This is one question and i need help with this accounting question.
Comprehensive Problem - You have just been hired as the bookkeeper a new business called XYZ Company. The Company will earn revenue by providing both Accounting and Tax services for their clients. The business began operations in March 2022. The following transactions occurred during the first month of operations: 3/1 XYZ Accounting Services Company began operations when the owner, Fred Gaylord, invested $15,000 cash, a computer worth $3,000, and office furniture worth $12,000. This can be recorded in one journal entry because all of this is considered an owner investment (hint - you will have 3 debits and one credit). 3/1 The business purchased insurance and paid $6,000 cash for a six-month policy. The policy coverage period begins on March 1 of this year. 3/2 They moved into the new office space and paid $4,000 for the monthly rent. 3/4 The owner went to the office supply store and purchased $1,000 of office supplies for cash. 3/12 The business performed accounting services for a client and received $3,000 in cash. (Note there are two revenue accounts, keep this in mind every time you record either Accounting Service Revenue or Tax Services Revenue). 3/14 Fred completed a tax project for a client and sent them an invoice for $$,000. The client agreed to pay before the end of the month. 3/15 You calculated the payroll costs and paid the employees' salaries of $2,500. 3/19 The business purchased supplies of $1,500 on account (for credit, we will pay for these supplies later). 3/20 Finished an accounting services job and received $5,000 cash. 3/22 Collected $4,000 in advance for tax services to be completed next month. 3/25 Collected $6,000 from the client billed on 3/15. 3/26 Finished a tax return for a client and collected $2,000. 3/27 Received the utility bill of $2,500. The bill will be paid next week. 3/28 Performed accounting services on account (for credit, we will collect this money next month), $3,500. 3/30 Paid $1,000 of the amount we owed from the 3/19 purchase. 3/31 Fred withdrew cash of $7,500. Record each transaction in the general journal using the following chart of accounts (use only these accounts), a general journal form is attached to this assignment. Explanations are not necessary for each entry. Remember to skip a line between entries and to indent the names of accounts being credited. (37 points) Post the transactions to the T-accounts provided with this assignment. Include posting references in both the general journal and in the T-accounts. Compute a balance for each account. (12 points). 3. Journalize the following adjusting entries, continuing on the general journal used for part 1. (27 points) a. Accrued salaries expense as of the end of the month is $2,500. b. Depreciation on the computer equipment is $100 and depreciation on the office fumiture is $500. c. One month's worth of prepaid Insurance has expired. d. Office Supplies on hand at the end of the month are $350. e. You analyzed the unearned tax services revenue account and determined that the company had earned $400 of that amount during March. f. Accounting Service Revenue of $750 has been eamed but not yet recorded or collected. 4. Post the adjusting entries you prepared in part 3 to the same T-accounts you used in part 2. Remember your posting references. Calculate the final balance in each account. (6 points] 5. Prepare an adjusted trial balance (remember the headings here and on the financial statements). (8 points) 6. Prepare the Income Statement for the month ended March 31, 2022. [20 points) 7. Prepare the Statement of Owner's Equity for the month ended March 31, 2022. [10 points] 8. Prepare the Balance sheet on March 31, 2022. Refer to the example on page 98 of your book for the formatting for the lone term assets and accumulated depreciation. (25 points)
