Notwist Copy Company incurred the following transactions during the month of March 2021:

March 1 M. Acher invests $70,000 cash to start the business.

March3 Purchased three pieces of equipment for $160,000, paying $50,000 cash and signing

a 5-year, 10% note for the remainder.

March 5 Purchased $5,000 supplies on credit.

Marchi0 Cash revenue amounted to $7,000.

March 15 Paid $500 cash for radio advertising.

March 20 Paid $800 on account for supplies purchased on March 5.

March 22 Owner withdrew $2,100 from the business for personal expenses.

March 29 Paid $1,200 cash for rent for the current month.

March 30 Received $2,000 cash advance from a customer for future copying.

March 31 Billed a customer for $575 for photocopy work done.

Requirements:

1) Make a tabular analysis of the transactions on accounting equation. Use the following

column headings: cash, Supplies, accounts receivable, equipment, accounts payable,

notes payable, unearned service revenue, capital, withdrawal, revenues, expenses.

2) Journalize the above transactions.

3) Prepare necessary T accounts.

4) Make a trial balance on March 31, 2021 and prove the arithmetic accuracy of the

accounts.

Other data:

a) The office equipment has an estimated useful life of 80 months with zero salvage value.

b) The physical count revealed $2000 supplies on hand at the end of the month.

c) Provided $1000 service during the month in respect of advance receipts from the

customer.

d) Interest accrued on the notes payable.

Requirements:

5) Prepare necessary adjusting entries on March 31, 2021.

6) Enter the trial balance on a worksheet and complete the worksheet.

7) Make an income statement for the month ended March 31, 2021, an owner's equity

statement on March 31, 2021 and a balance sheet on March 31, 2021.

8) Prepare necessary closing entries on March 31, 2021.

9) Make a post-closing trial balance on March 31, 2021.