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QUESTION 5 Ahuna, Inc., provides in - home cooking lessons to its clients. The following is the company's trial balance dated March 1 , current
QUESTION
Ahuna, Inc., provides inhome cooking lessons to its clients. The following is the company's trial balance dated March current year.
Ahune engaged in the following transactions in March.
Mar. Collected a $ account receivable from Kim Mitchell.
Mar. Purchased cooking supplies for $ cash.
Mar. Paid $ of outstanding accounts payable.
Mar. Issued additional shares of capital stock for $ cash.
Mar. Recorded $ of client revenue on account.
Mar. Paid March salaries of $
Mar. Recorded and paid March travel expenses of $
Mar, Recorded $ in printing expenses for recipe books. Payment is due April
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
c Prepare a trial balance dated March current year. Hint: Retained Earnings will be reported at the same amount as it was on
March Accounting for changes in the Retained Earnings account resulting from revenue, expense, and dividend activities is
discussed in h Chapter
d Has the company paid all of the dividends that it has declared? Explain.
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