Transactions for March

Mar $3$ Issued Check No$.116$ for $$7,500$ for the current month$’$s advertising.

Mar $6$ Issued Check No$.117$ for $$2,000$ for March office rent.

Mar $8$ Received $$11,500$ from Ruth Garcia for services rendered to decorate her living

room.

Mar $13$ Performed decorating services on account for Nancy$’$s Accounting Firm for $$8,600$

$($net $30).$

Mar $20$ Performed decorating services on account for La Epoca Beauty Boutique for $$18,000$

$($net $90).$

Mar $26$ Performed decorating services on account for Andrea$’$s Gourmet Food for $$4,300$

$($net $30).$

Mar $30$ Issued Check No$.118$ for $$280$ to pay the utilities bill for the month.

Mar $30$ Issued Check No$.119$ for $$300$ in payment of the month$’$s telephone bill.

Mar $30$ Issued Check No$.120$ for $$240$ for postage.

Mar $30$ Issued Check No$.121$ for $$550$ for business automobile expenses.

Adjusting Entries

Mar $31$ Expired insurance for the period.

Mar $31$ Supplies on hand at the end of the month, $$250.$

Mar $31$ Accrued salary expense $($earned but not yet paid$)$ owed to Sophia LeBron, $$5,600.$

FICA and federal income taxes were the only amounts withheld $($use $2023$ rates and

limits$).$ Federal income taxes withheld were $20\%$ of her gross pay.

Mar $31$ Recorded payroll tax expenses which include FICA $($use $2023$ rates and limits$),$

SUTA at $3\%($$$7,000$ limit$),$ and FUTA at $0\mathrm{.}8\%($$$7,000$ limit$).$

Mar $31$ Sophia was advised to record a provision for uncollectible accounts receivable.

Based on her customer base and industry data, she has estimated the provision for

uncollectible accounts receivable to be $3\mathrm{.}0\%$ of her total accounts receivable balance

at the end of March.

Closing Entries

Feb $28$ Close revenue accounts to income summary.

Feb $28$ Close expense accounts to income summary.

Feb $28$ Close income summary account.

Feb $28$ Close dividends account. give me the trial balances for the month.

 

Answer rating: 100% (QA)

Transactions for March 1 March 3 Issued Check No 116 for 7500 for the current months advertising Iss... View the full answer