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 months 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.

Specifically, you must address the following rubric criteria:

Accuracy: Prepare entries that are accurate in that they fully reflect the appropriate information.

Completeness: Prepare entries that are complete for each month, including transferring posted entries to T accounts.

Unadjusted Trial Balance: Prepare the unadjusted trial balance portion of the Trial Balance tab of the company accounting workbook, ensuring that the total debits and credits match.

Income Statement: Prepare the income statement using the adjusted trial balance

Statement of Owners Equity: Prepare the statement of owners equity using the adjusted trial balance.

Balance Sheet Assets: Prepare the balance sheet asset entries using the adjusted trial balance.

Balance Sheet Liabilities: Prepare the balance sheet liabilities entries using the adjusted trial balance.

Closing Entries: Complete the Closing Entries tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries.

A Company Journal Entry Tips The debited account is recorded first, credited account recorded second. Debits and credits must always equal! There can be compound entries in which two accounts receive a debt to an equivalent credited amount to one account. Be sure to use your chart of accounts (the first page of this workbook). Each account you will record to is already listed and organized by classification of the account. \begin{tabular}{r|l} \multicolumn{1}{c}{ Drawing } \\ \hline+ & - \\ Left & Right \\ Debit & Credit \end{tabular} Expenses Rent Expense $$ Business License Expense $$$ \begin{tabular}{cc|c|cc} \multicolumn{2}{c|}{ Prepaid Rent } & & Wages Payable \\ \hline \hline \end{tabular} Office Furniture $$$ Office Supplies Accumulated Depreciation Insurance Expense $ Repairs \& Maint. $$ Advertising Expense $ Wages Expense $$ Utilities Expense $$$ Depreciation Expense $$ Trial Balance As of 03/31/20XX Unadjusted trial balance \begin{tabular}{|l|c|c} \hline \multicolumn{1}{|c|}{ Account } & Debit & Credit \\ \hline Cash & - & \\ \hline Accounts Receivable & - & \\ \hline Prepaid Rent & - & \\ \hline Office Furniture & - & \\ \hline Office Supplies & - & \\ \hline Accumulated Depreciation & & \\ \hline Notes Payable & & \\ \hline Accounts Payable & & \\ \hline Wages Payable & & \\ \hline Owner's Capital & - & \\ \hline Owner Draws & - & \\ \hline Service Revenue & - & \\ \hline Rent Expense & - & \\ \hline Business License Expense & - & \\ \hline Depreciation Expense & - & \\ \hline Insurance Expense & - & \\ \hline Repairs and Maintenance Expense & - & \\ \hline Advertising Expense & - & \\ \hline Wages Expense & - & \\ \hline Utilities Expense & - & \\ \hline Total: & - & \\ \hline & - & \\ \hline & - & \\ \hline \end{tabular} Debits should equal credits A Company Income Statement For Month ending 3/31/20XX Revenues \begin{tabular}{|c|l|} \hline & \\ \hline & \\ \hline Total Revenues & $ \\ \hline \end{tabular} Operating Expenses: Total Operating Expenses: Net Income Company Name 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 $ A Company Balance Sheet As of March 31,20XX \begin{tabular}{|l|l|} \hline Assets & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline & \\ \hline Total Current Assets: & \\ \hline \end{tabular} Liabilities and Owners' Equity Current Liabilities: \begin{tabular}{|l|c|} \hline & \\ \hline & \\ \hline Total Current Liabilities & - \\ \hline \end{tabular} Total Long Term Liabilities: Total Liabilities: Owner's Equity Non-Current Assets: \begin{tabular}{|l|c|} \hline & \\ \hline & \\ \hline & \\ \hline Total Equity & - \\ \hline \end{tabular} A Company Closing Entries Month ending 03/31/20XX