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Thunderduck Car Repair Post-Closing Trial Balance December 31, 2XX1 Debit Credit Cash 4.965 Accounts receivable 2.150 Supplies 870 Prepaid rent 850 Building 79.000 Equipment 119.500 Accumlated depreciation 37.500 Accounts payable 5.875 Utilities payable 710 Salaries and wages payable 2.235 income tax payable 5.890 Notes payable 31.400 Common stock 95.000 Retained Earnings 28.725 Total 207.335 207.335

January Adjusting Entries

31-thg 1 The estimated depreciation on building and equipment is $770.

31-thg 1 One month of rent has expired, $850.

31-thg 1 The annual interest rate is 4% on all notes and paid quarterly. It was last paid on Dec 31 of the prior year. Round to the nearest dollar.

31-thg 1 The supplies remaining at the end of the month was $680.

31-thg 1 Accrued wages and salaries worked in January that will be paid 2-4, $1,790.

31-thg 1 The estimated income taxes for the month is $655.

Part 3

February Transactions

1-thg 2 Paid six months of rent in advance, $5,100.

4-thg 2 Paid wages and salaries for $2,180, part of which was accrued in January.

7-thg 2 Purchased supplies on account, $810

11-thg 2 Performed car repair services on account, $3,650.

17-thg 2 Collected cash from credit sales made in January and February, $4,560.

20-thg 2 Made a monthly payment on the equipment note, $65.

23-thg 2 Performed car repair services and received cash at the time of sale, $5,430.

25-thg 2 Accrued for the bonus earned by the shop manager that will be paid in April, $975.

February Adjusting Entries

28-thg 2 The estimated depreciation on building and equipment is $770.

28-thg 2 One month of rent has expired, $850.

28-thg 2 The annual interest rate is 4% on all notes and paid quarterly. Round to the nearest dollar.

28-thg 2 The supplies remaining at the end of the month was $840.

28-thg 2 Accrued wages and salaries worked in February that will be paid 3-4, $1,940.

28-thg 2 The estimated income taxes for the month is $505.

March Transactions

1-thg 3 Performed car repair services and received cash at the time of sale, $4,510.

4-thg 3 Paid wages and salaries for $2,230, part of which was accrued in February.

10-thg 3 Issued stock to new investors, $12,500.

15-thg 3 Made the interest payment on all notes, all is accrued in interest payable.

15-thg 3 Paid annual income taxes that was accrued in income taxes payable.

20-thg 3 Made a monthly payment on the equipment note, $65.

22-thg 3 Paid cash for advertising, $145.

27-thg 3 Performed car repair services on account, $4,075.

30-thg 3 Paid dividends to owners, $380.

March Adjusting Entries

31-thg 3 The estimated depreciation on building and equipment is $770.

31-thg 3 One month of rent has expired, $850.

31-thg 3 The annual interest rate is 4% on all notes and paid quarterly. Round to the nearest dollar.

31-thg 3 Accrued wages and salaries worked in March that will be paid 4-4, $1,705.

31-thg 3 The estimated income taxes for the month is $725.

• Record February and March transactions in the General Journal and post to the General Ledger.

• Record adjusting entries for February and March in the General Journal and post to the General Ledger.

• Prepare the adjusted trial balance as of February 28 and March 31.

• Prepare the following February and March financial statements:

  • a) Income Statement for month ended February 28 and March 31

  • b) Statement of Stockholders Equity for month ended February 28 and March 31

  • c) Balance Sheet as of February 28 and March 31

  • d) Statement of Cash Flows for month ended February 28 and March 31

• Record February and March closing transactions in the General Journal and post to the General Ledger.

• Prepare a post-closing trial balance as of February 28 and March 31.