QUESTION $5$

Ahuna, Inc., provides in$-$home cooking lessons to its clients. The following is the company's trial balance dated March $1,$ current year.

Ahune engaged in the following transactions in March.

Mar. $3$ Collected a $$1,200$ account receivable from Kim Mitchell.

Mar. $11$ Purchased cooking supplies for $$700$ cash.

Mar. $15$ Paid $$200$ of outstanding accounts payable.

Mar. $20$ Issued additional shares of capital stock for $$4,000$ cash.

Mar. $24$ Recorded $$6,200$ of client revenue on account.

Mar. $27$ Paid March salaries of $$900.$

Mar. $30$ Recorded and paid March travel expenses of $$400.$

Mar, $31$ Recorded $$300$ in printing expenses for recipe books. Payment is due April $12.$

Instructions

Record the company's March transactions in general journal form. Include a brief explanation of the transaction as part of each

journal entry,

b$.$ Post each entry to the appropriate ledger accounts $($use the T account format illustrated in Exhibit $3-8),$

c$.$ Prepare a trial balance dated March $31,$ current year. $($Hint: Retained Earnings will be reported at the same amount as it was on

March $1.$ Accounting for changes in the Retained Earnings account resulting from revenue, expense, and dividend activities is

discussed in $($h$)$ Chapter $5.)$

d$.$ Has the company paid all of the dividends that it has declared? Explain.