Record the following journal entries using the chart of accounts.

Vision Audio Visual Products, Inc. Transactions March 2019 Date Description Amt. 3/3/2019 Paid employees for the pay period ending Feb 28, 2019 3/3/2019 Traded in the company's fleet of service vans which were originally purchased for $150,000 95,504 for new vans with a market price of $180,000. Paid $18,000 in cash and $150,000 in a note payable The company has depreciated the old vans using the straight line method of depreciation and assumed a 5 year service life with no residual value No depreciation has been booked for the old vans during fiscal 2019. 3/5/2019 Purchased installation supplies from a vendor on account /11/2019 Purchased Audio Visual Equipment (Inventory) for $147,000. Terms were 2/10 Net 30 and 12,500 $147,000 FOB Shipping Point. Freight and Insurance charges totaled $950 and $800, respectively. The company uses the Net Method for recording purchase discounts. 3/12/2019 Received payment (cash) from account customers 3/12/2019 Signed a contract with a customer for the purchase and installation of a large Audio 152,720 325,000 Visual installation. In addition to the hardware component, the contract calls for the company to provide ongoing service and training for a period of one year after the installation is completed. The total contract price is $325,000. The company estimates that 85% of the contract price is related to the hardware, 5% for the installation and the remaining balance for the service contract. Payment is due in full 30 days after the installation is completed The Cost of the Hardware is $165,375 /15/2019 Paid various invoices (accounts payable) 3/17/2019 Returned defective inventory purchased last month to a supplier. Inventory was $37,856 27,000 138,500 27,500 $6,184 purchased on account and had not yet been paid for. Supplier issues a Credit Memo. 3/20/2019 Received payment (cash) from account customers 3/21/2019 Paid for the Inventory purchased on 3/11/2019 3/23/2019 Wrote off a large account (AR) customer. The company uses the Allowance Method 3/30/2019 Completed the installation of the contract signed on 3/12/2019 3/30/2019 Received and paid the monthly utility bills 3/31/2019 The company prepays rent on the last day of the month for the following month's occupancy period 10,000 ADJUSTMENTS: 3/31/2019 Incurred March's monthly salary expense to be paid $96,405 3/31/2019 The fleet of new Vans are assumed to have a residual value (trade in) of $10,000. The company has decided to depreciate the new vans based on miles driven. The company estimates each van will be driven an average of 100,000 miles before being traded in. During the month of March the average miles driven for the fleet of vans was 2,100 miles. 3/31/2019 The 5 year Note Payable for the new vans: interest at 8% per annum with annual principle and interest payments starting on Feb 3 of 2020 through Feb 3 of 2024 3/31/2019 The company owns raw land which it purchased for investment purposes. There is a $400,000 non-amortizing note with interest payable every Dec 31 at 8% interest and principle due in ten years. The company books an entry to accrue interest on a monthly basis. /31/2019 The company purchased a large stock of video projectors last year that are now considered obsolete. 12,000 The company determines that the Net Realizable Value of ending inventory is $12,000 less than it's book value. The company applies the LCNRV test to the entire inventory. /31/2019 The company earned service contract revenue during the month which was previously 51,959 booked to Unearned Revenue. /31/2019 The company historically used the Percentage of Sales Method for estimating bad debts. The Controller is alarmed at the increase in AR in recent years and switches to the Aging of Receivables Method at March 31, 2019. Using that method the analysis shows the balance in the allowance account should be $37,000 at year end. /31/2019 Performed a physical inventory of suppies and determined that there are $56,450 remaining. The company uses the periodic inventory method for supplies inventory. /31/2019 Booked the tax provision based on a book net loss. The company is able to obtain a Net Oerating Loss CarryBack which gives rise to a Tax Refund Receivable(Balance sheet) and corresponding Income Tax Benefit in the current year. (See Backgound on how to book this entry) Vision Audio Visual Products, Inc. Transactions March 2019 Date Description Amt. 3/3/2019 Paid employees for the pay period ending Feb 28, 2019 3/3/2019 Traded in the company's fleet of service vans which were originally purchased for $150,000 95,504 for new vans with a market price of $180,000. Paid $18,000 in cash and $150,000 in a note payable The company has depreciated the old vans using the straight line method of depreciation and assumed a 5 year service life with no residual value No depreciation has been booked for the old vans during fiscal 2019. 3/5/2019 Purchased installation supplies from a vendor on account /11/2019 Purchased Audio Visual Equipment (Inventory) for $147,000. Terms were 2/10 Net 30 and 12,500 $147,000 FOB Shipping Point. Freight and Insurance charges totaled $950 and $800, respectively. The company uses the Net Method for recording purchase discounts. 3/12/2019 Received payment (cash) from account customers 3/12/2019 Signed a contract with a customer for the purchase and installation of a large Audio 152,720 325,000 Visual installation. In addition to the hardware component, the contract calls for the company to provide ongoing service and training for a period of one year after the installation is completed. The total contract price is $325,000. The company estimates that 85% of the contract price is related to the hardware, 5% for the installation and the remaining balance for the service contract. Payment is due in full 30 days after the installation is completed The Cost of the Hardware is $165,375 /15/2019 Paid various invoices (accounts payable) 3/17/2019 Returned defective inventory purchased last month to a supplier. Inventory was $37,856 27,000 138,500 27,500 $6,184 purchased on account and had not yet been paid for. Supplier issues a Credit Memo. 3/20/2019 Received payment (cash) from account customers 3/21/2019 Paid for the Inventory purchased on 3/11/2019 3/23/2019 Wrote off a large account (AR) customer. The company uses the Allowance Method 3/30/2019 Completed the installation of the contract signed on 3/12/2019 3/30/2019 Received and paid the monthly utility bills 3/31/2019 The company prepays rent on the last day of the month for the following month's occupancy period 10,000 ADJUSTMENTS: 3/31/2019 Incurred March's monthly salary expense to be paid $96,405 3/31/2019 The fleet of new Vans are assumed to have a residual value (trade in) of $10,000. The company has decided to depreciate the new vans based on miles driven. The company estimates each van will be driven an average of 100,000 miles before being traded in. During the month of March the average miles driven for the fleet of vans was 2,100 miles. 3/31/2019 The 5 year Note Payable for the new vans: interest at 8% per annum with annual principle and interest payments starting on Feb 3 of 2020 through Feb 3 of 2024 3/31/2019 The company owns raw land which it purchased for investment purposes. There is a $400,000 non-amortizing note with interest payable every Dec 31 at 8% interest and principle due in ten years. The company books an entry to accrue interest on a monthly basis. /31/2019 The company purchased a large stock of video projectors last year that are now considered obsolete. 12,000 The company determines that the Net Realizable Value of ending inventory is $12,000 less than it's book value. The company applies the LCNRV test to the entire inventory. /31/2019 The company earned service contract revenue during the month which was previously 51,959 booked to Unearned Revenue. /31/2019 The company historically used the Percentage of Sales Method for estimating bad debts. The Controller is alarmed at the increase in AR in recent years and switches to the Aging of Receivables Method at March 31, 2019. Using that method the analysis shows the balance in the allowance account should be $37,000 at year end. /31/2019 Performed a physical inventory of suppies and determined that there are $56,450 remaining. The company uses the periodic inventory method for supplies inventory. /31/2019 Booked the tax provision based on a book net loss. The company is able to obtain a Net Oerating Loss CarryBack which gives rise to a Tax Refund Receivable(Balance sheet) and corresponding Income Tax Benefit in the current year. (See Backgound on how to book this entry)