Prepare adjusting entries using the following information in the General Journal below. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $150. d) The estimated income taxes are $100. Requirement #5: Post the adjusting entries on March 31 below to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed. Account Number from Chart of General Journal Date Accounts tab Account Title from Chart of Accounts tab Debit Credit 1 2 REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. 3 Account 4 Number Howard's Flight Radio Management Corporation Adjusted Trial Balance March 31 Account Title Balance Debit Credit 5. 6 7. 8 9 0 1 2 3 4 5 6 7 8 9 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 A B C D F G H E Requirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement, Statement of Retained Earning, and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement, but is not required for this project. 4 toward's Flight Radio Management Corporatio Income Statement For the Month Ending March 31 Revenues: 9 FMS Repair Revenue 10 11 Total Revenue 12 Expenses: 13 Store Rent Expense 14 Telephone Expense 15 Insurance Expense 16 Repair Supplies Exp. 17 Depreciation Exp. 18 Income Taxes Expense 1 27 28 29 30 31 32 33 34 -234567BROWSEXERT@@8288 5888588 19 Electric Expense 20 Total Expenses 21 22 Net Income vard's Flight Radio Management Corpora Statement of Retained Earnings For the Month Ending March 31 Retained Earnings, March 1 Add: Net Income Subtotal Less: Dividends Retained Earnings, March 31 'oward's Flight Radio Management Corpor Balance Sheet Assets: Cash Prepaid Insurance Repair Supplies Repair Equipment Less Accum. Depr. Total Assets March 31 Liabilities and Stockholders' Equity Liabilities: Accounts Payable Income Taxes Payable Total Liabilities Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities & Stockholders' Equity Date March 1 March 1 March 1 March 3 March 8 March 10 March 11 March 18 March 20 March 31 March 31 March 31 Transaction Description Began business by making a deposit in a company bank account of $22500, in exchange for 2,250 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy, $2,160. Paid the current month's rent expense, $1,800. Purchased repair equipment from Fred Company, $5,800. Paid $2200 down and the balance was placed on account. The rest will be paid in equal payments over the next 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. Purchased repair supplies from Gary Company on credit, $650. Paid telephone bill for March, $400. Cash flight management system (FMS) repair revenue for the first third of March, $2000. Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. Cash FMS repair revenue for the last third of March, $1,500. Paid the current month's electic bill, $300. Declared and paid cash dividend of $1,000.