Part 3: Closing Entries Active Sport Co. has the following balances for their accounts at the en of March. Trial Balance 31.03.2016 Accounts Receivable Debit Credit Cash $5.000 Accounts Receivable $2.500 Office Supplies $800 Equipment $1.500 Land S15.000 Capital Stock Sales Revenue Interest Expense Utilities Expense Rent Expense Salaries Expense Total $20.000 $8.500 S650 $450 $1.500 S1.100 $28,500 $28.500 Instructions Please post the closing entries for the month of March (30 points)
