The following events occurred in March: March 1: Owner borrowed $125,000 to fund/start the business. The loan term is 5 years. March 1: Owner paid $250 to the county for a business license. March 2: Owner signed lease on office space; paying first (March 20XX) and last month's rent of $950 per month. March 5: Owner contributed office furniture valued at $2,750 and cash in the amount of $15,000 to the business. March 6: Owner performed service for client in the amount of $650. Customer paid in cash. March 8: Owner purchased advertising services on account in the amount of $500. March 10: Owner provided services to client on account, in the amount of $1,725. March 15: Owner paid business insurance in the amount of $750. March 20: The owner received first utility bill in the amount of $135, due in April. March 20: Office copier required maintenance; owner paid $95.00 for copier servicing. March 22: Owner withdrew $500 cash for personal use. March 25: Owner paid $215 for office supplies. March 25: Owner provided service to client in the amount of $350. Client paid at time of service. March 30: Owner paid balance due for advertising expense purchase on March 8. March 30: Received payment from customer for March 10 invoice in the amount of $1,725. March 31: Last day of pay period; owner owes part-time worker $275 for the March 16 through March 31 pay period. This will be paid on April 5. March 31: Provided service for client on account in the amount of $3,500. March 31: Record depreciation of the office furniture at $45.83. Revenues A Company Income Statement For Month ending 3/31/20XX Total Revenues Operating Expenses: Total Operating Expenses: Net Income $ Statement of Owner's Equity Period Ending 03/31/20XX Beginning Capital on 3/01/20XX Increases to capital Net income/loss: Owner Contributions Subtotal: Decreases to capital Owner Draws Ending Equity as of 03/31/20XX $ es $ $ Assets Current Assets: Total Current Assets Non-Current Assets: A Company Balance Sheet As of March 31, 20XX Liabilities and Owners' Equity Current Liabilities: Total Current Liabilities Long Term Liabilities: Total Long Term Liabilities: Total Liabilities: Owner's Equity Total Non Current/Fixed Assets Total Equity Total Assets: Total Liabilities & Equity Date 31-Mar 31-Mar 31-Mar 31-Mar A Company Closing Entries Month ending 03/31/20XX Close revenues Close Expenses Accounts Close Income Summary Close Dividends Debit Credit