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Howard's Flight Radio Management Corporation Trial Balance March 31 \begin{tabular}{|c|c|c|c|} \hline Account & Account & \multicolumn{2}{|c|}{ Balance } \\ \hline Number & Title & Debit & Credit \\ \hline 111 & Cash & 20,190 & \\ \hline 411 & FMS Repair Revenue & & 5,950 \\ \hline 117 & Prepaid Insurance & 1,980 & \\ \hline 511 & Store Rent Expense & 1,800 & \\ \hline 119 & Repair supplies & 650 & \\ \hline 512 & Telephone Expenses & 400 & \\ \hline 144 & Repair Equiptment & 5,800 & \\ \hline 513 & Insurance Expense & 180 & \\ \hline 212 & Accounts Payable & & 3,850 \\ \hline 311 & Common Stock & & 22,500 \\ \hline 517 & Electric Expense & 300 & \\ \hline 313 & Dividends & 1,000 & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & 32,300 & 32,300 \\ \hline \end{tabular} General Journal \begin{tabular}{|c|c|c|c|c|} \hline Doile & \begin{tabular}{c} Account Number \\ from Chort of \\ Accounts tob \end{tabular} & Account Tilile from Chort of Accounts tob & Debit & Credit \\ \hline \multirow[t]{2}{*}{ 31-Mar } & & Insurance Expense (2,4001/12) & 200 & \\ \hline & 119 & Prepaid Insurance & & 200 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 514 & Repair supplies Expenses (650-200) & 450 & \\ \hline & 117 & Repair Supplies & & 450 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 515 & Depreciation & 120 & \\ \hline & 145 & Repair Equiptment & & 120 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 516 & Income Tax Expense & 65 & \\ \hline & 213 & Income Tax Payable & & 65 \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & 835 & 835 \\ \hline \end{tabular} Chart af A anointe Adjusted Trial Balance March 31 \begin{tabular}{|c|c|c|c|} \hline Account & Account & \multicolumn{2}{|c|}{ Balance } \\ \hline Number & Title & Debit & Credit \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & 0 & 0 \\ \hline \end{tabular} Must be Manually Updated From "Adjusting Entries" Data Automatically Updated From "March Transactions" Data 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. Howard's Flight Radio Management Corporation Income Statement For the Month Ending March 31 Howard's Flight Radio Management Corporation Statement of Retained Earnings For the Month Ending March 31 Howard's Flight Radio Management Corporation Balance Sheet March 31 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 palances. Just add to the adjusted balances already listed. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ General Journal } \\ \hline Dofte & \begin{tabular}{|c} \begin{tabular}{c} Account Number \\ from Chort of \\ Accounts tob \end{tabular} \\ \end{tabular} & Ecount Tille from Choit of Accounts id & Debif & Credif \\ \hline \multirow[t]{3}{*}{ 1-Mar } & 111 & eash & 22,500 & \\ \hline & 311 & \multirow{2}{*}{\begin{tabular}{l} common stock \\ (To record began business by deposit) \end{tabular}} & & 22,500 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{ 1-Mar } & 117 & Prepaid Insurance & 2,160 & \\ \hline & 111 & \multirow{2}{*}{\begin{tabular}{l} cash \\ (To record prepaid insurance) \end{tabular}} & & 2,160 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{ 1-Mar } & 511 & (To record prepaid insurance) & 1,800 & \\ \hline & 111 & Cash & & 1,80 \\ \hline & & (To record paid current month rent) & & \\ \hline \multirow[t]{4}{*}{ 3-Mar } & 144 & Repair Equiptment & 5,800 & \\ \hline & 111 & Cash & & 2,200 \\ \hline & 212 & \multirow{2}{*}{\begin{tabular}{l} Accounts Payable \\ (to record purchase equiptment) \end{tabular}} & & 3,600 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{ 8-Mar } & 119 & Repair Supplies & 650 & \\ \hline & 212 & \multirow{2}{*}{\begin{tabular}{l} Accounts Payable \\ (to record purchase supplies) \end{tabular}} & & 650 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{ 10-Mar } & 512 & Telephone Expense & 400 & \\ \hline & 111 & Cash & & 400 \\ \hline & & (Paid telephone bill) & & \\ \hline \multirow[t]{2}{*}{ 11-Mar } & 111 & Cash & 2,000 & \\ \hline & 411 & Bicycle Repair & & 2,000 \\ \hline \multirow[t]{2}{*}{ 18-Mar } & 212 & Accounts Payable & 400 & \\ \hline & 111 & Cash & & 400 \\ \hline 20-Mar & 111 & Cash & 2.450 & \\ \hline & 411 & Bicycle Repair Revenue & & 2,450 \\ \hline 31-Mar & 111 & Cash & 1,500 & \\ \hline & 411 & Bicycle Repair Revenue & & 1,500 \\ \hline & & (to record repair revenue) & & \\ \hline 31-Mar & 517 & Electric Expense & 300 & \\ \hline & 111 & Cash & & 300 \\ \hline & & (to record electric bill) & & \\ \hline 31-Mar & 313 & Dividends & 1,000 & \\ \hline & 111 & Cash & & 1,000 \\ \hline & & (to record paid dividends) & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & 40,960 & 40,960 \\ \hline \end{tabular} equirement \# 10: Prepare a post-closing trial balance as of March 31 in the space below. Howard's Flight Radio Management Corporation Trial Balance March 31 \begin{tabular}{|c|c|c|c|} \hline Account & Account & \multicolumn{2}{|c|}{ Balance } \\ \hline Number & Title & Debit & Credit \\ \hline 111 & Cash & 20,190 & \\ \hline 411 & FMS Repair Revenue & & 5,950 \\ \hline 117 & Prepaid Insurance & 1,980 & \\ \hline 511 & Store Rent Expense & 1,800 & \\ \hline 119 & Repair supplies & 650 & \\ \hline 512 & Telephone Expenses & 400 & \\ \hline 144 & Repair Equiptment & 5,800 & \\ \hline 513 & Insurance Expense & 180 & \\ \hline 212 & Accounts Payable & & 3,850 \\ \hline 311 & Common Stock & & 22,500 \\ \hline 517 & Electric Expense & 300 & \\ \hline 313 & Dividends & 1,000 & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & 32,300 & 32,300 \\ \hline \end{tabular} General Journal \begin{tabular}{|c|c|c|c|c|} \hline Doile & \begin{tabular}{c} Account Number \\ from Chort of \\ Accounts tob \end{tabular} & Account Tilile from Chort of Accounts tob & Debit & Credit \\ \hline \multirow[t]{2}{*}{ 31-Mar } & & Insurance Expense (2,4001/12) & 200 & \\ \hline & 119 & Prepaid Insurance & & 200 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 514 & Repair supplies Expenses (650-200) & 450 & \\ \hline & 117 & Repair Supplies & & 450 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 515 & Depreciation & 120 & \\ \hline & 145 & Repair Equiptment & & 120 \\ \hline \multirow[t]{2}{*}{ 31-Mar } & 516 & Income Tax Expense & 65 & \\ \hline & 213 & Income Tax Payable & & 65 \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & 835 & 835 \\ \hline \end{tabular} Chart af A anointe Adjusted Trial Balance March 31 \begin{tabular}{|c|c|c|c|} \hline Account & Account & \multicolumn{2}{|c|}{ Balance } \\ \hline Number & Title & Debit & Credit \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & 0 & 0 \\ \hline \end{tabular} Must be Manually Updated From "Adjusting Entries" Data Automatically Updated From "March Transactions" Data 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. Howard's Flight Radio Management Corporation Income Statement For the Month Ending March 31 Howard's Flight Radio Management Corporation Statement of Retained Earnings For the Month Ending March 31 Howard's Flight Radio Management Corporation Balance Sheet March 31 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 palances. Just add to the adjusted balances already listed. \begin{tabular}{|c|c|c|c|c|} \hline \multicolumn{5}{|c|}{ General Journal } \\ \hline Dofte & \begin{tabular}{|c} \begin{tabular}{c} Account Number \\ from Chort of \\ Accounts tob \end{tabular} \\ \end{tabular} & Ecount Tille from Choit of Accounts id & Debif & Credif \\ \hline \multirow[t]{3}{*}{ 1-Mar } & 111 & eash & 22,500 & \\ \hline & 311 & \multirow{2}{*}{\begin{tabular}{l} common stock \\ (To record began business by deposit) \end{tabular}} & & 22,500 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{ 1-Mar } & 117 & Prepaid Insurance & 2,160 & \\ \hline & 111 & \multirow{2}{*}{\begin{tabular}{l} cash \\ (To record prepaid insurance) \end{tabular}} & & 2,160 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{ 1-Mar } & 511 & (To record prepaid insurance) & 1,800 & \\ \hline & 111 & Cash & & 1,80 \\ \hline & & (To record paid current month rent) & & \\ \hline \multirow[t]{4}{*}{ 3-Mar } & 144 & Repair Equiptment & 5,800 & \\ \hline & 111 & Cash & & 2,200 \\ \hline & 212 & \multirow{2}{*}{\begin{tabular}{l} Accounts Payable \\ (to record purchase equiptment) \end{tabular}} & & 3,600 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{ 8-Mar } & 119 & Repair Supplies & 650 & \\ \hline & 212 & \multirow{2}{*}{\begin{tabular}{l} Accounts Payable \\ (to record purchase supplies) \end{tabular}} & & 650 \\ \hline & & & & \\ \hline \multirow[t]{3}{*}{ 10-Mar } & 512 & Telephone Expense & 400 & \\ \hline & 111 & Cash & & 400 \\ \hline & & (Paid telephone bill) & & \\ \hline \multirow[t]{2}{*}{ 11-Mar } & 111 & Cash & 2,000 & \\ \hline & 411 & Bicycle Repair & & 2,000 \\ \hline \multirow[t]{2}{*}{ 18-Mar } & 212 & Accounts Payable & 400 & \\ \hline & 111 & Cash & & 400 \\ \hline 20-Mar & 111 & Cash & 2.450 & \\ \hline & 411 & Bicycle Repair Revenue & & 2,450 \\ \hline 31-Mar & 111 & Cash & 1,500 & \\ \hline & 411 & Bicycle Repair Revenue & & 1,500 \\ \hline & & (to record repair revenue) & & \\ \hline 31-Mar & 517 & Electric Expense & 300 & \\ \hline & 111 & Cash & & 300 \\ \hline & & (to record electric bill) & & \\ \hline 31-Mar & 313 & Dividends & 1,000 & \\ \hline & 111 & Cash & & 1,000 \\ \hline & & (to record paid dividends) & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & & \\ \hline & & & 40,960 & 40,960 \\ \hline \end{tabular} equirement \# 10: Prepare a post-closing trial balance as of March 31 in the space below