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Part 1 7 Full Accounting Cycle [50 marks] Ms. Freida has started a new Landscaping business in the name of Freida's Ferns on March 15'. 2020. Following transactions have taken place during the rst month of operation. 1. March 15' Started Freida's Ferns by bringing in $ 15,000 in cash and $ 5,000 worth of equipment. 2. March 1\"t Took an ofce space on rent 01$ 1,000 per month and paid 3 months rent in advance. 3. March 1st Recruited 4 members to work on landscaping and incurred $ 1.000 towards recruitments expenses 4. March 1Sit Borrowed $ 8,000 from bank to invest in new equipment. 5. Mach 3''1 Purchased a new lawn mower for $ 5,000 by paying 35 2,000 upfront and balance is agreed to be paid in 30days. 6. March 3''1 Purchased fuel for mowers - $ 1.200. 7. March 5\"1 Received an advance of $ 200 from Mr. Henry for iand scaping work. 8. March 6'\" a Purchased office supplies on account - $ 600. 9. March 8th Paid for advertising on a home decor magazine $1,500. 10. March 13lh Paid $ 500 for repairing the mowers. 11. March 15'h Performed 200 hours of land mowing work for rst 2 weeks including 5 hours on Mr. Henry's. Charged a at rate 01$ 40 per hour of work. All charges collected on same day except for 50 hours of work on Mr. Roy's lawn. 12. March 16'\" Paid a 'l\"t bi-weekly salary of $ 2,500. 13. March 19\"1 Paid the balance for equipment purchased on March 3'\". 14. March 20\"1 Purchased fuel for mowers - $ 1,000. 15. March 21St Received a utilities bill for $ 1,100 and is not paid yet. 16. March 25lh - Purchased and paid for an insurance policy (effective from April 15') for 1 year -$ 2,400. 17. March 3151 - Performed 180 hours of land mowing work in last 2 weeks. Invoiced $ 40 per hour. All charges are collected except for 30 hours of work on Mr. Jenson's lawn. 18. March 313' Paid the 2"d bi-weekly salaries - $ 2,500. 19. March 315' Charge one month rent and adjust the advance paid for rent (means increase the expense and reduce the asset) 20. March 315' Paid $ 50 towards interest on loan. Required 1. Prepare journal entries for the transactions given above [20 marks] 2. Prepare 'T' Accounts (all accounts cashAlc - 2 marks rest 1each) [20 marks] 3. Prepare a Trial Balance as at the end of March 31\" [5 marks] 4. Prepare a Income Statement for the month of March and Balance Sheet as at the end of March 31 \". (Add net income to Owners' Equity) [5 marks] Hanson International Academy 7WFNTER 2020 Page 5 of 2