Ms. Freida has started a new Landscaping business in the name of Freida's Ferns on March 1^st, 2020. Following transactions have taken place during the first month of operation.

1.March 1^st - Started Freida's Ferns by bringing in $ 15,000 in cash and $ 5,000 worth of equipment.

2.March 1^st - Took an office space on rent of $ 1,000 per month and paid 3months rent in advance.

3.March 1st - Recruited 4 members to work on landscaping and incurred $ 1,000 towards recruitments expenses

4.March 1^st - Borrowed $ 8,000 from bank to invest in new equipment.

5.Mach 3^rd - Purchased a new lawn mower for $ 5,000 by paying $ 2,000 upfront and balance is agreed to be paid in 30days.

6.March 3^rd - Purchased fuel for mowers - $ 1,200.

7.March 5^th - Received an advance of $ 200 from Mr. Henry for land scaping work.

8.March 6^th - Purchased office supplies on account - $ 600.

9.March 8^th - Paid for advertising on a home dcor magazine - $1,500.

10.March 13^th - Paid $ 500 for repairing the mowers.

11.March 15^th - Performed 200 hours of land mowing work for first 2 weeks including 5 hours on Mr. Henry's. Charged a flat rate of $ 40 per hour of work. All charges collected on same day except for 50 hours of work on Mr. Roy's lawn.

12.March 16^th - Paid a 1^st bi-weekly salary of $ 2,500.

13.March 19^th - Paid the balance for equipment purchased on March 3^rd.

14.March 20^th - Purchased fuel for mowers - $ 1,000.

15.March 21^st - Received a utilities bill for $ 1,100 and is not paid yet.

16.March 25^th - Purchased and paid for an insurance policy (effective from April 1^st) for 1 year -$ 2,400.

17.March 31^st - Performed 180 hours of land mowing work in last 2 weeks. Invoiced $ 40 per hour. All charges are collected except for 30 hours of work on Mr. Jenson's lawn.

18.March 31^st - Paid the 2^nd bi-weekly salaries - $ 2,500.

19.March 31^st - Charge one month rent and adjust the advance paid for rent (means increase the expense and reduce the asset)

20.March 31^st- Paid $ 50 towards interest on loan.

Required

1.Prepare journal entries for the transactions given above[20 marks]

2.Prepare 'T' Accounts (all accounts - cashA/c -2 marks rest 1each) [20 marks]

3.Prepare Trial Balance as at the end of March 31^st[5 marks]

4.Prepare Income Statement for the month of March and Balance Sheet as at the end of March 31^st. (Add net income to Owners' Equity)[5 marks]