I am needing assistance with inputting the adjusted trial balance, financial sta
ID: 2376643 • Letter: I
Question
I am needing assistance with inputting the adjusted trial balance, financial statement, closing entry, postclosing entry to trial balance in the template format. I will provide the information. I need the information to be inputted in this format that is provided below
Here is the information:
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 1-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 20 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
Here is the template
Prepare the financial statements for the Flower Landscaping Corporation as of March 31 in the space below. You will only be preparing the income statement, statement of retained earnings, and the balance sheet. The statement of cash flows is a required financial statement, but is not required for this project. Flower Landscaping Corporation Flower Landscaping Corporation Flower Landscaping Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending March 31 For the Month Ending March 31 March 31 Revenues: Retained Earnings, March 1 Assets: Landscaping Revenue Add: Net Income Cash Subtotal Prepaid Insurance Expenses: Less: Dividends Supplies Rent Expense Retained Earnings, March 31 Equipment Salaries Expense Less: Accum. Depr. Insurance Expense Total Assets Supplies Expense Depreciation Expense Liabilities: Income Tax Expense Accounts Payable Total Expenses Income Tax Payable Total Liabilities Net Income Stockholders' Equity: Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Declared and paid cash dividend of $1,000.
Explanation / Answer
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.
Debit: Cash $72,000
Credit: Common Stock $72,000
March 1 Paid the current month's rent, $4,500.
Debit Rent Expense $4,500.
Credit Cash $4,500.
March 1 Paid the premium on a one-year insurance policy, $3,300.
Debit Prepaid Insurance 3,300
Credit Cash 3,300
March 7 Purchased supplies on account from Parkview Company, $900.
Debit Landscaping Supplies 900
Credit Accounts Payable 900
March 10 Paid employee salaries, $2,200.
Debit employee salaries $2,200.
Credit 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.
Debit Landscaping Equipment 9,000
Credit Cash 1,500
Credit Accounts Payable 7,500
March 15 Received cash for landscaping revenue for the first half of March, $4,896
Debit Cash 4,896
Credit Landscaping Revenue 4,896
March 19 Made payment on account to Parkview Company, $450.
Debit Accounts Payable 450
Credit Cash 450
March 31 Received cash for landscaping revenue for the last half of March, $5,304.
Debit Cash 5,304.
Credit Landscaping Revenue 5,304.
Requirement 4 - Prepare the Adjusting Entries
Dr Insurance Expense $3300
Cr Prepaid Insurance $3300
Expensed Insurance for March
The remaining inventory of supplies is $475.
Dr Acct Payable 475
Cr Cash 475
The estimated depreciation on equipment is 150
Inital cost = $9,000
Present value = $ $8850
The estimated income taxes are $795.
Net Income left after Tax = $63350
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