Question: PLEASE HELP AS SOON AS POSSIBLE During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, completed the following transactions.

PLEASE HELP AS SOON AS POSSIBLE

During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, completed the following transactions.

March 1 Owner invested $72000 cash in the business.

March 1 Paid the current month's rent, $4,500.

March 1 Paid the premium on a 1-year insurance policy, $3,300.

March 7 Purchased supplies on account from Parkview Company, $900.

March 10 Paid employee salaries, $2,200.

March 14 Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance was placed on account. Note: Use accounts payable for the balance due.

March 15 Received cash for landscaping revenue for the first half of March, $4,896.

March 19 Made payment on account to Parkview Company, $450.

March 31 Received cash for landscaping revenue for the last half of March, $5,304.

Other data:

One month's insurance has expired.

The remaining inventory of supplies is $475.

The estimated depreciation on equipment is $150.

Requirements:

1. Prepare journal entries to record the March transactions.

2. Prepare necessary T Accounts

3. Prepare a trial balance on march 31

4. Prepare appropriate adjusting entries on March 31.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!