During March, the following transactions were completed by Hill Inc Or During March, the following transactions were completed by ABC Inc., a new business started on March 1, 2015:
Transactions
March 1 Sold 20,000 shares of $10 par value stock for $200,000 cash.
March 1 Purchased equipment for $36,000, paying $6,000 cash, charging the balance on account.
March 3 Purchased office supplies for $5,000 on account.
March 5 Paid $3,600 cash for 1-year insurance policy effective March 1. Use the account Prepaid Insurance to record this asset.
March 12 Billed customers $8,000 for professional services.
March 18 Paid $12,000 cash on amount owed on equipment and $3,000 on amount owed on office supplies.
March 20 Paid $7,000 cash for employee salaries.
March 21 Collected $4,000 cash from customers billed on March 12.
March 25 Billed customers $10,000 for professional services.
March 31 Paid $1,200 for the monthly utilities for the office.
March 31 Paid cash dividend of $.80 per share to shareholders
Additional Information - Adjustments:
unbilled and uncollected revenue for services performed as of March 31 is $12,000.
Depreciation on equipment for the month was $600.
An inventory count shows $1,000 of office supplies on hand at March 31.
Accrued but unpaid employee salaries were $4,000 (the salaries have not yet been recorded).
An inventory count shows $1,000 of office supplies on hand at March 31.
Accrued but unpaid employee salaries were $4,000 (the salaries have not yet been recorded).
Required: Using the Worksheet Provided:
Prepare Journal Entries for transactions for March. No descriptions are required
Prepare Journal Entries for any adjustments. No descriptions are required
Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet for March 31, 2015
Prepare the appropriate closing entries for March 2015
Prepare a post-closing Trial Balance for March 2015
