Question: Darby Consulting Inc was established on March 1 and during

Darby Consulting, Inc., was established on March 1, and during March, Darby entered into the following transactions:
Mar. 1 Issued $10,000 common stock in exchange for cash.
3 Purchased $300 of supplies on account.
7 Prepaid $1,500 total for April, May, and June rent.
8 Paid $175 towards the March 3 purchase of supplies.
11 Billed customers $5,780 for services rendered.
12 Paid $700 for March advertising.
25 Received $4,500 from customers billed on March 11.
28 Paid $200 in dividends to stockholders.
29 Paid $1,200 for March salaries.
29 Paid $760 for March utilities.
a. Prepare journal entries for each transaction (omitting explanations).
b. Post journal entries to appropriate T-accounts.
c. Prepare a trial balance at March 31.
d. Prepare an income statement and a statement of retained earnings for the month of March. Prepare a balance sheet at the end of March.

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  • CreatedJuly 16, 2015
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