On March 1st, a desk was purchased on credit totaling $2,750. The estimated useful life of the furniture is seven (7) years and is expected to have no salvage value. On March 1st, a renters insurance policy was purchased to cover the contents of Sunflower Designs rented warehouse. The policy was for coverage through December 31st of the current year. The cost of this policy was $1,500. On March 4th, $75 of printer/copier paper was purchased on credit and used in the month of March. The terms of the invoice were 2/10, net 30. On March 4th, Sunflower Designs received a refund of $65 from Iron Works, a subcontractor. A note accompanying the refund stated that, on February 5th, when Sunflower Designs had paid Iron Works January 17th invoice, Mary had failed to deduct the discount and Mary had paid the original amount of $3,250. The terms of the invoice were 2/10, net 30. On March 18th, a customer paid the net balance due for an interior design layout for customer B. Smith. The total contract price was $15,000. A 10% deposit on the order was paid when the contract was signed On March 22nd, a check was issued to pay for the desk purchased on March 1st. On March 23rd, Sunflower Designs paid for the printer/copier paper purchased on credit on March 4th. On March 25th, Mary sold a side table from inventory for $250 which had cost $175. The customer paid cash. On March 25th, $200 worth of supplies were taken from inventory and returned to supplier. The supplies had been purchased on account in February. On March 28th, Sunflower Designs completed, delivered, and billed an interior design layout for $22,500 to a new customer, B. Koss. The terms of the invoice were 2/10, net 30. On March 29th, Professor Koss delivered a check for one-half of the interior design invoice delivered the previous day. On March 31st, Sunflower Designs recorded the $1,750 accrued wages for temporary warehouse helper.

CREATE THE MARCH 31, 2016 UNADJUSTED TRIAL BALANCE CREATE ADJUSTING JOURNAL ENTRIES FOR MARCH 31, 2016:

A laptop was purchased on January 1, 2016, and is being depreciated using the straight-line method over a period of 5 years with no salvage value. The purchase price was $1,500. Record the adjusting entry as of March 31, 2016. All previous months adjusting entries were made as required. Office furniture was purchased on February 1, 2016, and is being depreciated using the straight-line method over a period of 7 years with no salvage value. The purchase price was $2,500. Record the adjusting entry as of March 31, 2016. The previous months adjusting entry was made as required. A desk was purchased on March 1, 2016, and is being depreciated using the straight-line method over a period of 7 years with no salvage value. The purchase price was $2,750 Record the adjusting entry as of March 31, 2016. Record the adjusting entry for Marchs rent. Mary paid $1,800 on January 1st for six months rent. All previous months adjusting entries were made as required. Record the adjusting entry for Auto Insurance policy purchased on February 2nd (use full month instead of breaking the number of days). The previous months adjusting entry was made as required. Record the adjusting entry for 24-month Liability Insurance purchased in January for $1,750. The previous months adjusting entries were made as required. Record the adjusting entry for Renters Insurance purchased on March 1st for $1,500.

CREATE THE ADJUSTED TRIAL BALANCE. CREATE THE MARCH 31, 2016 INCOME STATEMENT.

The amount for each account must be linked from the ending balances in the Trial Balance.

All sub-totals and totals must be accurately calculated using Excel formulas.

CREATE THE MARCH 31, 2016 BALANCE SHEET.

The amount for each account must be linked from the ending balances in the Trial Balance.

All sub-totals and totals must be accurately calculated using Excel formulas.