$\mathrm{}$

Journalize the summary transactions for the month of March.

Post the March summary transactions into the General Ledger Accounts.

Calculate the end of the month balances for the General Ledger Accounts.

Prepare a Trial Balance for the month of March. $($Before Adjustments$)$

Adjustment Data:

The supplies on hand amount to $$1,550$ at March $31$st$.$

Accrue the Salaries & Wages due $$1,500.$

Record two months of depreciation on the equipment. $($Straight line, $5$ year useful life, no salvage value$)$

Superior Small Appliances$$Repairs & Replacements, Inc. has determined that the Allowance for Doubtful Accounts should have a Credit Balance of $$70$ for the next period.

Record two months of expired insurance.

$$985$ of the Unearned Revenue has Not been completed.

Additional Instructions:

Journalize the Adjusting Entries

Post the Adjusting Entries

Calculate the new ending balances for the affected accounts.

Prepare an Adjusted Trial Balance

$3/01$ 

 

Paid the March rent$--$$$400.$ 

 

 

$03/01$

 

 

 Issued $1,000$ additional shares of their Common Stock for $$2,500.$  

 

 

$03/02$

 

 

 Collected $$1,200$ on account. 

 

 

$03/04$

 

 

 Paid Salaries and Wages$--$$$1,500.$ 

 

 

$03/05$

 

 

 Paid creditors on account$--$$$500.$ 

 

 

$03/07$

 

 

 Sold a drill and various small tools for $$150.($The cost and accumulated depreciation associated with these are $$120$ and $$15$ respectively.$)$ 

 

 

$03/08$

 

 

 Purchased a new drill for $$170.$ 

 

 

$03/11$

 

 

 Sold merchandise for $$3,900.$ Cash sales were $$2,150.(1,550$ units were sold$)$ 

 

 

$03/13$

 

 

 Superior Small Appliances$$Repairs & Replacements, Inc. reacquired $400$ shares of its Common Stock for $$750.$ 

 

 

$03/18$

 

 

 Paid Salaries and Wages and various other Operating Expenses$--$$$2,715.($Salaries and Wages were $$1,500)$ 

 

 

$03/19$

 

 

 Purchased additional supplies for $1,200$ on account. 

 

 

$03/20$

 

 

 Received $$2,975$ for repair services performed in March. $($$$1,425$ was done on account$)$ 

 

 

$03/22$

 

 

 Superior Small Appliances$$Repairs & Replacements, Inc. wrote off a delinquent account for $$425.$ 

 

 

$03/27$

 

 

 Received $$925$ for repairs that will be completed between $04/01$ and $04/15.$ 

 

 

$03/29$

 

 

 Superior Small Appliances$$Repairs & Replacements, Inc. declared a quarterly cash dividend of $ $\mathrm{.}10$ to be paid on April $15$th$.$