Hello,

I need help please for questions 6-7-8

Base your answers to questions 3 through 8 on the following information. Read it carefully before you try to answer any of the questions.

The Drive-In Parking System operates a parking lot at a midtown location. The company's chart of accounts includes the following accounts, which are to be used in answering questions 3 through 8.

Account No. Account Title 101 Cash 111 Land 121 Accounts Payable 122 Notes Payable 131 William James, Capital 132 William James, Drawing 141 Parking Fees 151 Advertising Expense 152 Lighting Expense 153 Salaries Expense

The following transactions were entered in the company's accounting records for the month of March: Transactions:

March 1 Mr. James deposited $25,000 cash in a bank account in the name of the business, The Drive-In Parking System.

2 Purchased land for $31,600. Of this total cost, the sum of $21,600 was paid in cash. A non-interest-bearing note payable was issued for the balance.

2 Arranged with the Collins Printing Company for a regular advertisement in their monthly newsletter at a monthly cost of $75. Paid for advertising for March by check, $75.

5 An arrangement was made with the Waltz Restaurant for free parking privileges for its customers. Waltz Restaurant agreed to pay $225 monthly, payable in advance. Cash was collected for the month of March.

15 Parking receipts for the first half of the month were $820.

31 Paid employee salaries of $425 for services rendered during the month.

31 Electric bill for March from the City Electric Company amounted to $55 to be paid before April 15.

31 Parking receipts for the second half of the month amounted to $725. 31 Mr. James withdrew $475 for personal use.

To answer questions 3 through 8, you'll have to journalize and post the results of these transactions. Worksheets are provided in this text to help you solve this accounting problem.

3. To which one of the following accounts was the credit entry posted on March 1 to record Mr. James's $25,000 contribution to the Drive-In Parking System? A. Accounts Payable C. William James, Capital B. Cash D. Land

4. To record the amount due for the electricity used during the month of March, a credit entry was made on March 31 to A. Cash. C. Notes Payable. B. Lighting Expense. D. Accounts Payable.

5. In recording the cash collected on March 5, which one of the following accounts would be credited? A. Notes Receivable C. Cash B. Parking Fees D. Accounts Payable

6. The balance in the cash account as of March 31 was A. $4,270. C. $3,970. B. $4,195. D. $3,375.

7. The debit total of the trial balance prepared as of March 31 for the Drive-In Parking System was A. $34,025. C. $36,825. B. $35,925. D. $37,565.

8. Total assets for the Drive-In Parking System shown on the balance sheet as of March 31 were A. $10,055. C. $31,600. B. $25,740. D. $35,795