S & B uses the Perpetual Inventory system and had the following balances: S & B Office Supplies and Services Trial Balance March 1, 2019 Title Debit Credit Cash 9,000 Accounts Receivable 2,240 Supplies 860 Equipment 25,000 Accumulated Depreciation 1,000 Accounts Payable 3,400 Unearned Service Revenue 4,000 Salaries and Wages Payable 1,700 Common Stock 20,000 Retained Earnings 7,000 $37,100 $37,100 Totals During the month of March, the following summary transactions were completed. March 1 Paid March rent $375 Paid $3,550for salaries due employees, of which 1,850 is for 8 March and $1,700 is for February. Received $2,000 cash from customers in payment of account. 11 11 Purchased merchandise on account from dd's Discount Supply $8,000, terms 2/10, n/30. Sold merchandise on account for $5,500, terms 2/10, n/30. The 12 cost of the merchandise sold was $4,000. 14 Received credit from dd's Discount Supply for merchandise returned $300. 18 Received collections in full, less discounts, from customers billed on sales of $5,500 on March 12 Paid dd's Discount Supply in full, less discount 20 22 Paid Salaries $3,550. 22 Received $4,300 Cash for services performed in March. 25 Purchased equipment on account $5,000. 26 Purchased supplies on account $1,700. Paid creditors $3,000 of accounts payable due. 28 Performed services on account and billed customers $700. 29 C Received $675 from customers for services to be performed in the future 29 Adjustment Data: 1. Supplies on hand are valued at $1,400. 2. Accrued salaries are $1,750. 3. Depreciation for the month is $250. 4. $550 of services related to the unearned service revenue has not been earned by month end. Instructions: 1. Enter the March 1, balances in ledger accounts. 2. Journalize the March transactions. 3. Post to the ledger accounts. HINT: You will need to add some accounts to the beginning ones available. 4. Journalize and Post the Adjusting Entries 5. Prepare an adjusted trial balance at March 31, 2019. 6. Journalize the Closing Entries