M Ratajczyk opened the Big D Emporium on March 1, 2017. During March, the following transactions were completed: March 1 Issued 10,000 shares of common stock for $25,000 cash 1 Purchased used servers for $10,000, paying $6,000 cash and the balance on account 3 Purchased office supplies for $1,500 on account. 5 Paid $2,400 cash on 1-year insurance policy effective March 1 14 Billed customers $4,200 for data analysis services 18 Paid $1,500 cash on amount owed on servers and $500 on amount owed on office 20 21 28 31 supplies Paid $2,750 cash for employee salaries. Collected $1,400 cash from customers billed on March 14. Billed customers $6,200 for data analysis services. Paid $350 for server maintenance which did not extend the life or function of the servers. 31 Declared and paid $900 cash dividend Required: 1. Journalize the March transactions 2. Post to the ledger accounts. 3. Prepare a trial balance at March 31. 4. Journalize the following adjustments: a. Earned but unbilled and uncollected revenue at March 31 was $800. b. Depreciation on equipment for the month was $650. c. One-twelfth of the insurance policy expired d. An inventory count shows $280 of office supplies on hand at March 31. e. Incurred employee salaries but unpaid were $1,060. 5. Post adjusting entries to the general ledger. 6. Prepare an adjusted trial balance. 7. Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31. Journalize and post closing entries and complete the closing process. Prepare a post-closing trial balance at March 31. 8. 9. M Ratajczyk opened the Big D Emporium on March 1, 2017. During March, the following transactions were completed: March 1 Issued 10,000 shares of common stock for $25,000 cash 1 Purchased used servers for $10,000, paying $6,000 cash and the balance on account 3 Purchased office supplies for $1,500 on account. 5 Paid $2,400 cash on 1-year insurance policy effective March 1 14 Billed customers $4,200 for data analysis services 18 Paid $1,500 cash on amount owed on servers and $500 on amount owed on office 20 21 28 31 supplies Paid $2,750 cash for employee salaries. Collected $1,400 cash from customers billed on March 14. Billed customers $6,200 for data analysis services. Paid $350 for server maintenance which did not extend the life or function of the servers. 31 Declared and paid $900 cash dividend Required: 1. Journalize the March transactions 2. Post to the ledger accounts. 3. Prepare a trial balance at March 31. 4. Journalize the following adjustments: a. Earned but unbilled and uncollected revenue at March 31 was $800. b. Depreciation on equipment for the month was $650. c. One-twelfth of the insurance policy expired d. An inventory count shows $280 of office supplies on hand at March 31. e. Incurred employee salaries but unpaid were $1,060. 5. Post adjusting entries to the general ledger. 6. Prepare an adjusted trial balance. 7. Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31. Journalize and post closing entries and complete the closing process. Prepare a post-closing trial balance at March 31. 8. 9
