March Transactions

March 1 Began business by issuing 5,000 shares of $5 par value common stock. The contributed capital of $30,000, from this sale, was deposited in the company bankaccount.

March 2 Paid the premium on a 2 -year insurance policy, $4,800.

March 3 Paid the current month's store rent expense, $2,400.

March 4 Purchased repair equipment from Andrew Company, $10,800. Paid 25% cash and the balanceon account.The finance charge is 8%. March 5 Purchased repair supplies from Jackson Company on credit for $1,050 plus 3% sales tax.

March 11 Bicycle repair revenue for the first third of March, $2,650. Of this amount 80% were sales on credit

March 20 Made payment to Andrew Company, $1,000.

March 21 Paid telephone bill for March, $500. March 22 Bicycle repair revenue for the second third of March, $2,450, of which $450 were cash sales.

March 23 Paid the current month's electice bill, $1,250.

March 24 Bought back 200 shares @ $5.50 from those issued on March 1st

March 25 The bank reported cash collections on account receivables of $1500

March 31 Bicycle repair revenue for the last third of March was $5,000, only 5% were cash sales

March 31 Declared a dividend of $2.00 on all outstanding shares as of March 31st

make journal entries, general ledger and trial balance