The following is Schulte Corporation's transactions worksheet for the month of March, 2015. Each line represents the dollar amount of a transaction for the month.

Required:
1. Prepare journal entries for the ten transactions including the likely description of the transaction. Include account numbers (Folio) using the same general ledger account numbers shown in chapter 2 plus: Prepaid rent 162 Service revenue 470
2. Post the journal entries to T-accounts and total the accounts.
3. From the T-accounts, prepare a trial balance. List expenses in alphabetical order.
4. Prepare an income statement and statement of changes in equity for the month ended March 31, 2015 and a balance sheet at March 31, 2015.

Transcribed Image Text:

ASSETS Acct. Ppd = LIABILITY + EQUITY Share Mar. Cash Rec. RentEquip.Pay. CapitalRetained Earnings Revenue Expenses +6 15 +4 (Service) 17 18 24 +1 -3 (Supplies) (Service) 31 31 31 1 (Rent) -2 (Truck Op.)