General Instructions 1. The following worksheet may be used to complete the exercise/problem. You may need to refer to your textbook for additional information. 2. The blue cells are for data entry. Enter text in the T cells, formulas in the F cells, and dollars or numbers in the S cells. 3. The completed exercise/problem may be printed or e-mailed per direction from your instructor P3-3A Dynamic Services Inc. was organized on March 1 by two former college roommates. The corporation will provide computer tax services to small businesses. The following transactions occurred during the first month of operations: 6 March 2: Received contributions of $10,000 from each of the two principal owners in exchange for shares of stock. March 7 Signed a two-year promissory note at the bank and received cash of $7,500. Interest, along with the $7500, will be repaid at the end of the two years. March 12: Purchased miscellaneous supplies on account for $350, payment due in 30 days. P3-3A 0 March 12 March 19 March 20: March 22 March 26 March 29 March 30 March 31: Purchased miscellaneous supplies on account for $350, payment due in 30 days. Billed a client $2,000 for tax preparation services. According to an agreement between the two companies, the client is to pay 25% of the bill upon its receipt and the remaining balance within 30 days. Paid a $650 bill from the local newspaper for advertising for the month of March. Received 25% of the amount billed the client on March 19. Received cash of $1,400 for services provided in assisting a client in preparing its tax return. Purchased a computer system for $4,000 in cash, Paid $1,650 in salaries and wages for March. Received and paid $700 of gas, electric, and water bills. Required 11. Prepare a table to summarize the preceding transactions as they affect the accounting equation. Identify each transaction with the date. DYNAMIC SERVICES INC. DYNAMIC SERVICES INC. TRANSACTIONS FOR THE MONTH OF MARCH Assets = Liabilities Accounts Payable Accounts Receivable Computer Cash + Stockholders' Equity Capital Retained Stock Earnings Notes Payable Supplies Date 3/2 Bal 3/12 3/19 3/20 Bal 3/22 Bal. 3/26 $ 8 P3-3A Bal 3/26 Bal. 3/29 Bal 7 TATT TIT 3/30 Bal. 3/31 Bal. TOTAL ASSETS: TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY