Part II (6 points) Vison and Wanda opened Infinity Dimensions Painters on March 1, 2022. During March, the following transactions were completed: Shareholders invested 25,000 cash in the business in exchange for ordinary shares. 1 Borrowed 6,000 cash by signing a 6-month, 8%, 6,000 note payable and interest will be paid the first day of each subsequent month. 1 Purchased a Machine for 9,000 cash. 2 3 Paid 2,400 cash to cover rent from March 1 through May 31. Paid 3,600 cash on a 6-month insurance policy effective March 1. Purchased painting supplies for 2,000 on account. 14 Billed customers 9,700 for painting services performed. 18 Paid 700 on amount owed on painting supplies. 20 Paid 1,750 cash for employee salaries. 21 Collected 1,800 cash from customers billed on March 14. 28 Paid 450 for gas and oil used in machine during month (use Maintenance and Repairs Expense). 31 Declared and paid a 1000 cash dividend. Required: a. Journalize the March transactions. (1.5 points) b. Post to the ledger accounts (Use T-accounts.) (1.5 points) c. Prepare a trial balance at March 31. (1 point) d. Journalize the following adjustments: (1 point) 1. Depreciation on equipment for the month was 450. 2. One-sixth of the insurance expired. 3. An inventory count shows 390 of painting supplies on hand at March 31. 4. One month of the prepaid rent has expired. 5. One month of interest expense related to the note payable has accrued and will be paid on April 1. e. Prepare an adjusted trial balance. (0.5 point) g. Prepare the income statement and a retained earnings statement for March and a classified statement of financial position at March 31. (0.5 point) The chart of accounts for Infinity Dimensions Painters contains the following accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Prepaid Rent, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Salaries and Wages Payable, Notes Payable, Interest Payable, Share Capital-Ordinary, Retained Earnings, Dividends, Income Summary, Service Revenue, Maintenance and Repairs Expense, Supplies Expense, Depreciation Expense, Insurance Expense, Salaries and Wages Expense, Rent Expense, and Interest Expense