FALL $2024$

On March $1,2024,$ Jeremy Thomas opened a car washing business, Jeremy's Car Washes. In addition to washing cars, Jeremy also sells tires and rims. Jeremy expects to prepare the company's first set of financial statements on March $31,2024.$ He had the following transactions during March:

Prepare journal entries to record the above transactions.

Post the entries to balance column accounts $($ledgers$).$

Prepare adjusting entries based on the following information:

a$.$ A count on March $31$ of car wash supplies shows $$650$ still available.

b$.$ As of March $31,$ one month of the insurance policy has expired.

c$.$ As of March $31,$ Ashley Thomas has not been paid for two days of work.

d$.$ Monthly depreciation of the building is $$250.$

Post the adjusting entries to the balance column accounts $($ledgers$).$

Prepare a trial balance.

Use the trial balance to prepare an income statement, statement of retained earnings, and balance sheet.

Prepare the necessary closing entries.

Prepare a post$-$closing trial balance.

Ashley works Monday$-$Friday.