March 1 Minka and Lalas each donated $55,000 cash in exchange for common stock. They also signed a note with Towne Bank for $90,000. 2 Tax Tech paid $20,400 prepaid rent for the first year. 11 Office equipment was purchased on account for $11,000. 16 The company purchased insurance for two years with $4,000 cash. The policy was effective April 1. 18 A discolored piece of office equipment arrived and the supplier agreed to remove $1,000 from Tax Tech's account. 25 The company purchased some office furniture on sale worth $14,000 on account. 28 Tax Tech paid off balance owed on the equipment. 30 An office manager was hired at a rate of $170 a day. The start date is April 1. Requirement 1. Give the journal entry for each transaction. Post the entries to T-accounts. Prepare an unadjusted trial balance. Begin by giving the journal entry for each transaction. (Record debits first, then credits. Explanations will appear on the last line of the entry. If no entry is required, select "No entry" on the first line of the Accounts and Explanations column and leave the rest of the table blank.) March 1: Minka and Lalas each donated $55,000 cash in exchange for common stock. They (Tax Tech, Inc.) also signed a note with Towne Bank for $90,000. Prepare a compound entry. Accounts and Explanation Debit Credit Ref. 1-1 Date Mar 1P March 2: Tax Tech paid $20,400 prepaid rent for the first year. Ref. Date Date Accounts and Explanation Ref. Debit Credit 1-2 Mar 2 March 11: Office equipment was purchased on account for $11,000. Ref. Date Accounts and Explanation Debit Credit 1-3 Mar 11 March 16: The company purchased insurance for two years with $4,000 cash. The policy was effective April 1. Ref. Date Accounts and Explanation Debit Credit 1-4 Mar 16|| March 18: A discolored piece of office equipment arrived and the supplier agreed to remove $1,000 from Tax Tech's account. Ref. Date Accounts and Explanation Debit Credit 1-5 Mar 18||| March 25: The company purchased some office furniture on sale worth $14,000 on account. Accounts and Explanation Debit Credit Ref. 1-6 Date Mar 25 March 28: Tax Tech paid off balance owed on the equipment Date Accounts and Explanation Debit Credit Ref. 1-7 Mar 28 March 30: An office manager was hired at a rate of $170 a day. The start date is April 1. Date Accounts and Explanation Debit Credit Ref. 1-8 Mar 30 Post the entries to the T-accounts and calculate the ending balance of each account. (Use posting reference corresponding to the journal entries from above.) ASSETS LIABILITIES SHAREHOLDERS' EQUITY Cash Accounts payable Common stock EB* | EB EB EB | Prepaid rent Note payable EB Prepaid insurance | Office equipment Furniture EB EB * EB = ending balance. Tax Tech, Inc. Unadjusted Trial Balance March 31 Totals