2023 During its first month of operation the Flower Landscaping Corporation which specializes | Assignments Online

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