This question is completed on this site already except for the changes in the last photo, just need help with that.
i. Prepare a post-closing trial balance at July 31. ACR4.2 Lars Linken opened Lars Cleaners on March 1, 2020. During March, the following transac- The chart of accounts for Lars Cleaners contains the following accounts: Cash, Accounts Receivable. counts Payable, Salaries and Wages Payable, Notes Payable, Interest Payable, Share Capital Ordinary, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Ex ng tions were completed Mar. 1 Shareholders invested 15,000 cash in the business in exchange for ordinary shares. 1 Borrowed 6,000 cash by signing a 6-month, 6%, 6,000 note payable. Interest will be paid the first day of each subsequent month. 1 Purchased used truck for 8,000 cash. no dog 2 Paid 1,500 cash to cover rent from March 1 through May 31. oldal 3 Paid 2,400 cash on a 6-month insurance policy effective March 1. it loom 6 Purchased cleaning supplies for 2,000 on account. 3 O 14 Billed customers 3,700 for cleaning services performed. 18 Paid 500 on amount owed on cleaning supplies. 20 Paid 1,750 cash for employee salaries. 21 Collected 1,600 cash from customers billed on March 14. 28 Billed customers 4,200 for cleaning services performed. 31 Paid 350 for gas and oil used in truck during month (use Maintenance and Repairs Expense) 31 Declared and paid a 900 cash dividend. pense, and Interest Expense, bolo Instructions Comprehensive Accounti a. b. Post to the ledger accounts. (Use T-accounts.) h. Journalize and post closing entries and complete the closing process. Journalize the March transactions. c. Prepare a trial balance at March 31. d. Journalize the following adjustments. 1. Services performed but unbilled and uncollected at March 31 were 200. 2. Depreciation on equipment for the month was 250. 3. One-sixth of the insurance expired. 4. An inventory count shows 280 of cleaning supplies on hand at March 31. 5. Accrued but unpaid employee salaries were 1,080. 6. One month of the prepaid rent has expired.com ali 7. One month of interest expense related to the note payable has accrued and will be paid April 1. (Hint: Use the formula from Illustration 3.17 to compute interest.) e. Post adjusting entries to the T-accounts. 1. Prepare an adjusted trial balance. of financial position at March 31. f. Tot. adj. trial b. 31,960 g. Tot. assets 24 3. Prepare the income statement and a retained earnings statement for March and a classified statement i. Prepare a post-closing trial balance at March 31. Journalize transactic through accounting nanation of financ nlances of B&B Repair Services. Credit Assignment Five There is only one problem for this assignment: ACR4.2 on page 4-52; however, incorporate the following modifications: Ignore GST. Narrations in the journal entries are not required; neither is cross-referencing. The problem asks for T accounts. You may use either T accounts or the three-column account form (used, for example, in Assignment Three). Just create one T ledger for each account so that all the postings to that account are in one place (as opposed to creating separate T accounts for JE, AJE, and closing entry postings). To illustrate, here is the Service Revenue T account, complete with postings: Service Revenue 14/3 3,700 28/3 4,200 31/3 200 8,100 31/3 Bal. 8,100 31/3 . Add the following accounts to the chart of accounts: Interest Receivable; Income Taxes Payable; Interest Revenue; and Income Tax Expense. Note that Equipment includes vehicles. For Instruction d., add the following two events: 8. The bank tells the business that interest revenue of $20 for March will be credited to the company's bank account on 1 April; 9. Income taxes are estimated at 30% of pre-tax profit and will be payable in installments over the next few months, starting in April. For Instruction g., prepare a Statement of Comprehensive Income and a Balance Sheet in the form and format required in this course. You do not have to prepare a separate Statement of Retained Earnings or Statement of Changes in Equity. Add Instruction j.: Prepare a residual analysis, including accounts debited and credited, to explain the AJE required for the income taxes referred to in 9) above. o
