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Kindly solve ONLY numbers 5, 6, 7, 8, 9, 10. Thank You! Selected transactions for Mountain Goats Tree Service are listed below for the month
Kindly solve ONLY numbers 5, 6, 7, 8, 9, 10. Thank You!
Selected transactions for Mountain Goats Tree Service are listed below for the month of March, 2020 1. Made cash investment to start business $50,000 2. Paid for monthly advertising $1000 3. Purchased supplies on account $ 2000 4. Billed customers for services performed $2500 5. Withdrew cash for owner's personal use $3000 6. Received cash from customers billed in (4). 7. Incurred utilities expense on account $500 8. Purchased additional supplies for cash $ 5000 9. Paid $3,000 cash in advance for March and April rent 10. Received $5000 for the service to be performed in March and April, 2020. 11. Purchased office furniture of $4000 on account. The furniture will have a useful life of 2 years with zero salvage value. Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, accounts receivable, prepaid rent, office furniture, accounts payable, unearned service revenue, capital, withdrawal, revenues, expenses 2) Journalize the above transactions. 3) Prepare necessary T accounts 4) Prepare a trial balance on March 31, 2020 and prove the arithmetic accuracy of the accounts. Other data: a) The office equipment has an estimated useful life of 2 years with zero salvage value b) The physical count revealed $6000 supplies on hand at the end of the month. c) One-month rent has expired. d) One-month service revenue has been earned. 5) Prepare necessary adjusting entries on March 31, 2020 6) Prepare adjusted trail balance on March 31, 2020. 7) Enter the adjusted trial balance on a worksheet and complete the worksheet. 8) Prepare an income statement for the month ended March 31, 2020, an owner's equity statement on March 31, 2020 and a balance sheet on March 31, 2020. 9) Prepare necessary closing entries on March 31, 2020. 10) Prepare a post-closing trial balance on March 31, 2020Step by Step Solution
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