Based on this information, can anyone assist in formatting Prepare the closing e
ID: 2376647 • Letter: B
Question
Based on this information, can anyone assist in formatting
Prepare the closing entries at March 31 in the General Journal
Post the closing entries to the General Ledger T-accounts and compute ending balances.
Just add to the adjusted balances already listed.
.
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 Declared and paid cash dividend of $1,000.
Trial Balance for your closing entries.
Post the closing entries to the General Ledger T-accounts and compute ending balances.
Prepare the financial statements for 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,
Prepare a post-closing trial balance as of March 31 in the space below.Prepare an adjusted trial balance and post closing entries in proper format in the space below.
Prepare the closing entries at March 31 in the General Journal
Post the closing entries to the General Ledger T-accounts and compute ending balances.
Just add to the adjusted balances already listed.
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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