• Income Statement: Prepare the income statement using the adjusted trial balance
• Statement of Owner's Equity: Prepare the statement of owner's equity using the adjusted trial balance.
• Balance Sheet Assets: Prepare the balance sheet asset entries using the adjusted trial balance.
• Balance Sheet Liabilities: Prepare the balance sheet liabilities entries using the adjusted trial balance.
• Closing Entries: Complete the "Closing Entries" tab of the company accounting workbook by closing all temporary income statement amounts to create closing entries.

AutoSave OFF w ACC 201 Accounting Data Appendix 1-4 - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View RCM PERRLA 9 Tell me Share Comments Calibri v 11 A A Aav A EVEEVEN AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe AaBbCcDdEe Paste B I Uvab X X |ADA Normal No Spacing Heading 1 Heading 2 Heading 3 Styles Dictate Editor MathType snhu ACC 201 Accounting Data Appendix The following events occurred in March: March 1: Owner borrowed $125,000 to fund/start the business. The loan term is 5 years. . March 1: Owner paid $250 to the county for a business license. . March 2: Owner signed lease on office space; paying first (March 20XX) and last month's rent of $950 per month. March 5: Owner contributed office furniture valued at $2,750 and cash in the amount of $15,000 to the business . March 6: Owner performed service for client in the amount of $650. Customer paid in cash. March 8: Owner purchased advertising services on account in the amount of $500 . March 10: Owner provided services to client on account, in the amount of $1,725 March 15: Owner paid business insurance in the amount of $750 March 20: The owner received first utility bill in the amount of $135, due in April. March 20: Office copier required maintenance; owner paid $95.00 for copier servicing. March 22: Owner withdrew $500 cash for personal use. March 25: Owner paid $215 for office supplies. March 25: Owner provided service to client in the amount of $350. Client paid at time of service. March 30: Owner paid balance due for advertising expense purchase on March 8. March 30: Received payment from customer for March 10 invoice in the amount of $1,725. March 31: Last day of pay period; owner owes part-time worker $275 for the March 16 through March 31 pay period. This will be paid on April 5. March 31: Provided service for client on account in count in the amount of $3,500. March 31: Record depreciation of the office furniture at $45.83. Page 1 of 1 15 of 273 words English (Canada) IT Focus E + 110%Asset Accounts Liability Accounts Equity Accounts Acct # Acct # Acct # Cash 101 Notes Payable 201;Owner's Capital 301 6 Accounts Receivable 102 Accounts Payable 202 Owner Draws 302 7 Prepaid Rent 103 Wages Payable 203 8 Office Furniture 9 Office Supplies 105 10 Accumulated Depreciation (contra asset) 106 11 12 13 Revenue Accounts 14 Acct # 15 Service Revenue 401 16 17 18 19 Expense Accounts 20 Acct # Rent expense 501 Business License Expense 502 Insurance Expense 503 Repairs and Maintenance 504 Advertising Expense 506 Wages Expense 507 Utilities Expense 508 Depreciation Expense 509 74 75 76 77 78 79 80 81 Chart of Accounts General Journal Ledger Accounts Trial Balance Income StatementLiable Equity Revenue Expenses 1-Mar 125,000.00 Nones Payrate 3 125,000.00 250.0 $ 17,750.00 $ 1900.00 2-Mar 3 950.00 $ 1,725.00 Mar 25 Mar is 3 30 Mar S 15-Mar 20-Mar 22-Mar 25-Mar 25 Mar $ 390.00 $ 500.00 30- War 1,725.00 $ 142,72500 $ 4,210.0 125,000.00 125 000.00 $ $ 17,750.00 138,515.00 17.750.00 $ 6,225.00 $ 6,225.00 950.00 $ 950.00 Accounts Burkle 10 Mar 500.00 22-Mar $ 500.00 ISiness license Expense 135.00 $ 1,725.00 1-Mar $ 250.00 30-Ma 31-Mar $ 3,500.00 30-Mar $ 500.00 $ 500.00 $ 635.00 135.00 5,225.00 $ 1,725.00 $500.00 $ 3,500.00 $ 500.00 250.00 $ Wanes Parable $ 250.00 275.00 31-Mar 2-Mar Posting to the ledger/ taccounts 15 Mar $ 750.00 You are just posting each debit and credit from the joumal entries to the account you identified in the entry. These accounts are set to calculate your balances for you. Please be careful not to delete the running totals as those will calculate the ending balance. The ending balance will tans fer to the Trial Balance sheet. 275.00 275.00 If you have posted all entries and your vial balance is not in balance hotal debits = total credity) 950 00 $ this means that there is an enor. 950.00 750.00 $ Office Fumiture 5-Mar 3 2,750.00 Benglis & Maint 20-Mar $ 95.00 2,750.00 $ 9500 2,750.00 $95.00 25- Mar 215.00 8-Mar $ 500.00 215 00 $ 215.00 500.00 $ 500.00 45 38 31-Mar Wanes Experas 31-Mar $ 275.00 (45.831 $ 45.83 27300 $ $ 275.00 20-Mar $ 135.00 135.00 $ $135.00 31-Mar $ 45 83 45.83A B C Trial Balance IN As of 03/31/20XX Unadjusted trial balance Account Debit Credit Cash 138,515.00 Accounts Receivable 3,500.00 00 Prepaid Rent 950.00 9 Office Furniture 2,750.00 Office Supplies 215.00 11 Accumulated Depreciation (45.83) 12 Notes Payable 125,000.00 13 Accounts Payable 135.00 14 Wages Payable 275.00 15 Owner's Capital 17,750.00 16 Owner Draws 500.00 17 Service Revenue 6,225.00 18 Rent Expense 950.00 19 Business License Expense 250.00 20 Depreciation Expense 45.83 21 Insurance Expense 750.00 22 Repairs and Maintenance Expense 95.00 23 Advertising Expense 500.00 24 Wages Expense 275.00 25 Utilities Expense 135.00 27 Total: 149,385.00 149,385.00 28Company Name Statement of Owner's Equity 3 Period Ending 03/31/20XX 4 Beginning Capital on 3/01/20XX UT Increases to capital 6 Net income/loss: Owner Contributions 8 Subtotal: 9 LO Decreases to capital L1 12 Owner Draws 13 Ending Equity as of 03/31/20XX 15 16 17 18TTY JX A B A Company Income Statement For Month ending 3/31/20XX Revenues Service Revenue $ 6,225.00 Total Revenues un 6,225.00 Operating Expenses: W N 19 Total Operating Expenses: 21 Net Income 6,225.00 23 25 6A B C D F A Company Balance Sheet As of March 31, 20XX Assets Liabilities and Owners' Equity Current Assets: Current Liabilities: Total Current Liabilities Long Term Liabilities: Total Current Assets Total Long Term Liabilities: 3 Total Liabilities: 6 Owner's Equity Non-Current Assets: 0 Total Equity Total Non Current/Fixed Assets W Total Assets: Total Liabilities & Equity 5 6 8 9A Company Closing Entries Month ending 03/31/20XX Date Accounts Debit Credit 31-Mar Close revenues 31-Mar Close Expenses 31-Mar Close Income Summary 31-Mar Close Dividends