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L03-4, L03-5, L03-6, 103-8, L03-9 LEM 3.7B Comprehensive d. Will the $120 Ahuna, Inc., provides in-home cooking lessons to its clients. The following
L03-4, L03-5, L03-6, 103-8, L03-9 LEM 3.7B Comprehensive " d. Will the $120 Ahuna, Inc., provides in-home cooking lessons to its clients. The following is the company's trial balance dated March 1, current year. AHUNA, INC. TRIAL BALANCE MARCH 1, CURRENT YEAR Cash Accounts receivable Cooking supplies Accounts payable Dividends payable Dividends.... Capital stock Retained earnings Client revenue Salaries expense Travel expense Printing expense Ahuna engaged in the following transactions in March. $ 5,700 1,800 800 $ 300 500 500 6,000 1,400 5,800 3,100 1,500 103-7, LO3-10 600 $14,000 $14,000 CASE 3.1 Revenue Rece Mar. 3 Mar. 11 Collected a $1,200 account receivable from Kim Mitchell. Purchased cooking supplies for $700 cash. Mar. 15 Paid $200 of outstanding accounts payable. Mar. 20 Issued additional shares of capital stock for $4,000 cash. Mar. 24 Recorded $6,200 of client revenue on account. Mar. 27 Paid March salaries of $900. Mar. 30 Recorded and paid March travel expenses of $400. Mar. 31 Recorded $300 in printing expenses for recipe books. Payment is due April 12. Instructions a. Record the company's March transactions in general journal form. Include a brief explanation of the transaction as part of each journal entry. b. Post each entry to the appropriate ledger accounts (use the T account format illustrated in Exhibit 3-8). c. Prepare a trial balance dated March 31, current year. (Hint: Retained Earnings will be reported at the same amount as it was on March 1. Accounting for changes in the Retained Earnings account resulting from revenue, expense, and dividend activities is discussed in Chapter 5.) d. Has the company paid all of the dividends that it has declared? Explain. Blind D 03-6, LO CASE 3.2 Measuring
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