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M Ratajczyk opened the Big D Emporium on March 1, 2017. During March, the following transactions were completed:
March 1 Issued 10,000 shares of common stock for $25,000 cash.
1 Purchased used servers for $10,000, paying $6,000 cash and the balance on account.
3 Purchased office supplies for $1,500 on account.
5 Paid $2,400 cash on 1-year insurance policy effective March 1.
14 Billed customers $4,200 for data analysis services.
18 Paid $1,500 cash on amount owed on servers and $500 on amount owed on office supplies.
20 Paid $2,750 cash for employee salaries.
21 Collected $1,400 cash from customers billed on March 14.
28 Billed customers $6,200 for data analysis services.
31 Paid $350 for server maintenance which did not extend the life or function of the servers.
31 Declared and paid $900 cash dividend. ACCT 3201
Required:
Post to the ledger accounts.
Prepare a trial balance at March 31.
Journalize the following adjustments:
Earned but unbilled and uncollected revenue at March 31 was $800.
Depreciation on equipment for the month was $650.
One-twelfth of the insurance policy expired.
An inventory count shows $280 of office supplies on hand at March 31.
Incurred employee salaries but unpaid were $1,060.
Post adjusting entries to the general ledger.
Prepare an adjusted trial balance.
Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31.
Journalize and post closing entries and complete the closing process.
Prepare a post-closing trial balance at March 31.
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