What is the general and adjusting journal entry, including descriptions for "Innovative Marketing Inc. $($IMI$)$ started business on March $1,2024.$ IMI prepares financial

statements on a monthly basis. The sole shareholder of IMI, Yousef Ahmed, recently learned

that you are taking an accounting course at UVic and has asked you for assistance in

preparing IMI$$s financial statements for the month of March $2024.$

The following transactions took place during the month of March $2024$:

Mar $1$ In exchange for $$12,000,$ IMI issued $120$ common shares to Yousef Ahmed

Mar $1$ A business loan was approved by the bank for $$40,000$ which was deposited

into IMI$$s bank account on the same day.

Mar $1$ IMI purchased a new computer on account for $$4,320.$ The total invoice is due

on April $15$ th $,$ at which time it will be paid.

Mar $1$ IMI found suitable office space available for immediate occupancy. IMI paid

four month$$s rent in advance at a total cost of $$6,400.$

Mar $3$ IMI purchased office supplies and paid $$5,800$

Mar $5$ IMI paid for marketing brochures that were printed and delivered on the same

day. The cost of the marketing supplies was $$1,620.$

Mar $8$ A customer, Elena Smith, hired IMI to prepare a marketing plan.

Mar $11$ IMI completed the marketing plan for customer Elena Smith and billed her

$$3,100.$

Mar $12$ IMI purchased an existing trademark from a marketing firm whose owner

retired and shut down the business. Purchasing the trademark cost IMI

$$6,000.$

Mar $15$ A customer, Bertrand Motors Inc, hired IMI to prepare a marketing plan.

Mar $18$ IMI hired an administrative assistant to organize the office. The administrative

assistant agreed to a bi$-$weekly wage of $$1,600.$ The first pay cheque is due on

Monday, March $25.$

Mar $23$ IMI completed the marketing plan for customer Bertrand Motors Inc. Bertrand

paid for the plan in cash, $$4,400.$

Mar $25$ The administrative assistant$$s first pay cheque was paid, $$850($$$800$ salary

and a $$50$ signing bonus$).$

Mar $28$ IMI received a $$6,500$ deposit from Halinski and Partners for future marketing

services to be provided in May.

Mar $31$ IMI declared a dividend of $$5,000.$ The dividend will be paid in April.

Additional information for March is as follows. Note that this information, coupled with the

information above, is needed to prepare IMI$$s adjusting entries at the end of the month

$($the fourth step in the accounting cycle$).$

$1.$ Office supplies were counted on March $31$ and there were $$2,570$ worth of office

supplies remaining.

$2.$ $$1,052$ in marketing supplies were used in the month of March.

$3.$ The computer IMI purchased on March $1$ is expected to last three years at which

time it will have a zero value. The computer will be depreciated using the straight$-$

line method.

$4$

$4.$ The trademark IMI purchased on March $12$ is expected to last five years at which

time it will have a zero value. The trademark is being depreciated using the straight

line method.

$5.$ A utilities bill for the month of March is expected to be received in early April. The

total utility cost for the month is $$465.$

$6.$ Income tax payable for the month is estimated to be $$450.$

$7.$ The business loan issued on March $1$st bears interest at an annual rate of $5\%.$

Interest on the loan is accrued monthly.

IMI did not qualify for sales tax in their first month of operations, so there are no sales tax

entries to consider"