The Accounting Records package was just a bunch of blank templates of journals, T-accounts, Unadjusted / adjusted trial balances, etc.

Page 2 were the Financial Statements and Page 3 was the transactions.

Some answers are provided to check your work along the way as well. This question is version C.

Accounting 2301 Instructions and Information for the Case Requirements: 1) Using the information given below (Trial Balance as of Feb. 28), Accounts in the Accounting Records Package. On page 2 note the format of the Financial Statements that were balance sheet) 2) Use the descriptions of the March transactions which March in the journal provided in the Accounting Records Package. 3) Post each entry into the T-Accounts provided in the Accounting Records Package When finished posting, calculate the account balance for each T-Account and enter the balance Balance on the form provided. Then, use the information found on the bottom of page 3 and any account balance information that is needed to journalize and post the adjusting entries. Calculate each account balance 4) Using the T-Account balances, create an Records Package 5) Using the provided templates in the Accounting Records Package, prepare the: enter the beginning balances in the T- produced based on the Trial Balance of Feb. 28 (single step income statement and classified as. journalize all of the entries for are on page 3 to the Unadjusted Trial on C Adjusted Trial Balance on the form provided in the Accounting a. Income Statement b. Statement of Retained Earnings c. Balance Sheet 6) Write the four closing entries in the journal and post them to the T-Accounts and calculate the ending balance for each account 7) Create the Post Closing Trial Balance on the form provided in the Accounting Records Package C Trial Balance as of February 28, 2019 Debit Credit Cash 7,000 Accounts Receivable 4,000 Merchandise Inventory Supplies Prepaid Insurance 9,000 100 0 Equipment Accumulated Depreciation Accounts Payable 7,000 2,000 290 Salary Payable 50 Unearned Revenue Common Stock 10,000 Retained Earnings 7,760 Dividends 10,000 Sales Revenue 67,000 Sales Discounts 1,000 Cost of Goods Sold 26,000 Rent Expense 8,600 Salary Expense Supplies Expense Depreciation Expense 10,200 3,200 0 Insurance Expense 1,000 Totals 87,100 87,100 Financial Statements San Antonio Home Furnishings Company Income Statement For the Eleven Months Ended, February 28, 2019 Sales Revenue 67,000 Less: Sales Discounts 1,000 Net Sales 66,000 Cost of Goods Sold 26,000 Gross Profit 40,000 Expenses Rent Expense 8,600 Salary Expense Supplies Expense 10,200 3,200 Depreciation Expense Insurance Expense Total Expenses 0 1.000 23,000 Net Income 17.000 San Antonio Home Furnishings Company Statement of Retained Earnings For the Eleven Months Ended, February 28, 2019 Retained Earnings, April 1, 2018 7,760 Plus Net Income 17,000 Less Dividends 10,000 Increase in Retained Earnings 7,000 Retained Earnings, Feb. 28, 2019 14,760 San Antonio Home Furnishings Company Balance Sheet February 28, 2019 Assets Liabilities Current Liabilities Current Assets Accounts Payable Cash 7,000 290 |Salary Payable 4,000 50 Accounts Receivable Merchandise Inventory 9,000 Unearned Revenue Supplies Total Current Liab 100 340 Prepaid Insurance Total Current Assets 20,100 Stockholder's Equity Plant Assets Office Equipment 7,000 Commonl Stock 10,000 Retained Earnings Less: Accum Depr 2,000 14,760 Total Plant Assets Total SE 24,760 5,000 Total Assets Total Liab & SE 25,100 25,100 March Transactions: Date Supplies purchased for cash $700 Mar. 1 are One year of insurance is purchased for cash, costing $1,200. Mar. 1 Paid rent expense of $900 for current month Mar. 2 purchased Mar. 2 Supplies on account for $400 are Received cash from customers on account, $1,500 Mar. 3 Paid creditor Mar. 4 account, $175. on employees, of which $50 is accrrued from the prior month Paid $600 of salary to Mar. 6 Received $1,400 from a customer in advance of providing the service. Mar. 7 Purchased merchandise from Table Co. Point, 3/10, n/30 account, $11,500 terms FOB Shipping Mar. 8 on Paid $200 to San Antonio Pickup Service for transportation cost in connection with the purchase from the Table Co Mar. 9 Sold merchandise on account to Osgood Co., $9,800, Mar. 9 terms FOB Shipping $5,000 Point, 2/10, n/30. The cost of the goods sold was Mar. 18 Received a check from Osgood Co. for the sale on Mar. 9, less the discount. Mar. 18 Paid Table Co. for the merchandise purchased on Mar. 8, less the discount. paid Dividends of $2,200 Mar. 31 are Additional Information for Adjusting Entries: $400 on hand at the end of the year, March 31, (a) Supplies are (b) Record one month of insurance expense for March 31. Depreciation of Equipment for the year, $900 (c) Case Check Numbers Adjusted Unadjusted Year-End Post-Closing Year-End Trial Trial Retained Total Assets Trial Version Balance Balance Earnings Balance Net Income Totals Totals 32,544 102,500 103,500 16,844 12,604 25,544 23,707 a b 98,600 99,800 18,507 10,767 27,907 25,829 22,947 98,475 99,375 18,354 13,914 28,729 C 97,115 98,440 16,282 11,192 28,072 Version Identification: On the Instructions and Information for the Case - On the requirement #7 line on page 1, the letter appearing just after the words Accounting Records Package indicates the version (a, b, c or d)