ACCT210: Course Project Requirement Requirement Description Worksheet Name Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance 4 Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger 6 Prepare an Adjusted Trial Balance 5 - Adjusted TB Prepare the Financial Statements 6 - Financial Statements 8 Prepare the Closing Entries 7 - Closing Entries 9 Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of RatiosRequirement #7: Prepare the financial statements for Howard's Flight Radio Management Corporation as of March 31 in the space below. You will only be preparing the Income Statement. Statement of Retained Earning. and the Balance Sheet. The Statement of Cash Flows is a required Financial Statement. but is not required for this project. Howard's Flight Radio Management Corporation oward's Flight Radio Management Corporatio Howard's Flight Radio Management Corporation Income Statement Statement of Retained Earnings Balance Sheet For the Month Ending March 31 For the Month Ending March 81 March 81 Revenues: Retained Earnings, March I Assets: FMS Repair Revenue $5,350 Add: Net Income 2,025 Cash $13,060 Total Revenue 5.350 Subtotal Prepaid Insurance 2.200 LE : Dividends 1.000 Repair Suppes 200 Expenses: Retained Earnings, March 31 $1.025 Repair Equipment 5.1300 Store Rent Expense 1,900 LE Accum. Depr. [I 20} Telephone Expense 340 Total Assets $26.140 Insurance Expense 250 Repair Suppes Exp. 450 Liabilities and Stockholders' Equity Depreciation Exp. 200 Liabilities: Income Taxes Expense 65 Accounts Payable $5.050 Electric Expense 120 Income Taxes Payable 65 Total Expenses 3.325 Total Liabilities 5.1 15 Net Income 2.02 stockholders Equity: Common Stock 20,000 Retained Earnings 1.025 Total Stoc kholders' Equity 21,025 Total Liabilities I. ' Stoc kholders' Equity $26.1 40 a Requirement #8: Prepare the closing entries at March 31 in the General Journal below. Hint: Use the balances for each account which appear on the Adjusted Trial Balance for your closing entries. Requirement #9: Post the closing entries to the T-Accounts on the General Ledger worksheet and compute ending balances. Just add to the adjusted balances already listed. General Journal Account Number from Chart of Accounts Date tab Account Title from Chart of Accounts tab Debit CreditRequirement #10: Prepare a post-closing trial balance as of March 31 in the space below. Howard's Flight Radio Management Corporation Post-Closing Trial Balance March 31 Account Account Balance Number Title Debit CreditRequirementl: Ratios Using the data from Income Statement and Balance Sheet prepared by you in step I" compute the following ratios. Current Ratio Leverage Ratio Asset Turnover Ratio Net Profit Margin Ratios Rate of Return on Total Assets 1 - Journal Entries 2 - General Ledger 3 - Trial Balance 4 & 5 Adjusting Entries 6 - Adjusted TB 7 - Financial Statements 8 & 9- - Closing Entries 10 - Post Closing Trial Balance 11- Ratios 12- Interpretaion of RatioACCT210: Course Project Requirement Requirement Description Worksheet Name Prepare the Journal Entries in the General Journal 1 - Journal Entries 2 Post Journal Entries to the General Ledger 2 - General Ledger 3 Prepare a Trial Balance 3 - Trial Balance 4 Prepare the Adjusting Entries 4 - Adjusting Entries 5 Post Adjusting Entries to the General Ledger 2 - General Ledger Prepare an Adjusted Trial Balance 5 - Adjusted TB 7 Prepare the Financial Statements 6 - Financial Statements 8 Prepare the Closing Entries 7 - Closing Entries 9 Post Closing Entries to the General Ledger 2 - General Ledger 10 Prepare the Post Closing Trial Balance 8 - Post Closing Trial Balance 11 Compute Ratios 11-Ratios 12 Interpret the Ratios 12-Interpretation of Ratios Ise the embedded assistance in the template, guidance in your textbook, and examples in the weekly assignments to complete this project. Should you have any questions contact your professor. Milestone 1 is due in Week 3 - This includes project requirements 1-3. Milestone 2 is due in Week 6 - This includes project requirements 4-7. Milestone 3 is due in Week 9 - This includes project requirements 8-12.During its first month of operation, HFRM completed the following transactions. March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,400. March 1 Paid the current month's rent expense, $1,900. March 3 Purchased repair equipment from Fred Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 Purchased repair supplies from Gary Company on credit, $650. March 10 Paid telephone bill for March, $340. March 11 Cash flight management system (FMS) repair revenue for the first third of March, $1,650 March 18 Made payment to Gary Company, $400. March 20 Cash FMS repair revenue for the second third of March, $2,450. March 31 Cash FMS repair revenue for the last third of March, $1,250. March 31 Paid the current month's electice bill, $250. March 31 Declared and paid cash dividend of $1,000.Chart of Accounts Account Account Type Number Account Title Normal Balance Assets 111 Cash Debit 117 Prepaid Insurance Debit Re 2. 119 Repair Supplies Debit inf 144 Repair Equipment Debit the 145 Accum Dep -Repair Equipment Credit Ac Liabilities 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Credit 313 Dividends Debit Revenue 411 FMS Repair Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit 513 Insurance Expense Debit 514 Repair Supplies Expense Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense DebitREQUIREMENT #1: Prepare journal entries to record the March transactions in the General Journal below. Remember that Debits must equal Credits-All of your Journal Entries should balance. General Journal Account Once you've completed Number from this requirement print your Chart of General Journal to Date Accounts tab Account Title from Chart of Accounts tab Debit Credit complete Requirement #2 1-Mar 111 Cash 20,000 on the General Ledger 311 Common Stock 20,000 worksheet. 1-Mar 117 Prepaid Insurance 2,400 111 Cash 2.400 1-Mar 511 Store Rent Expense 1,900 111 Cash 1,900 3-Mar 144 Repair Equipment 5,800 111 ash 1.000 212 Acounts Payable 4,800 8-Mar 119 Repair Supplies 650 111 Cash 650 10-Mar 512 Telephone Expense 340 111 Cash 340 11-Mar 41 1 FMS Repair Revenue 1,650 111 Cast 1,650 18-Mar 212 Acounts Payable 400 111 Cash 400 20-Mar 411 FMS Repair Revenue 2,450 111 Cash 2,450 31-Mar 411 FMS Repair Revenue 1,250 111 Cash 1,250 31-Mar 517 Electric Expense 250 111 Cash 250 31-Mar 313 Dividends 1,000 111 Cash 1,00015) Accum Des - Papaw Equrome 514) Repair Supplies Expense 31-Mar 120 31-Mar 150 djusted TB 120 Adjusted TB 450 (212) Accounts Payable 51 Dep Expense -Rap Equiga 3-Mar 4,800 31-Mar 120 8-Mar 650 Adjusted TB 120 18-Mar 400 lalance 5.050 (213) Income Tax Payable (516) Income Tax Expense 31-Mar 65 31-Mar 65 djusted TB 65 Adjusted TB 65 (311) Common Stock (517) Electric Expense 1-Mar 20,000 31-Mar 250 ialance 20.000 Balance 250 (312) Retained Earnings (313) Dividend's 31-Mar 1.000 alance 1,000REQUIREMENT #2: Post the March journal entries to the following T-Accounts and compute ending balances. Date (31) Cash Fate (411) FMS Repair Revenue 1-Mar 20,000 11-Mar 1,650 1-Mar 2.400 20-Mar 2.450 1-Mar 1,900 31-Mar 1,250 3-Mar 1.000 Balance 5,350 10-Mar 340 11-Mar 1,650 18-Mar 400 20-Mar 2.450 31-Mar 1,250 31-Mar 250 31-Mar 1,000 Balance 18,060 (117) Prepaid Insurance (511) Store Pant Expense 1-Mar 2.400 1-Mar 1,900 Balance 2.400 Balance 1,900 31-Mar 200 Adjusted TB 2.200 (119) Repair Supplies (512) Telephone Expense JEW-8 650 10-Ma 340 Balance 650 Balance 340 31-Mar 450 Adjusted TB 200 (14 4) Repair Equipment (513) Insurance Expense 3-Mar 5,800 31-Mar 200 Balance 5.800 Adjusted TB 200 151 Accum Des - Repair Equipme 514) Repair Supplies Expense 31-Ma 120 EW-LE 450 Adjusted TB 120 Adjusted TB 450 (212) Accounts Payable 51 Dep Expense -Rap Equipan 3-Mar 4,800 31-Mar 120 8-Mar 650 Adjusted TB 120 18-Mar 400 Balance 5.050 213 ACOME (5 16 come Jax ExsEASEREQUIREMENT #3: Prepare a trial balance for March in the space below. Howard's Flight Radio Management Corporation Trial Balance Only enter March 31 accounts that Account Account Balance have a balance. Number Title Debit Credit 111 Cash 18,060 117 Prepaid Insurance 2,400 119 Repair Supplies 650 144 Repair Equipment 5,800 212 Accounts Payable 5,050 311 Common Stock 20,000 313 Dividends 1,000 411 FMS Repair Revenue 5,350 511 Store Rent Expense 1,900 512 Telephone Expense 340 513 Insurance Expense 250Requirement #4: Prepare adjusting entries using the following information Tn the General Journal below. Show your calculations! a} l[line month's insurance has expired. b} The remaining inventoryr of repair supplies is $290. c} The estimated depreciation on repair eauipmentis $120. d} The estimated income taxes are $65. Requirement: Post the adjusting entries on March 3] below to the General Ledger Taccounts and compute adjusted balances. Just add to the balances that are alreadi_.ur listed. General Journal Acca uni Number from Chart of Date Accounts tab Account Title from Chart of Accounts tab Debit Credit Insurance Expense l l ? Prepaid Insurance 200 31Mar 514 Repair Supplies Expense l 19 Re pair Supplies 45D 31 -Mar 515 Dep Expense Repair Equipment 145 Accum Dep - Repair Equipment 120 31Mar 516 Income Tax Expense Income Tax Payable REQUIREMENT #6: Prepare an Adjusted Trial Balance in the space below. Howard's Flight Radio Management Corporation Adjusted Trial Balance Only enter March 31 accounts that Account Account Balance have a balance. Number Title Debit Credit 111 Cash 18,060 117 Prepaid Insurance 2,200 119 Repair Supplies 200 144 Repair Equipment 5,800 145 Accum Dep - Repair Equipment 120 212 Accounts Payable 5,050 213 Income Tax Payable 65 311 Common Stock 20,000 313 Dividends 1,000 411 FMS Repair Revenue 5,350 511 Store Rent Expense 1,900 512 Telephone Expense 340 513 Insurance Expense 200 514 Repair Supplies Expense 450 515 Dep Expense - Rep Equipment 120 516 Income Tax Expense 65 517 Electric Expense 250