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MGMT210: Course Project Requirement Requirement Description Worksheet Name 1 Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance 4 Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger Prepare on Adjusted Trial Balance 5 - Adjusted TB 7 Prepare the Financial Statements 6 - Financial Statements Prepare the Closing Entries 7 - Closing Entries 9 Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of RatiosScenario You've just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn't know where to begin. It's your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. Requirements MGMT210: Course Project Requirement Requirement Description Worksheet Name Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger Prepare a Trial Balance 3 - Trial Balance Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger Prepare on Adjusted Trial Balance - Adjusted TB Prepare the Financial Statements 6 - Financial Statements Prepare the Closing Entries 7 - Closing Entries Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of Ratios Guidelines Use the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project. Should you have any questions contact your professor. Milestone 1 is due in Week 3 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-7. Milestone 3 is due in Week 9 - This includes project requirements 8-12.Date Transaction Description March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,400. March 1 Paid the current month's rent expense, $1,900. March 3 Purchased repair equipment from Fred Company, $5,800. Paid $ 1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 Purchased repair supplies from Gary Company on credit, $650. March 10 Paid telephone bill for March, $340. March 11 Cash flight management system (FMS) repair revenue for the first third of March, $1,650. March 18 Made payment to Gary Company, $400. March 20 Cash FMS repair revenue for the second third of March, $2,450. March 31 Cash FMS repair revenue for the last third of March, $1.250. March 31 Paid the current month's electice bill, $250. March 31 Declared and paid cash dividend of $ 1,000.Use the following account descriptions for journal entries. Chart of Accounts Account Account Type Number Account Title Normal Balance Assets 111 Cash Debit 117 Prepaid Insurance Debit Review Chapter 2, 119 Repair Supplies Debit p. 90 for more 144 Repair Equipment Debit information on the 145 Accum Dep-Repair Equipment Credit Chart of Accounts Liabilities 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Credit 313 Dividends Debit Revenue 411 Bicycle Repair Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit 513 Insurance Expense Debit 514 Repair Supplies Expense Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense DebitREQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits-AN of your Journal Entries should balance. General Journal Account Once you've completed Number from this requirement print your Chart of General Journal to Date Accounts tob Yount Title from Chort of Accounts Debit Credit complete Requirement #2 on the General Ledger worksheetREQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances This work Requiren for #5 co Entries w be foundREQUIREMENT #3: Prepare a trial balance for March in the space below. Howard's Flight Radio Management Corporation Trial Balance Only enter March 31 accounts that Account Account Balance have a balance. Number Title Debit CreditRequirement #4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. General Journal Account Number from Chart of Date Accounts tab Account Title from Chart of Accounts tab Debit Credit