Mar 13 Renu Mawani has been operating her own interior design business called Mawani Interiors for a couple of years. The following transactions occurred in March 2019. Mar 2 Paid $2,000 cash for March's office rental Mar 3 Renu invested $7,000 cash into the business Mar 4 Purchased equipment on account for $8.000 Mar 6 Received $2,800 cash from a client that owed the company for last month's services Mar 8 Purchased office supplies using $370 cash Mar 10 Paid $6,900 cash for a consulting invoice received and recorded last month Completed work for a client and the client paid $2,900 cash Mar 15 Prepaid $1,800 cash for a one-year insurance policy Mar 16 Completed work for a client, who will pay $3,200 next month Mar 20 Discovered that an error was made on the transaction recorded on March 4: the equipment cost $8,800, not $8,000 Mar 23 Received a $6,000 cash deposit from a client for work to be completed in the next few months Mar 29 Received utility bills for $410 to be paid next month Mar 29 Obtained a bank loan of $12,000 Mar 30 Renu withdrew $3,000 cash for personal use Mar 31 Paid $18,000 cash for employee salaries Required a) Below is the list of account names that the company uses and their respective opening account balances as at the beginning of March. For each of the accounts, identify the account category (assets, liabilities, owner's capital, owner's withdrawals, revenue or expenses) and input the opening account balance in the debitor credit column based on the side of its normal balance. The answers have been filled in for the accounts payable account as an example. Be sure to total both the debit and credit sides. (Hint: If all your answers are correct, the total debit will be equal to the total credit.) Account Name Balance Account Category Debit Credit Accounts Payable $6,900 Liabilities $6,900 Accounts Receivable 5.400 Cash 2.400 Equipment 11,600 Mawani, Capital 12.500 Mawani, Withdrawals Bank Loan Prepaid Insurance g Insurance Expense Office Supplies Expense Rent Expense Salaries Expense Service Revenue Unearned Revenue Utilities Expense Total 0 0 0 0 0 0 0 0 0 b) Identify the steps in the accounting cycle that need to be done repeatedly during the accounting period before the trial balance can be prepared at the end of the accounting period. c) Record all of March's transactions in the journal and post them to the ledger. The account number can be found on the top right corner of each account's ledger. Date Account Title and Explanation PR Credit Debit Date Account Title and Explanation PR Debit Credit Account: Cash Date GL No: 110 Balance Description PR DR CR Account: Accounts Receivable Date Description GL No: 120 Balance PR DR CR Account: Prepaid Insurance Date Description GL No: 130 Balance PR DR CR Account: Equipment Date GL No: 150 Balance Description PR DR CR Account: Accounts Payable Date GL No: 210 Balance Description PR DR CR Account: Unearned Revenue Date Description GL No: 220 Balance PR DR CR Account: Bank Loan Date GL No: 230 Balance Description PR DR CR Account: Mawani, Capital Date GL No: 310 Balance Description PR DR CR Account: Mawani, Withdrawals Date Description GL No: 320 Balance PR DR CR Account: Service Revenue Date GL No: 410 Balance Description PR DR CR Account: Office Supplies Expense Date Description GL No: 500 Balance PR DR CR Account: Salaries Expense Date Description GL No: 510 Balance PR DR CR Account: Rent Expense Date GL No: 520 Balance Description PR DR CR Account: Insurance Expense Date GL No: 530 Balance Description PR DR CR Account: Utilities Expense Date GL No: 540 Balance Description PR DR CR d) Prepare the trial balance