Question
Mar. 3 Issued Check No. 116 for $7,500 for the current months advertising. 6 Issued Check No. 117 for $2,000 for March office rent. 8
Mar. 3 Issued Check No. 116 for $7,500 for the current months advertising. 6 Issued Check No. 117 for $2,000 for March office rent. 8 Received $11,500 from Ruth Garcia for services rendered to decorate her living room. 13 Performed decorating services on account for Nancys Accounting Firm for $8,600 (net 30). Mar. 20 Performed decorating services on account for La Epoca Beauty Boutique for $18,000 (net 90). 26 Performed decorating services on account for Andreas Gourmet Food for $4,300 (net 30). 30 Issued Check No. 118 for $280 to pay the utilities bill for the month. 30 Issued Check No. 119 for $300 in payment of the telephone bill for the month. 30 Issued Check No. 120 for $240 for postage. 30 Issued Check No. 121 for $550 for business automobile expenses.
Adjusting Entries a) Expired insurance for the period, $500. b) Supplies on hand at the end of the month, $250. c) Accrued salary expense (earned but not paid) owed to Sophia LeBron, $5,600. (Credit Accrued Salaries. Payroll taxes are not considered in this entry. Transactions in later months will show you how to journalize payroll tax deductions and expenses.) d) Provision for uncollectible accounts estimated at 3.0% of March credit sales, $927.
1) Journalize the transactions listed below and on the next page and post to the ledger accounts. Omit explanations. 2) Prepare an unadjusted trial balance. 3) Journalize the adjusting entries and post to the general ledger. Adjustment data are provided on the next page. 4) Prepare an adjusted trial balance. 5) Prepare a schedule of accounts receivable. 6) Prepare an income statement for the three months ended March 31, 20--. If not completing the optional requirements below, use only the year-to-date amount column to complete your statement. 7) Prepare a retained earnings statement for the three months ended March 31, 20--. 8) Prepare a balance sheet as of March 31, 20--. 9) Complete the analysis test for March on page 47.
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