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During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, completed the following transactions:
March 1 Began business by making a deposit in a company bank account of $72,000, in exchange for 7,200 shares of $10 par value common stock.
March 1 Paid the current month’s rent, $4,500.
March 1 Paid the premium on a one-year insurance policy, $3,300.
March 7 Purchased supplies on account from Parkview Company, $900.
March 10 Paid employee salaries, $2,200.
March 14 Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance was placed on account. Payments will be $375.00 per month for twenty months. The first payment is due 4/1.
Note: Use Accounts Payable for the Balance Due.
March 15 Received cash for landscaping revenue for the first half of March, $4,896.
March 19 Made payment on account to Parkview Company, $450.
March 31 Received cash for landscaping revenue for the last half of March, $5,304.
March 31 Declared and paid cash dividend of $1,000.
Requirement 1 : Prepare journal entries to record the March transactions in the General Journal
Requirement 2: Post the March journal entries to the following T-Accounts and compute ending balances.
Requirement 3: Prepare a trial balance for March.
Requirement 4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations!
a) One month’s insurance has expired.
b) The remaining inventory of supplies is $475.
c) The estimated depreciation on equipment is $150.
d) The estimated income taxes are $795.
Requirement 5: Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.
Requirement 6: Prepare an Adjusted Trial Balance
Requirement 7: Prepare the financial statements for Flower Landscaping Corporation as of March 31.
Requirement 8: Prepare the closing entries at March 31 in the General Journal .
Requirement 9: Post the closing entries to the General Ledger T-accounts and compute ending balances. Just add to the adjusted balances already listed.
Requirement 10: Prepare a post-closing trial balance as of March 31
