TBS
Adjusted Trial Balance
February 28, 2019
	Debit	Credit
Cash	36,824
Accounts receivable	13,618
Computer supplies inventory	2,445
Prepaid insurance	4,620
Prepaid rent	4,400
Office equipment	8,000
Accumulated depreciationOffice equipment		-
Computer equipment	20,000
Accumulated depreciationComputer equipment		-
Accounts payable		-
Wages payable		-
Unearned computer services revenue		-
Common stock		75,000
Retained earnings		-
Dividends	4,600
Computer services revenue		25,719
Depreciation expenseOffice equipment	-
Depreciation expenseComputer equipment	-
Wages expense	2,725
Insurance expense	-
Rent expense	-
Computer supplies expense	-
Advertising expense	1,628
Mileage expense	804
Miscellaneous expenses	350
Repairs expenseComputer	705
Totals	100,719	100,719

erences Mailings Review View He Normal -- No Spacing-, Heading 1 - pdates, fixes, and improvements, choose Check for Updates. Comprehensive Problem Test 1 v1 On January 1, 2019, John Doe launched a computer services company, TBS, that is organized as a corporation and provides consulting services, computer system installations, and custom program development. Doe adopts the calendar year for reporting purposes and expects to prepare the company's first set of financial statements on January 31, 2019. After the success of the company's first two months, John Doe continues to operate TBS. The February 28, 2019, trial balance of TBS (reflecting its transactions for January and February of 2019) is provided separately TBS had the following transactions and events in March 2019 Mar 2 Paid $2,025 cash for TBS's advertising costs. 3 4Refelved $4,350 cash from a customer's receivable from February. 10 14 Paid $550 cash for minor repairs to the company's computer Paid cash to an employee for six days of work at the rate of $150 per day. Notified by a customer that TBS's bid of $9,000 on a proposed project has been accepted. The customer paid a $2,500 cash advance to TBS. 15 Purchased $1,100 of computer supplies on credit. 16 20 Completed a project for a customer and received $5,855 cash 28 Received $4,000 cash from a customer on its invoice (receivable) from February 29 Reimbursed Doe for business automobile mileage (600 miles at $0.33 per mile). 31 The company paid $1,200 cash in dividends Sent a reminder to a customer to pay the invoice for services recorded in February The folowing additional facts are collected for use in making adjusting entries prior to preparing financial statements for the company's first three months The March 31 inventory count of computer supplies shows $580 still available Three months have expired since the 12-month insurance premium was paid in a. b. advance. C As of March 31, an employee has not been paid for four days of work at $150 per day d. The computer system, acquired on January 1, is expected to have a five-year life with 0 40 F7 DIl F 8 Do F9 FS F6 SP19 CP T1 v1 (2)-Saved to my Mac erences Mailings Review View Normal Heading 2 pdates, fixes, and improvements, choose Check for Updates 15 Purchased $1,100 of computer supplies on credit 16 Sent a reminder to a customer to pay the invoice for services recorded in February 20 Completed a project for a customer and received $5,855 cash 28 Received $,000 cash from a customer on its invoice (receivable) from February 29 Reimbursed Doe for business automobile mileage (600 miles at $0.33 per mile). 31 The company paid $1,200 cash in dividends. The following additional facts are colected for use in making adjusting entries prior to preparing financial statements for the company's first three months a. The March 31 Inventory count of computer supplies shows $580 stil available b. Three months have expired since the 12-month insurance premium was paid in advance. c As of March 31, an employee has not been paid for four days of work at $150 per day d. The computer system, acquired on January 1, is expected to have a five-year life with e. The office equipment, acquired on January 1, is expected to have a four-year life with no f. Three of the four months' prepaid rent has expired no salvage value. saage vallue. Required 30 SP19 CP T1 v1 (2)-Saved to my Mac rences Mailings Review View AaBbCcDdEeAasbcDde AaBbCcD AaBbCcD No Spacing Heading 1 Heading dates, fixes, and improvements, choose Check for Updates. f. Three of the four months' prepaid rent has expired. Required: Please label all work appropriately 1. Prepare journal entries to record each of the March transactions and events for TBS. Post those entries to the t-accounts. 2. Prepare adjusting entries to reflect a through f.Post those entries to the t-accounts 3. Prepare an adjusted trial balance as of March 31, 2019. Check answer #3, Adjusted trial balance totals, 5101,462 4. Prepare an income statement for the three months ended March 31, 2019. 5. Prepare a statement of retained earnings for the three months ended March 31, 2019. 6. Prepare a balance sheet as of March 31, 2019 Check answer , Total assets, $85,569 lish (United States)