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During its first month of operation, HFRM completed the following transactions. March Transactions Date Transaction Description iMarch 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. iMarch 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. iMarch 8 Purchased repair supplies from Gary Company on credit, $650. iMarch 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. iMarch 31 Declared and paid cash dividend of $1,000.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 balances. Just add to the adjusted balances already listed. 2 3 General Journal Account Number from Chart of Accounts Date tab Account Title from Chart of Accounts tab Debit Credit 24 25 26 29Requirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Howard's Flight Radio Management Corporation Post-Closing Trial Balance No March 31 Account Balance Account Number Title Debit Credit 24 25 26 27 28 29 30 31 32 33 34 35 36Use 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 119 Repair Supplies Debit 144 Repair Equipment Debit 145 Accum Dep -Repair Equipment Credit 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 FMS 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-All of your Journal Entries should balance. General Journal Account Number from Chart of Date Accounts tab Account Title from Chart of Accounts tab Debit Credit 1-Mar 111 Cash 20,000 311 Common Stock 20,000 1-Mar 117 Prepaid Insurance 2,400 111 To cash 2,400 1-Mar 511 Store rent expense 1.900 111 To cash 1.900 3-Mar 144 Repair equipment 5.800 111 To cash 1.000 212 To accounts payable 4,800 8-Mar 119 Repair suplies 550 212 To accounts payable 650 10-Mar 512 Telephone 340 111 To cash 340 11-Mar 111 Cash 1.650 411 To bicycle repair revenue 1.650 18-Mar 212 Accounts payable 400 111 To cash 400 20-Mar 111 Cash 2.450 41 1 To bicycle repair revenue 2.450 31-Mar 111 Cash 1.250 411 To bicycle repair revenue 1.250 31-Mar 517 Electric expense 250 111 To cash 250 31-Mar 313 Dividends 1.000 111 To cash 1.000REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. Date Cash (111) Date FMS Repair Revenue (411) 1-Mar 11-Mar 1-Mar 20-Mar 1-Mar 31-Mar Co 3-Mar Trial Balance 10-Mar Adjusted TB 0 11-Mar closing 18-Mar Post Closing TB 0 11 20-Mar 12 31-Mar 13 31-Mar 14 31-Mar 15 Trial balance 0 16 Adjusted TB 17 Post Closing TE 0 18 19 Prepaid Insurance (117) Store Rent Expense (511) 20 1-Mar 1-Mar 21 Trial balance 0 Trial balance 0 22 adjusting Adjusted TB 0 23 Adjusted TB 0 closing 24 Post Closing TE 0 Post Closing TB 0 25 26 27 Repair Supplies (119) Telepone Expense (512) 28 8-Mar 10-Mar 29 Trial balance 0 Trial balance 0 30 adj Adjusted TB 0 31 Adjusted TB 0 closing 32 Post Closing TE 0 Post Closing TB 0 33 34 35 Repair Equipment (144) Insurance Expense (513) 36 3-Mar adjusting 37 Trial balance 0 Adjusted TB 0 38 Adjusted TB 0 closing 39 Post Closing TE 0 Post Closing TB 0 40 41 42 Accum Dep - Repair Equipment (145) Repair Supplies Expense (514) 43 adjusting adjusting 44 Adjusted TB 0 Adjusted TB 0 45 Post Closing TB 0 closing 46 Post Closing TB 0 4750 Accounts Payable (212) Dep expense - Repair Equipment (515)] 51 3-Mar adjusting 52 8-Mar Adjusted TB 0 53 18-Mar closing 54 Trial Balance 0 Post Closing TB 0 55 Adjusted TB 0 56 Post Closing TB 0 57 58 Income Tax Payable (213) ncome Tax Expense (516) 59 adjusting adjusting 60 Adjusted TB 0 Adjusted TB 0 61 Post Closing TB 0 closing 62 Post Closing TB 0 63 64 65 Common Stock (311) Electric Expense (517) 66 1-Mar 31-Mar 67 Trial Balance 0 Trial Balance 0 68 Adjusted TB 0 Adjusted TB 0 69 Post Closing TB 0 closing 70 Post Closing TB 0 71 72 Retained Earnings (312) 73 closing 74 closing 75 closing 76 Post Closing TB 0 77 78 79 Dividends (313) 80 31-Mar 81 Trial Balance 0 82 closing 83 Post Closing TE 0REQUIREMENT #3: Prepare a trial balance for March in the space below. Howard's Flight Radio Management Corporation Trial Balance March 31 Account Account Balance Number Title Debit Credit 111 Cash 117 Prepaid Insurance 119 Repair Supplies 8 144 Repair Equipment 9 212 Accounts Payable 10 311 Common Stock 11 313 Dividends 1,000 12 411 FMS Repair Revenue 13 511 Store Rent Expense 14 512 Telephone Expense 15 517 Electric Expense 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37Requirement #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. 2 3 General Journal Account Number from Chart of Date Accounts tab Account Title from Chart of Accounts tab Debit Credit 10 11 12 20 21 22 23 24 25 26REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 IN Account Balance Account Title Debit Credit Number 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36Requirement #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 oward's Flight Radio Management Corporation Howard's Flight Radio Management Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending March 31 For the Month Ending March 31 March 31 Revenues: Retained Earnings, March 1 Assets: FMS Repair Revenue Add: Net Income Cash Total Revenue Subtotal Prepaid Insurance Less : Dividends Repair Supplies 2 Expenses: Retained Earnings, March 31 Repair Equipment 13 Store Rent Expense Less: Accum. Depr. 14 Telephone Expense Total Assets 15 Insurance Expense 16 Repair Supplies Exp. Liabilities and Stockholders' Equity 17 Depreciation Exp. Liabilities: 8 Income Taxes Expense Accounts Payable 19 Electric Expense Income Taxes Payable Total Expenses Total Liabilities 2 Net Income Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity
