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The following transactions were completed in the month of March, 20X3. Please use the appropriate accounts in the attached Chart of Accounts. Day 1 Khandan
The following transactions were completed in the month of March, 20X3. | |
Please use the appropriate accounts in the attached Chart of Accounts. | |
Day | |
1 | Khandan deposited $20,000 in a bank account in the name of the business. |
1 | Paid the rent for the 3 months, $2,100 |
1 | Khandan invested her personal Hauling equipment, with a fair market value of $1,600 in the business. The equipment has a life expectancy of 5 years. |
1 | Purchased a used Truck on account from Jean Sales, for $2,160. The life expectancy of the trailer is 3 years. |
1 | Purchased a used Crane from Earth Equipment for $8,500, paying $4,000 in cash and placing the balance on account; the Crane has life expectancy of 4 years |
10 | Purchased Liability insurance for one year, $1,800 |
13 | Sold landscaping services on account to Leah Corp., $1,225 |
13 | Purchased supplies for $200, 40% was cash |
14 | Purchased supplies on account from Parra George, $2,500 |
15 | Sold Landscaping services on account to Gloria Inc, $4,845 |
17 | Received and paid the bill from Tonya Inc. for gas and oil for the equipment, $84 |
19 | Sold landscaping services for cash to Jonathan Company, $2,700 |
22 | Paid on account - Jean Sales, a creditor, $600 |
24 | Received on account from Leah Corp, a customer, $500 |
28 | Sold landscaping services on account to Rayna Corp., $1,626 |
29 | Received and paid the telephone bill, $184 |
29 | Received the utilities bill, $200 |
30 | Paid the salary of the employee, $3,200 |
31 | Khandan withdrew cash for her personal use, $1,300 |
101 | Cash |
106 | Accounts Receivable |
124 | Office Supplies |
128 | Prepaid Insurance |
131 | Prepaid Rent |
153 | Trucks |
154 | Accumulated Depreciation - Trucks |
167 | Hauling Equipment |
168 | Accumulated Depreciation - Hauling Equipment |
173 | Crane |
174 | Accumulated Depreciation - Crane |
201 | Accounts Payable |
301 | Khandan Miller - Capital |
302 | Khandan Miller - Owner Withdrawals |
401 | Landscape Services |
611 | Depreciation Expense - Trucks |
612 | Depreciation Expense - Hauling Equipment |
614 | Depreciation Expense - Crane |
622 | Salary Expense |
637 | Insurance Expense |
640 | Rent Expense |
650 | Office Supplies Expense |
671 | Gas & Oil Expense |
688 | Telephone Expense |
690 | Utility Expense |
Instructions:
| Prepare a worksheet including the following dated March 31, 20X3. |
- | Unadjusted Trial Balance |
- | Adjusting Journal Entries |
- | Adjusted Trial Balance |
- | Income Statement |
- | Balance Sheet |
- | Statement of Owner's Equity |
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