Chapter Two - Preparing Journal Entries Sheila Davis started a catering company on March 1, 2022. Davis Delicious Foods, Inc. has the following Chart of Accounts: Cash Accounts Receivable Kitchen Supplies Prepaid Insurance Kitchen Equipment Building Accounts Payable Note Payable Common Stock Catering Revenue Salaries Expense Utilities Expense Maintenance Expense Directions: Use the above account names to prepare journal entries for the month of March. Mar 1: Jane Taylor started an engineering consulting corporation by investing $2,050,000 cash in the business in exchange for common stock. Mar 5: The company completed a catering job and received $300,000 from the customer. Mar 7: The company purchased $1,450,200 of Kitchen Equipment by signing a note payable to Mary's Kitchen Equipment. Mar 8: The company purchased kitchen supplies for $106,500 on credit from Supplies, Inc. The supplies are expected to last one year. Mar 10: The company paid $96,500 cash for a one-year insurance policy. Mar 15: The company performed a catering job and billed the customer for $600,000. Mar 20: The company paid $750,000 for the monthly salaries for the employees. Mar 22: The company paid $32,500 for the monthly utilities. Mar 25: The company paid $10,000 on the note payable due to Mary's Kitchen Equipment. Mar 26: The company paid $13,000 for monthly building maintenance charges. Mar 30: The company paid the full amount due to Supplies, Inc. (see the Mar 10 transaction above). Mar 31: The company received the full amount due from the customer billed on Mar 15 (see the Mar 15 transaction above.

Sheila Davis started a catering company on March 1, 2022. Davis Delicious Foods, Inc. has the following Chart of Accounts: Directions: Use the above account names to prepare journal entries for the month of March. Mar 1: Jane Taylor started an engineering consulting corporation by investing $2,050,000 cash in the business in exchange for common stock. Mar 5: The company completed a catering job and received $300,000 from the customer. Mar 7: The company purchased $1,450,200 of Kitchen Equipment by signing a note payable to Mary's Kitchen Equipment. Mar 8: The company purchased kitchen supplies for $106,500 on credit from Supplies, Inc. The supplies are expected to last one year. Mar 10: The company paid $96,500 cash for a one-year insurance policy. Mar 15: The company performed a catering job and billed the customer for $600,000. Mar 20: The company paid $750,000 for the monthly salaries for the employees. Mar 22: The company paid $32,500 for the monthly utilities. Mar 25: The company paid $10,000 on the note payable due to Mary's Kitchen Equipment. Mar 26: The company paid $13,000 for monthly building maintenance charges. Mar 30: The company paid the full amount due to Supplies, Inc, (see the Mar 10 transaction above). Mar 31: The company received the full amount due from the customer billed on Mar 15 (see the Mar 15 transaction above