Question One: (100 Points) The following transactions and events have occurred during March 2021 in ABC Company. 1 The company issued shares in exchange for $400,000 cash. 2 Borrowed $120,000 from a Local Bank payable in 1 year. (Interest is = 15% annually) Purchased a machine for $90,000, paying $40,000 cash, and the rest will be paid later. (Depreciates at a rate of $10,000 per month.) 3 4 Billed customers $34,000 for services performed. 5 Purchased in cash $4,500 of supplies. (Only $500 remained by the end of the month) Received $1,400 cash in advance from customers for services to be performed in three months. 6 7 Paid Dividends of $8,000 in cash. 8 Paid salaries of $10,650 in cash. 9 Paid Utility for the month, $250. 10 Paid $1,200 in advance for 12 months of Employee insurance. Required: 1. Prepare the necessary journal entries for the month and post to the Ledger. (40 points) 2. Prepare the Trial Balance. (15 points) 3. Prepare and post the necessary adjusting entries. (10 points) 4. Prepare the Adjusted Trial Balance. (15 points)

Question One: (100 Points) The following transactions and events have occurred during March 2021 in ABC Company. Required: 1. Prepare the necessary journal entries for the month and post to the Ledger. ( 40 points) 2. Prepare the Trial Balance. ( 15 points) 3. Prepare and post the necessary adjusting entries. (10 points) 4. Prepare the Adjusted Trial Balance. (15 points)