1) Using the information given below (Trial Balance as of Feb 28), enter the beginning balances...

   

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1) Using the information given below (Trial Balance as of Feb 28), enter the beginning balances in the T- Accounts in the Accounting Records Package. On page 2 note the format of the Financial Statements that were produced based on the Trial Balance as of Feb. 28 (single step income statement and classified balance sheet), 2) Use the descriptions of the March transactions which are on page 3 to journalize all of the entries for March in the journal provided in the Accounting Records Package 3) Post each entry into the T-Accounts provided in the Accounting Records Package. When finished posting, calculate the account balance for each T-Account and enter the balance on the Unadjusted Trial Balance on the form provided. Then, use the information found on the bottom of page 3 and any account balance information that is needed to joumalize and post the adjusting entries. Calculate each account balance, 4) Using the T-Account balances, create an Adjusted Trial Balance on the form provided in the Accounting Records Package 5) Using the provided templates in the Accounting Records Package, prepare the a. Income Statement b. Statement of lyained Earnings c. Balance Sheet 6) Write the four closing entries in the journal and post them to the T-Accounts and calculate the ending balance for each account 7) Create the Post Closing Trial Balance on the form provided in the Accounting Records Package Sales Revenue Less: Sales Discounts Net Sales Cost of Goods Sold Gross Profit Expenses Rent Expense Financial Statements San Antonio Home Furnishings Company Income Statement For the Eleven Months Ended, February 28, 2021 Salary Expense Supplies Expense Depreciation Expense Insurance Expense Total Expenses Net Income Retained Earnings, April 1, 2020 Plus Net Income Less Dividends San Antonio Home Furnishings Company Statement of Retained Earnings For the Eleven Months Ended, February 28, 2021 Increase in Retained Earnings Retained Earnings, Feb. 28, 2021 65,000 1,500 63,500 31.000 32,500 5,100 6,000 3,400 0 1.500 16.000 16.500 7,760 16,500 11.500 5.000 12.760 Assets Current Assets Cash 5,300 Accounts Receivable 3,500 Merchandise Inventory 8,000 Supplies 800 San Antonio Home Furnishings Company Balance Sheet February 28, 2021 Current Liabilities Accounts Payable Salary Payable Unearned Revenue Total Current Liab Liabilities 490 50 540 Prepaid Insurance Total Current Assets 17,600 Plant Assets Stockholder's Equity Office Equipment 9,500 Common Stock 10,000 Less: Accum Depr 3,800 Total Plant Assets 5,700 Retained Earnings Total SE 12,760 Total Assets 23,300 Total Liab & SE 22.760 23,300 March Transactions: Date Mar. 1 Mar. 1 Mar. 2 Mar. 2 Mar. 3 Mar. 4 Mar. 6 Mar. 7 Mar. 8 Mar. 9 Mar. 9 Mar. 18 Mar. 18 Mar. 31 Supplies are purchased for cash $1,050. Two years of insurance is purchased for cash, costing $4,800. Paid rent expense of $1,200 for current month. Supplies purchased on account for $380. Received cash from customers on account, $3,500. Paid creditor on account, $215. Paid $450 of salary to employees, of which $50 is accrued from the prior month. Received $1,100 from a customer in advance of providing the service. Purchased merchandise from Leather Co. on account, $9,500 terms FOB Shipping Point, 2/10, n/30, Paid $150 to San Antonio Pickup Service for transportation cost in connection with the purchase from the Leather Co. Sold merchandise on account to Osgood Co., $8,800, terms FOB Shipping Point, 1/10, n/30. The cost of the goods sold was $4,200. Received a check from Osgood Co. for the sale on Mar. 9, less the discount. Paid Leather Co. for the merchandise purchased on Mar. 8, less the discount. Dividends of $1,350 are paid. Additional Information for Adjusting Entries: (a) (b) (c) Supplies on hand at the end of the year, March 31, are $625. Record one month of insurance expense for March 31. Depreciation of Equipment for the year, $1,325. 1) Using the information given below (Trial Balance as of Feb 28), enter the beginning balances in the T- Accounts in the Accounting Records Package. On page 2 note the format of the Financial Statements that were produced based on the Trial Balance as of Feb. 28 (single step income statement and classified balance sheet), 2) Use the descriptions of the March transactions which are on page 3 to journalize all of the entries for March in the journal provided in the Accounting Records Package 3) Post each entry into the T-Accounts provided in the Accounting Records Package. When finished posting, calculate the account balance for each T-Account and enter the balance on the Unadjusted Trial Balance on the form provided. Then, use the information found on the bottom of page 3 and any account balance information that is needed to joumalize and post the adjusting entries. Calculate each account balance, 4) Using the T-Account balances, create an Adjusted Trial Balance on the form provided in the Accounting Records Package 5) Using the provided templates in the Accounting Records Package, prepare the a. Income Statement b. Statement of lyained Earnings c. Balance Sheet 6) Write the four closing entries in the journal and post them to the T-Accounts and calculate the ending balance for each account 7) Create the Post Closing Trial Balance on the form provided in the Accounting Records Package Sales Revenue Less: Sales Discounts Net Sales Cost of Goods Sold Gross Profit Expenses Rent Expense Financial Statements San Antonio Home Furnishings Company Income Statement For the Eleven Months Ended, February 28, 2021 Salary Expense Supplies Expense Depreciation Expense Insurance Expense Total Expenses Net Income Retained Earnings, April 1, 2020 Plus Net Income Less Dividends San Antonio Home Furnishings Company Statement of Retained Earnings For the Eleven Months Ended, February 28, 2021 Increase in Retained Earnings Retained Earnings, Feb. 28, 2021 65,000 1,500 63,500 31.000 32,500 5,100 6,000 3,400 0 1.500 16.000 16.500 7,760 16,500 11.500 5.000 12.760 Assets Current Assets Cash 5,300 Accounts Receivable 3,500 Merchandise Inventory 8,000 Supplies 800 San Antonio Home Furnishings Company Balance Sheet February 28, 2021 Current Liabilities Accounts Payable Salary Payable Unearned Revenue Total Current Liab Liabilities 490 50 540 Prepaid Insurance Total Current Assets 17,600 Plant Assets Stockholder's Equity Office Equipment 9,500 Common Stock 10,000 Less: Accum Depr 3,800 Total Plant Assets 5,700 Retained Earnings Total SE 12,760 Total Assets 23,300 Total Liab & SE 22.760 23,300 March Transactions: Date Mar. 1 Mar. 1 Mar. 2 Mar. 2 Mar. 3 Mar. 4 Mar. 6 Mar. 7 Mar. 8 Mar. 9 Mar. 9 Mar. 18 Mar. 18 Mar. 31 Supplies are purchased for cash $1,050. Two years of insurance is purchased for cash, costing $4,800. Paid rent expense of $1,200 for current month. Supplies purchased on account for $380. Received cash from customers on account, $3,500. Paid creditor on account, $215. Paid $450 of salary to employees, of which $50 is accrued from the prior month. Received $1,100 from a customer in advance of providing the service. Purchased merchandise from Leather Co. on account, $9,500 terms FOB Shipping Point, 2/10, n/30, Paid $150 to San Antonio Pickup Service for transportation cost in connection with the purchase from the Leather Co. Sold merchandise on account to Osgood Co., $8,800, terms FOB Shipping Point, 1/10, n/30. The cost of the goods sold was $4,200. Received a check from Osgood Co. for the sale on Mar. 9, less the discount. Paid Leather Co. for the merchandise purchased on Mar. 8, less the discount. Dividends of $1,350 are paid. Additional Information for Adjusting Entries: (a) (b) (c) Supplies on hand at the end of the year, March 31, are $625. Record one month of insurance expense for March 31. Depreciation of Equipment for the year, $1,325.

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