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Requirement #4: Prepare adjusting entries using the following information in the General Joumal below. Show your calculations a) One month's insurance has expired. b) The

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Requirement #4: Prepare adjusting entries using the following information in the General Joumal 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 $120. d) The estimated income taxes are $65. 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. Date March 1 March Transactions Transaction Description Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 March 1 March 3 Paid the premium on a 1-year insurance policy, $2,400. Paid the current month's rent expense. $1.900. Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 March 10 March 11 March 18 March 20 March 31 March 31 March 31 Purchased repair supplies from Gary Company on credit. $650. Paid telephone bill for March, $340. Cash flight management system (FMS) repair revenue for the first third of March, $1,650. 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, $1,250. Paid the current month's electice bill. $250. Declared and paid cash dividend of $1,000

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