Part 1: Daily Activities Accounts that you can use: Common Stock, Cash, Furniture, Computer, Service Revenue, Accounts Receivable, Salaries Expense, Rent Expense, Accounts Payable, Utility Expense, ABM Company completed the following transactions during March, 2017:

March 2 Received $11,000 cash from Ruiz, and issued common stock to him. (4 points)

March 3 Paid cash to purchase a computer, $4,200. (4 points)

March 9 Performed services for a client and received cash for the full amount of $1,000. (4 points)

March 12 Paid utility expenses, $200. (4 points)

March 16 Purchased office furniture for $1,800. Paid $800 cash. Rest will be paid in two weeks. (4 points)

March 18 Performed services for a client on account, $1,500. (4 points)

March 28 Collected $1,500 from the client on March 18. (4 points)

March 29 Paid $1000 for the payment of furniture purchased on March 16. (4 points)

March 30 Performed services for a client and received cash for the full amount of $2,500. (4 points)

March 31 Paid monthly office rent, $700. (4 points) March 31 Paid salaries of $ 2,500 for March. (4 points)

Instructions

1- Journalize the transactions for the month of March

2- Prepare T accounts and trial balance for the montf of March

3- Prepare Income Statement and Balance Sheet at the end of the month.

Part 2 : Adjusting Entries Advance Corporation has the following transactions that require adjustments for March, 2017.

Data for adjusting entries

1- March 1 Received $2,400 in advance for a work to be performed on March 20, the company performed the service on March 20. (13 points)

2- March 1 Purchased one-year insurance policy for $1,200. (13 points) Instructions Prepare the necessary adjusting entries for the month of March for the transaction day and the end of the month.