MGMT210: Course Project 2 Requirement Requirement Description Worksheet Name 1 Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger Prepare a Trial Balance 3 - Trial Balance Prepare the Adjusting Entries 4 - Adjusting Entries Post Adjusting Entries to the General Ledger 2- General Ledger Prepare an Adjusted Trial Balance 5. Adjusted TB Prepare the Financial Statements 6 - Financial Statements 10 Prepcre the closing Entries 7 - Closing Entries 11 Post Closing Entries to the General Ledger 2- General Ledger 12 Prepare the Post Cosing Trol Bolonce 8. Post Closing Trial Balance 30 Compute Rolo 11-Rotos Interpret the Ratlos 12-Interpretation of Rotos B C D During its first month of operation, HFRM completed the following transactions. Date March 1 March 1 March 1 March 3 March Transactions Transaction Description Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy. $2.400. Paid the current month's rent expense, $1.900. Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 March 10 March 11 March 18 March 20 Purchased repair supplies from Gary Company on credit, $650. Paid telephone bill for March, $340. Cash flight management system (FMS) repair revenue for the first third of March, $1.650. Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. Cash FMS repair revenue for the last third of March, $1,250. Paid the current month's electice bill, $250. Declared and paid cash dividend of $1,000. March 31 March 31 March 31 Use the following account descriptions for journal entries. 2 3 Chart of Accounts Accound Number Account Title 4 Normal Balance Account Type Assets 5 6 111 117 7 8 119 Cash Prepaid Insurance Repair Supplies Repair Equipment Accum Dep-Repair Equipment Debit Debit Debit Debit Credit Review Chapter 2. p. 90 for more Information on the Chart of Accounts 9 144 145 10 11 12 Liabilities 13 212 213 Accounts Payable Income Tox Poyable Credit Credit Stockholders Equity 14 15 16 17 18 19 20 21 311 312 313 Common Stock Retained Earnings Dividends Credit Credit Debit Revenue 411 Bicycle Repair Revenue Credit 24 25 Expenses 26 511 512 513 514 515 516 517 Store Rent Expense Debit Telephone Expense Debit Insurance Expense Debit Repair Supplies Expense Debit Dep Expense - Report Equipment Debit Income Tox Expense Debit Eectric Expense Debbi General Journal Account Number from Chart of Accounts tab ount Title from Chart of Accounts 11 cash 311 common stock Date Credit Once you've completed this requirement print your General Journal to complete Requirement 2 on the General Ledger worksheet Debit 20.000 20.000 5 1-Wor 2,400 117 TEL prepaid insureance to gain 2400 27 3 - 0 1 2 3 1-MCE 511 1,900 store rent expense to cash 1 900 S-Mar 144 3,800 repair egument to cas to accounts payable 1.000 4.800 212 15 16 17 8-Mar 119 650 repair supplies to accounts payable 650 340 9 20 21 10-Vor 512 111 telephone 10 cash 340 650 - Mor cash bicycle repair revenue 1.650 41 25 400 18-NO accounts payable to cash 400 28 2.450 20-Wor cash 10 bicycle repair revenue 2.450 30 31 250 cash to bicycle repair revenue 1250 250 3'-Vor electro excense LOOSH 290 000 33 div dends B c D H E 1 REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. 2 3 4 5 6 7 8 10 11 12 13 14 15 16 17 18 10 20 21 22 23 24 25 26 27 28 30 31 32 33 36 37 38 fx REQUIREMENT #3: Prepare a trial balance for March in the space below. D E F C H REQUIREMENT #3: Prepare a trial balance for March in the space below. 1 2 Howard's Flight Radio Management Corporation Trial Balance March 31 Account Account Balance Number Title Debit Credit 4 Only enter accounts that have a balance 5 6 7 8 9 10 11 12 13 14 15 16 17 18 10 20 21 22 24 25 26 27 30 31 12 33 35