Instructions

$1$ Journalize the March transactions.

$2$ Post to the ledger accounts. $($Use T$-$accounts.$)$

$3,$ Prepare a trial balance at March $31.$

$4$ Journalize the following adjustments.

a$)$ Services performed but unbilled and uncollected at March $31$ was $$200.$

b$)$ Depreciation on equipment for the month was $$250.$

c$)$ One$-$sixth of the insurance expired.

d$)$ An inventory count shows $$280$ of cleaning supplies on hand at March $31.$

e$)$ Accrued but unpaid employee salaries were $$1,080.$

f$)$ One month of the prepaid rent has expired.

g$)$ One month of interest expense related to the note payable has accrued will be paid

April $1.($Hint: Use the formula from Illustration $4\mathrm{.}19$ to compute interest.$)$

$5$ Post adjusting entries to the T $-$accounts.

$6$ Prepare an adjusted trial balance.

$7$ Prepare the income statement and a retained earnings statement for March and a

classified balance sheet at March $31.$

$8$ Journalize and post closing entries and complete the closing process.

$9,$ Prepare a post$-$closing trial balance at March $31.$

Tips:

Tot. adj. trial balance $=$$$31,960$

Tot. assets $=$$$24,730$