Question: Access Computer Systems (ACS) began its operations on March 01, 2023. At the end of March a trial balance was prepared however some account balances


Access Computer Systems (ACS) began its operations on March 01, 2023. At the end of March a trial balance was prepared however some account balances are missing. You quickly realize that you are able to calculate these amounts from the information within the trial balance provided below: Access Computer Systems Trial Balance - March 31, 2023 Dr Cr Cash 77,088 A/R 1,200 Prepaid Insurance ($300, 3 mths beginning March 01) Inventory 40,000 Delivery Truck (10 yrs with $10,000 salvage) 58,000 Acc Dep Delivery Truck Equipment (10 yrs with $2,000 salvage) 14,000 Acc Dep Equipment A/P 1,750 Salaries payable 2,000 Unearned revenue 800 LT Note Payable Del Truck ($50,000, 10 yrs @5%) (Round to nearest $) LT Note Payable Equip ($12,000, 10 yrs @6%) (Round to nearest $) T.J. Capital (Owner investment on March 01) 100,000 T.J. Withdrawals 2,000 Sales 50,000 Cost of Goods Sold 12,000 Salaries expense 6,000 Rent expense - office 900 Rent expense - warehouse 1,500 Interest expense Delivery Truck (Round to nearest $) Interest expense Equipment (Round to nearest $) Depreciation expense Delivery Truck (1 month) Depreciation expense Equipment (1 month) Insurance expense (for 1 month) Totals See requirements on next page:Student Name: Requirements: 1. Complete the trial balance as per the information provided. 2. Prepare journal entries in a general journal for the following: a. Prepaid insurance consumed for month of March b. Depreciation for delivery truck c. Depreciation for equipment d. 1st month payment on LT note payable for delivery truck e. 15t month payment on LT note payable for delivery truck 3. Prepare the following statements for the end of March 2023 in good form: a. Income Statement b. Statement of Changes in Equity c. Balance Sheet 4. Hand in all your work including these two Quiz pages with your name on both sheets. Note: The following is the link to the Canadian Mortgage Calculator: https://dominionlending.ca/calculators/payment- amount.php?utm_source=search&utm_medium=paid&utm_campaign=alwayson2022&utm_term=mort gagecalculatoradgroup&gclid=cOf0dc5c040e1cea4238be6067546198&gclsrc=3p.ds
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