Question

March 1 M. Acher invests $70,000 cash to start the business. March 3 Purchased three pieces of equipment for $160,000, paying $50,000 cash and signing a 5-year, 10% note for the remainder.
March 5 Purchased $5,000 supplies on credit.
MarchlO Cash revenue amounted to $7,000.
March 15 Paid $500 cash for radio advertising.
March 20 Paid $800 on account for supplies purchased on March 5.
March 22 Owner withdrew $2,100 from the business for personal expenses.
March 29 Paid $1,200 cash for rent for the current month.
March 30 Received $2,000 cash advance from a customer for future copying.
March 31 Billed a customer for $575 for photocopy work done.
Requirements: 1) Make a tabular analysis of the transactions on accounting equation. Use the following column headings: cash, Supplies, accounts receivable, equipment, accounts payable, notes payable, unearned service revenue, capital, withdrawal, revenues, expenses.
2) Journalize the above transactions.
3) Prepare necessary T accounts.
4) Prepare a trial balance on March 31, 2021 and prove the arithmetic accuracy of the accounts.
Other data: a) The office equipment has an estimated useful life of 80 months with zero salvage value.
b) The physical count revealed $2000 supplies on hand at the end of the month.
c) Provided $1000 service during the month in respect of advance receipts from the customer.
d) Interest accrued on the notes payable.
Requirements:
5) Prepare necessary adjusting entries on March 31, 2021.
6) Enter the trial balance on a worksheet and complete the worksheet.
7) Prepare an income statement for the month ended March 31, 2021, an owner's equity statement on March 31,2021 and a balance sheet on March 31,2021.
8) Prepare necessary closing entries on March 31,2021. 9) Prepare a post-closing trial balance on March 31,2021.​

Answer 1

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