March 1 Began business by issuing 5,000 shares of $5 par value common stock. The contributed capital of $30,000, from this sale, was deposited in the company bank account. 

  March 2 Paid the premium on a 2 -year insurance policy, $4,800. 

  March 3 Paid the current month's store rent expense, $2,400. 

  March 4 Purchased repair equipment from Andrew Company, $10,800. Paid 25% cash and the balance on account. The finance charge is 8%.   March 5 Purchased repair supplies from Jackson Company on credit for $1,050 plus 3% sales tax. 

  March 11 Bicycle repair revenue for the first third of March, $2,650. Of this amount 80% were sales on credit

   March 20 Made payment to Andrew Company, $1,000. 

  March 21 Paid telephone bill for March, $500.   March 22 Bicycle repair revenue for the second third of March, $2,450, of which $450 were cash sales.   

March 23 Paid the current month's electice bill, $1,250.   

March 24 Bought back 200 shares @ $5.50 from those issued on March 1st  

 March 25 The bank reported cash collections on account receivables of $1500  

 March 31 Bicycle repair revenue for the last third of March was $5,000, only 5% were cash sales 

  March 31 Declared a dividend of $2.00 on all outstanding shares as of March 31st 

 make journal entries, general ledger and trial balance

Answer rating: 100% (QA)

Creating a journal entry general ledger and trial balance for the transactions you provided Journal ... View the full answer