You've just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn't know where to begin. It's your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. 

Use the following account descriptions for journal entries.

2) Post Journal Entries to General Ledger

3) Prepare Trial Balance

  
 

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Use the following account descriptions for journal entries. Chart of Accounts Account Number Account Type Account Title Normal Balance Assets 111 Cash Debit Prepaid Insurance Repair Supplies Repair Equipment Accum Dep -Repair Equipment 117 Debit 119 Debit 144 Debit 145 Credit Liabilities Accounts Payable Income Tax Payable 212 Credit 213 Credit Stockholders Equity 311 Common Stock Credit 312 Retained Eamings Credit 313 Dividends Debit Revenue 411 Bicycle Repair Revenue Credit Expenses Store Rent Expense |Telephone Expense Insurance Expense Repair Supplies Expense Dep Expense - Repair Equipment Income Tax Expense Electric Expense 511 Debit 512 Debit 513 Debit Debit Debit 514 515 516 Debit 517 Debit Use the following account descriptions for journal entries. Chart of Accounts Account Number Account Type Account Title Normal Balance Assets 111 Cash Debit Prepaid Insurance Repair Supplies Repair Equipment Accum Dep -Repair Equipment 117 Debit 119 Debit 144 Debit 145 Credit Liabilities Accounts Payable Income Tax Payable 212 Credit 213 Credit Stockholders Equity 311 Common Stock Credit 312 Retained Eamings Credit 313 Dividends Debit Revenue 411 Bicycle Repair Revenue Credit Expenses Store Rent Expense |Telephone Expense Insurance Expense Repair Supplies Expense Dep Expense - Repair Equipment Income Tax Expense Electric Expense 511 Debit 512 Debit 513 Debit Debit Debit 514 515 516 Debit 517 Debit