Expert Consulting Services Inc was organized on March 1 by two former college roommates The corporation provides computer consulting services to small businesses The following transactions occurred during the first month of operations March 2 Received contributions of $20,000 from each of the two principal owners of the new business in exchange for shares of stock March 7 Signed a two year promissory note at the bank and received cash of $15,000 Interest, along with the $15,000, will be repaid at the end of the two years March 12 Purchased $700 in miscellaneous supplies on account The company has 30 days to pay for the supplies March 19 Billed a client $4,000 for services rendered by Expert in helping to install a new computer system The client is to pay 25 of the bill upon its receipt and the remaining balance within 30 days March 20 Paid $1,300 bill from the local newspaper for advertising for the month of March March 22 Received 25 of the amount billed to the client on March 19 March 26 Received cash of $2,800 for services provided in assisting a client in selecting software for its computer March 29 Purchased a computer system for $8,000 in cash March 30 Paid $3,300 of salaries and wages for March March 31 Received and paid $1,400 in gas, electric, and water bills 1 Complete the table below to summarize the preceding transactions as they affect the accounting equation If an account is unaffected by a transaction, enter 0 Use the minus sign to indicate decreases Use the format in Exhibit 3 1 Expert Consulting Services Inc Transactions for the Month of March Assets Liabilities Stockholders' Equity Date Cash Accounts Receivable Computer Supplies Accounts Payable Notes Payable Capital Stock Retained Earnings March 2 $fill in the blank 556f0dfdf056fc9 1 $fill in the blank 556f0dfdf056fc9 2 $fill in the blank 556f0dfdf056fc9 3 $fill in the blank 556f0dfdf056fc9 4 $fill in the blank 556f0dfdf056fc9 5 $fill in the blank 556f0dfdf056fc9 6 $fill in the blank 556f0dfdf056fc9 7 $fill in the blank 556f0dfdf056fc9 8 March 7 fill in the blank 556f0dfdf056fc9 9 fill in the blank 556f0dfdf056fc9 10 fill in the blank 556f0dfdf056fc9 11 fill in the blank 556f0dfdf056fc9 12 fill in the blank 556f0dfdf056fc9 13 fill in the blank 556f0dfdf056fc9 14 fill in the blank 556f0dfdf056fc9 15 fill in the blank 556f0dfdf056fc9 16 Balance $fill in the blank 556f0dfdf056fc9 17 $fill in the blank 556f0dfdf056fc9 18 $fill in the blank 556f0dfdf056fc9 19 $fill in the blank 556f0dfdf056fc9 20 $fill in the blank 556f0dfdf056fc9 21 $fill in the blank 556f0dfdf056fc9 22 $fill in the blank 556f0dfdf056fc9 23 $fill in the blank 556f0dfdf056fc9 24 March 12 fill in the blank 556f0dfdf056fc9 25 fill in the blank 556f0dfdf056fc9 26 fill in the blank 556f0dfdf056fc9 27 fill in the blank 556f0dfdf056fc9 28 fill in the blank 556f0dfdf056fc9 29 fill in the blank 556f0dfdf056fc9 30 fill in the blank 556f0dfdf056fc9 31 fill in the blank 556f0dfdf056fc9 32 Balance $fill in the blank 556f0dfdf056fc9 33 $fill in the blank 556f0dfdf056fc9 34 $fill in the blank 556f0dfdf056fc9 35 $fill in the blank 556f0dfdf056fc9 36 $fill in the blank 556f0dfdf056fc9 37 $fill in the blank 556f0dfdf056fc9 38 $fill in the blank 556f0dfdf056fc9 39 $fill in the blank 556f0dfdf056fc9 40 March 19 fill in the blank 556f0dfdf056fc9 41 fill in the blank 556f0dfdf056fc9 42 fill in the blank 556f0dfdf056fc9 43 fill in the blank 556f0dfdf056fc9 44 fill in the blank 556f0dfdf056fc9 45 fill in the blank 556f0dfdf056fc9 46 fill in the blank 556f0dfdf056fc9 47 fill in the blank 556f0dfdf056fc9 48 Balance $fill in the blank 556f0dfdf056fc9 49 $fill in the blank 556f0dfdf056fc9 50 $fill in the blank 556f0dfdf056fc9 51 $fill in the blank 556f0dfdf056fc9 52 $fill in the blank 556f0dfdf056fc9 53 $fill in the blank 556f0dfdf056fc9 54 $fill in the blank 556f0dfdf056fc9 55 $fill in the blank 556f0dfdf056fc9 56 March 20 fill in the blank 556f0dfdf056fc9 57 fill in the blank 556f0dfdf056fc9 58 fill in the blank 556f0dfdf056fc9 59 fill in the blank 556f0dfdf056fc9 60 fill in the blank 556f0dfdf056fc9 61 fill in the blank 556f0dfdf056fc9 62 fill in the blank 556f0dfdf056fc9 63 fill in the blank 556f0dfdf056fc9 64 Balance $fill in the blank 556f0dfdf056fc9 65 $fill in the blank 556f0dfdf056fc9 66 $fill in the blank 556f0dfdf056fc9 67 $fill in the blank 556f0dfdf056fc9 68 $fill in the blank 556f0dfdf056fc9 69 $fill in the blank 556f0dfdf056fc9 70 $fill in the blank 556f0dfdf056fc9 71 $fill in the blank 556f0dfdf056fc9 72 March 22 fill in the blank 556f0dfdf056fc9 73 fill in the blank 556f0dfdf056fc9 74 fill in the blank 556f0dfdf056fc9 75 fill in the blank 556f0dfdf056fc9 76 fill in the blank 556f0dfdf056fc9 77 fill in the blank 556f0dfdf056fc9 78 fill in the blank 556f0dfdf056fc9 79 fill in the blank 556f0dfdf056fc9 80 Balance $fill in the blank 556f0dfdf056fc9 81 $fill in the blank 556f0dfdf056fc9 82 $fill in the blank 556f0dfdf056fc9 83 $fill in the blank 556f0dfdf056fc9 84 $fill in the blank 556f0dfdf056fc9 85 $fill in the blank 556f0dfdf056fc9 86 $fill in the blank 556f0dfdf056fc9 87 $fill in the blank 556f0dfdf056fc9 88 March 26 fill in the blank 556f0dfdf056fc9 89 fill in the blank 556f0dfdf056fc9 90 fill in the blank 556f0dfdf056fc9 91 fill in the blank 556f0dfdf056fc9 92 fill in the blank 556f0dfdf056fc9 93 fill in the blank 556f0dfdf056fc9 94 fill in the blank 556f0dfdf056fc9 95 fill in the blank 556f0dfdf056fc9 96 Balance $fill in the blank 556f0dfdf056fc9 97 $fill in the blank 556f0dfdf056fc9 98 $fill in the blank 556f0dfdf056fc9 99 $fill in the blank 556f0dfdf056fc9 100 $fill in the blank 556f0dfdf056fc9 101 $fill in the blank 556f0dfdf056fc9 102 $fill in the blank 556f0dfdf056fc9 103 $fill in the blank 556f0dfdf056fc9 104 March 29 fill in the blank 556f0dfdf056fc9 105 fill in the blank 556f0dfdf056fc9 106 fill in the blank 556f0dfdf056fc9 107 fill in the blank 556f0dfdf056fc9 108 fill in the blank 556f0dfdf056fc9 109 fill in the blank 556f0dfdf056fc9 110 fill in the blank 556f0dfdf056fc9 111 fill in the blank 556f0dfdf056fc9 112 Balance $fill in the blank 556f0dfdf056fc9 113 $fill in the blank 556f0dfdf056fc9 114 $fill in the blank 556f0dfdf056fc9 115 $fill in the blank 556f0dfdf056fc9 116 $fill in the blank 556f0dfdf056fc9 117 $fill in the blank 556f0dfdf056fc9 118 $fill in the blank 556f0dfdf056fc9 119 $fill in the blank 556f0dfdf056fc9 120 March 30 fill in the blank 556f0dfdf056fc9 121 fill in the blank 556f0dfdf056fc9 122 fill in the blank 556f0dfdf056fc9 123 fill in the blank 556f0dfdf056fc9 124 fill in the blank 556f0dfdf056fc9 125 fill in the blank 556f0dfdf056fc9 126 fill in the blank 556f0dfdf056fc9 127 fill in the blank 556f0dfdf056fc9 128 Balance $fill in the blank 556f0dfdf056fc9 129 $fill in the blank 556f0dfdf056fc9 130 $fill in the blank 556f0dfdf056fc9 131 $fill in the blank 556f0dfdf056fc9 132 $fill in the blank 556f0dfdf056fc9 133 $fill in the blank 556f0dfdf056fc9 134 $fill in the blank 556f0dfdf056fc9 135 $fill in the blank 556f0dfdf056fc9 136 March 31 fill in the blank 556f0dfdf056fc9 137 fill in the blank 556f0dfdf056fc9 138 fill in the blank 556f0dfdf056fc9 139 fill in the blank 556f0dfdf056fc9 140 fill in the blank 556f0dfdf056fc9 141 fill in the blank 556f0dfdf056fc9 142 fill in the blank 556f0dfdf056fc9 143 fill in the blank 556f0dfdf056fc9 144 Balance $fill in the blank 556f0dfdf056fc9 145 $fill in the blank 556f0dfdf056fc9 146 $fill in the blank 556f0dfdf056fc9 147 $fill in the blank 556f0dfdf056fc9 148 $fill in the blank 556f0dfdf056fc9 149 $fill in the blank 556f0dfdf056fc9 150 $fill in the blank 556f0dfdf056fc9 151 $fill in the blank 556f0dfdf056fc9 152 Total Assets $fill in the blank 556f0dfdf056fc9 153 Total Liabilities and Stockholders' Equity $fill in the blank 556f0dfdf056fc9 154 2 Prepare an income statement for the month of March Expert Consulting Services Inc Income Statement For the Month of March Revenues Advertising expenseComputer installation servicesGas, electric, and water expenseSalaries and wages expenseSupplies $ Select Accounts receivableAdvertising expenseGas, electric, and water expenseSalaries and wages expenseSoftware selection services Select $ Select Expenses Accounts payableAdvertisingComputer installation servicesNotes payableSoftware selection services $ Select Accounts payableComputer installation servicesNotes payableSalaries and wagesSoftware selection services Select Accounts receivableComputer installation servicesGas, electric, and waterRetained earningsSoftware selection services Select Total Expenses fill in the blank 506a58022fb4f92 12 Net incomeNet loss $ Select 3 Prepare a classified balance sheet at March 31 Expert Consulting Services Inc Balance Sheet March 31 Assets Current assets Advertising expenseCapital stockCashNotes payableRetained earnings $ Select Accounts payableAccounts receivableCapital stockComputer installation servicesNotes payable Select Advertising expenseCapital stockNotes payableRetained earningsSupplies Select Total current assets $fill in the blank ed3933ffef8d04c 7 Property, plant, and equipment Accounts payableCapital stockEquipment computer systemNotes payableRetained earnings Select Total assets $fill in the blank ed3933ffef8d04c 10 Liabilities and Stockholders' Equity Current liabilities Accounts payableAccounts receivableCapital stockCashEquipment computer system $ Select Long term debt Accounts receivableCapital stockCashNet incomeNotes payable Select Total liabilities $fill in the blank ed3933ffef8d04c 15 Accounts payableAccounts receivableCapital stockCashNotes payable $ Select Accounts payableAccounts receivableCashRetained earningsSupplies Select Total stockholders' equity fill in the blank ed3933ffef8d04c 20 Total liabilities and stockholders' equity $fill in the blank ed3933ffef8d04c 21 4 From reading the balance sheet you prepared in part (3), what events would you expect to take place in April Cash will most likely be paid in April for the $700 of miscellaneous supplies bought on account on March 12 Cash will most likely be received in April for the $700 of miscellaneous supplies sold on account on March 12 Cash will most likely be received in April for the $750 of miscellaneous supplies sold on account on March 31

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Expert Consulting Services Inc. was organized on March 1 by two former college roommates. The corporation provides computer consulting services to small businesses. The following

Expert Consulting Services Inc. was organized on March 1 by two former college roommates. The corporation provides computer consulting services to small businesses. The following transactions occurred during the first month of operations:

March 2:	Received contributions of $20,000 from each of the two principal owners of the new business in exchange for shares of stock.
March 7:	Signed a two-year promissory note at the bank and received cash of $15,000. Interest, along with the $15,000, will be repaid at the end of the two years.
March 12:	Purchased $700 in miscellaneous supplies on account. The company has 30 days to pay for the supplies.
March 19:	Billed a client $4,000 for services rendered by Expert in helping to install a new computer system. The client is to pay 25% of the bill upon its receipt and the remaining balance within 30 days.
March 20:	Paid $1,300 bill from the local newspaper for advertising for the month of March.
March 22:	Received 25% of the amount billed to the client on March 19.
March 26:	Received cash of $2,800 for services provided in assisting a client in selecting software for its computer.
March 29:	Purchased a computer system for $8,000 in cash.
March 30:	Paid $3,300 of salaries and wages for March.
March 31:	Received and paid $1,400 in gas, electric, and water bills.

1. Complete the table below to summarize the preceding transactions as they affect the accounting equation. If an account is unaffected by a transaction, enter "0". Use the minus sign to indicate decreases.

Use the format in Exhibit 3-1

Expert Consulting Services Inc. Transactions for the Month of March
Assets					=	Liabilities		+	Stockholders' Equity
Date	Cash	Accounts Receivable	Computer	Supplies		Accounts Payable	Notes Payable		Capital Stock	Retained Earnings
March 2	$fill in the blank 556f0dfdf056fc9_1	$fill in the blank 556f0dfdf056fc9_2	$fill in the blank 556f0dfdf056fc9_3	$fill in the blank 556f0dfdf056fc9_4		$fill in the blank 556f0dfdf056fc9_5	$fill in the blank 556f0dfdf056fc9_6		$fill in the blank 556f0dfdf056fc9_7	$fill in the blank 556f0dfdf056fc9_8
March 7	fill in the blank 556f0dfdf056fc9_9	fill in the blank 556f0dfdf056fc9_10	fill in the blank 556f0dfdf056fc9_11	fill in the blank 556f0dfdf056fc9_12		fill in the blank 556f0dfdf056fc9_13	fill in the blank 556f0dfdf056fc9_14		fill in the blank 556f0dfdf056fc9_15	fill in the blank 556f0dfdf056fc9_16
Balance	$fill in the blank 556f0dfdf056fc9_17	$fill in the blank 556f0dfdf056fc9_18	$fill in the blank 556f0dfdf056fc9_19	$fill in the blank 556f0dfdf056fc9_20		$fill in the blank 556f0dfdf056fc9_21	$fill in the blank 556f0dfdf056fc9_22		$fill in the blank 556f0dfdf056fc9_23	$fill in the blank 556f0dfdf056fc9_24
March 12	fill in the blank 556f0dfdf056fc9_25	fill in the blank 556f0dfdf056fc9_26	fill in the blank 556f0dfdf056fc9_27	fill in the blank 556f0dfdf056fc9_28		fill in the blank 556f0dfdf056fc9_29	fill in the blank 556f0dfdf056fc9_30		fill in the blank 556f0dfdf056fc9_31	fill in the blank 556f0dfdf056fc9_32
Balance	$fill in the blank 556f0dfdf056fc9_33	$fill in the blank 556f0dfdf056fc9_34	$fill in the blank 556f0dfdf056fc9_35	$fill in the blank 556f0dfdf056fc9_36		$fill in the blank 556f0dfdf056fc9_37	$fill in the blank 556f0dfdf056fc9_38		$fill in the blank 556f0dfdf056fc9_39	$fill in the blank 556f0dfdf056fc9_40
March 19	fill in the blank 556f0dfdf056fc9_41	fill in the blank 556f0dfdf056fc9_42	fill in the blank 556f0dfdf056fc9_43	fill in the blank 556f0dfdf056fc9_44		fill in the blank 556f0dfdf056fc9_45	fill in the blank 556f0dfdf056fc9_46		fill in the blank 556f0dfdf056fc9_47	fill in the blank 556f0dfdf056fc9_48
Balance	$fill in the blank 556f0dfdf056fc9_49	$fill in the blank 556f0dfdf056fc9_50	$fill in the blank 556f0dfdf056fc9_51	$fill in the blank 556f0dfdf056fc9_52		$fill in the blank 556f0dfdf056fc9_53	$fill in the blank 556f0dfdf056fc9_54		$fill in the blank 556f0dfdf056fc9_55	$fill in the blank 556f0dfdf056fc9_56
March 20	fill in the blank 556f0dfdf056fc9_57	fill in the blank 556f0dfdf056fc9_58	fill in the blank 556f0dfdf056fc9_59	fill in the blank 556f0dfdf056fc9_60		fill in the blank 556f0dfdf056fc9_61	fill in the blank 556f0dfdf056fc9_62		fill in the blank 556f0dfdf056fc9_63	fill in the blank 556f0dfdf056fc9_64
Balance	$fill in the blank 556f0dfdf056fc9_65	$fill in the blank 556f0dfdf056fc9_66	$fill in the blank 556f0dfdf056fc9_67	$fill in the blank 556f0dfdf056fc9_68		$fill in the blank 556f0dfdf056fc9_69	$fill in the blank 556f0dfdf056fc9_70		$fill in the blank 556f0dfdf056fc9_71	$fill in the blank 556f0dfdf056fc9_72
March 22	fill in the blank 556f0dfdf056fc9_73	fill in the blank 556f0dfdf056fc9_74	fill in the blank 556f0dfdf056fc9_75	fill in the blank 556f0dfdf056fc9_76		fill in the blank 556f0dfdf056fc9_77	fill in the blank 556f0dfdf056fc9_78		fill in the blank 556f0dfdf056fc9_79	fill in the blank 556f0dfdf056fc9_80
Balance	$fill in the blank 556f0dfdf056fc9_81	$fill in the blank 556f0dfdf056fc9_82	$fill in the blank 556f0dfdf056fc9_83	$fill in the blank 556f0dfdf056fc9_84		$fill in the blank 556f0dfdf056fc9_85	$fill in the blank 556f0dfdf056fc9_86		$fill in the blank 556f0dfdf056fc9_87	$fill in the blank 556f0dfdf056fc9_88
March 26	fill in the blank 556f0dfdf056fc9_89	fill in the blank 556f0dfdf056fc9_90	fill in the blank 556f0dfdf056fc9_91	fill in the blank 556f0dfdf056fc9_92		fill in the blank 556f0dfdf056fc9_93	fill in the blank 556f0dfdf056fc9_94		fill in the blank 556f0dfdf056fc9_95	fill in the blank 556f0dfdf056fc9_96
Balance	$fill in the blank 556f0dfdf056fc9_97	$fill in the blank 556f0dfdf056fc9_98	$fill in the blank 556f0dfdf056fc9_99	$fill in the blank 556f0dfdf056fc9_100		$fill in the blank 556f0dfdf056fc9_101	$fill in the blank 556f0dfdf056fc9_102		$fill in the blank 556f0dfdf056fc9_103	$fill in the blank 556f0dfdf056fc9_104
March 29	fill in the blank 556f0dfdf056fc9_105	fill in the blank 556f0dfdf056fc9_106	fill in the blank 556f0dfdf056fc9_107	fill in the blank 556f0dfdf056fc9_108		fill in the blank 556f0dfdf056fc9_109	fill in the blank 556f0dfdf056fc9_110		fill in the blank 556f0dfdf056fc9_111	fill in the blank 556f0dfdf056fc9_112
Balance	$fill in the blank 556f0dfdf056fc9_113	$fill in the blank 556f0dfdf056fc9_114	$fill in the blank 556f0dfdf056fc9_115	$fill in the blank 556f0dfdf056fc9_116		$fill in the blank 556f0dfdf056fc9_117	$fill in the blank 556f0dfdf056fc9_118		$fill in the blank 556f0dfdf056fc9_119	$fill in the blank 556f0dfdf056fc9_120
March 30	fill in the blank 556f0dfdf056fc9_121	fill in the blank 556f0dfdf056fc9_122	fill in the blank 556f0dfdf056fc9_123	fill in the blank 556f0dfdf056fc9_124		fill in the blank 556f0dfdf056fc9_125	fill in the blank 556f0dfdf056fc9_126		fill in the blank 556f0dfdf056fc9_127	fill in the blank 556f0dfdf056fc9_128
Balance	$fill in the blank 556f0dfdf056fc9_129	$fill in the blank 556f0dfdf056fc9_130	$fill in the blank 556f0dfdf056fc9_131	$fill in the blank 556f0dfdf056fc9_132		$fill in the blank 556f0dfdf056fc9_133	$fill in the blank 556f0dfdf056fc9_134		$fill in the blank 556f0dfdf056fc9_135	$fill in the blank 556f0dfdf056fc9_136
March 31	fill in the blank 556f0dfdf056fc9_137	fill in the blank 556f0dfdf056fc9_138	fill in the blank 556f0dfdf056fc9_139	fill in the blank 556f0dfdf056fc9_140		fill in the blank 556f0dfdf056fc9_141	fill in the blank 556f0dfdf056fc9_142		fill in the blank 556f0dfdf056fc9_143	fill in the blank 556f0dfdf056fc9_144
Balance	$fill in the blank 556f0dfdf056fc9_145	$fill in the blank 556f0dfdf056fc9_146	$fill in the blank 556f0dfdf056fc9_147	$fill in the blank 556f0dfdf056fc9_148		$fill in the blank 556f0dfdf056fc9_149	$fill in the blank 556f0dfdf056fc9_150		$fill in the blank 556f0dfdf056fc9_151	$fill in the blank 556f0dfdf056fc9_152
Total Assets:	$fill in the blank 556f0dfdf056fc9_153		Total Liabilities and Stockholders' Equity:			$fill in the blank 556f0dfdf056fc9_154

2. Prepare an income statement for the month of March.

Expert Consulting Services Inc. Income Statement For the Month of March
Revenues:
Advertising expenseComputer installation servicesGas, electric, and water expenseSalaries and wages expenseSupplies	$- Select -
Accounts receivableAdvertising expenseGas, electric, and water expenseSalaries and wages expenseSoftware selection services	- Select -	$- Select -
Expenses:
Accounts payableAdvertisingComputer installation servicesNotes payableSoftware selection services	$- Select -
Accounts payableComputer installation servicesNotes payableSalaries and wagesSoftware selection services	- Select -
Accounts receivableComputer installation servicesGas, electric, and waterRetained earningsSoftware selection services	- Select -
Total Expenses		fill in the blank 506a58022fb4f92_12
Net incomeNet loss		$- Select -

3. Prepare a classified balance sheet at March 31.

Expert Consulting Services Inc. Balance Sheet March 31
Assets
Current assets:
Advertising expenseCapital stockCashNotes payableRetained earnings	$- Select -
Accounts payableAccounts receivableCapital stockComputer installation servicesNotes payable	- Select -
Advertising expenseCapital stockNotes payableRetained earningsSupplies	- Select -
Total current assets		$fill in the blank ed3933ffef8d04c_7
Property, plant, and equipment:
Accounts payableCapital stockEquipment-computer systemNotes payableRetained earnings		- Select -
Total assets		$fill in the blank ed3933ffef8d04c_10
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payableAccounts receivableCapital stockCashEquipment-computer system		$- Select -
Long-term debt:
Accounts receivableCapital stockCashNet incomeNotes payable		- Select -
Total liabilities		$fill in the blank ed3933ffef8d04c_15
Accounts payableAccounts receivableCapital stockCashNotes payable	$- Select -
Accounts payableAccounts receivableCashRetained earningsSupplies	- Select -
Total stockholders' equity		fill in the blank ed3933ffef8d04c_20
Total liabilities and stockholders' equity		$fill in the blank ed3933ffef8d04c_21

4. From reading the balance sheet you prepared in part (3), what events would you expect to take place in April?

Cash will most likely be paid in April for the $700 of miscellaneous supplies bought on account on March 12. Cash will most likely be received in April for the $700 of miscellaneous supplies sold on account on March 12.Cash will most likely be received in April for the $750 of miscellaneous supplies sold on account on March 31.