Journal Entries for Various Transactions
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(a) journalize and post the march transactions. use page j1 for the journal and the three column form of account.
(b) trial balance $17,500 (b) prepare a trial balance at march 31 on a work sheet.
(c) adjusted trial balance $18,950
(c) enter the following adjustments on the work sheet and complete the work sheet.
(1) earned but unbilled revenue at march 31 was $700.
(2) depreciation on equipment for the month was $250.
(3) one-twelfth of the insurance expired.
(4) an inventory count shows $600 of cleaning supplies on hand at march 31.
(5) accrued but unpaid employee salaries were $500.
(d) total assets $14,500
(d) net income $2,500 (d) prepare the income statement and owner's equity statement for march and a classified balance sheet at march 31.
(e) journalize and post adjusting entries. use page j2 for the journal.
(f) journalize and post closing entries and complete the closing process. use page j3 for the journal.
(g) post-closing trial balance $14, 750 (g) prepare a post-closing trial balance at march 31.
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