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

1. March 1^st Started Freidas 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 3 months 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. Henrys. Charged a flat rate of $ 40 per hour of work. All charges collected on same day except for 50 hours of work on Mr. Roys 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. Jensons 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 a Trial Balance as at the end of March 31^st [5 marks]

Prepare a Income Statement for the month of March and Balance Sheet as at the end of March 31^st. (Add net income to Owners Equity)