Question
Please help with these 3 parts! PART 1 Prepare GENERAL JOURNAL ENTRIES (GJEs) for the MARCH TRANSACTIONS below. MARCH TRANSACTIONS Mar 2: Received contributions of
Please help with these 3 parts!
PART 1 Prepare GENERAL JOURNAL ENTRIES (GJEs) for the MARCH TRANSACTIONS below.
MARCH TRANSACTIONS
Mar 2: Received contributions of $20,000 cash from each of the two owners and issued 1,000 shares of common stock ($1 par value) to each owner.
Mar 7: Signed a two-year promissory note to the bank and received a cash loan of $15,000. Both principle and interest are due at the end of two years.
Mar 12: Purchased $700 in miscellaneous supplies on account. Payment is due in 30 days.
Mar 19: Expert Consulting, Inc. billed a client $4,000 for services rendered to install a new computer system. The client agreed to pay 25% of the bill upon its receipt. The remaining balance is due in 30 days.
Mar 20: Paid $1,300 to a local newspaper for advertising. The advertisements were already printed earlier in March.
Mar 22: Received 25% of the amount billed to the client on March 19.
Mar 26: Received cash of $2,800 for consulting services already rendered to a client.
Mar 29: Paid $8,000 cash to purchase a computer system for internal use in the consulting business.
Mar 30: Paid employees $3,300 of salaries and wages for work performed in March.
Mar 31: Paid gas, electric and water bills totaling $1,400. The utilities were consumed during March.
PART 2 Prepare an ADJUSTED TRIAL BALANCE (ATB) for March 31.
PART 3 Use the information below to prepare the March 31 ADJUSTING JOURNAL ENTRIES (AJEs).
AJE 1 March DEPRECIATION EXPENSE for the computer system is $222.
AJE 2 SUPPLIES EXPENSE for March is $61.
AJE 3 INTEREST EXPENSE for March is $97.
AJE 4 INCOME TAX EXPENSE is 30% of the PRE-TAX INCOME amount. Note: No Dividends were declared or paid during March.
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