Prepare adjusting entries using the following information in the General Journal below. Post adjusting entries on March 31 to the General Ledger T- accounts and Compute adjusted balances. Add to the balances that are already listed. Show your calculations! a) One month's insurance has expired. b) The remaining inventory of repair supplies is $200. c) The estimated depreciation on repair equipment is $120. d) The estimated income taxes are $65.

March Journal Entries

Date	Account Titles	Debit	Credit
Mar. 1	Cash	20000
	Common Stock		20000
Mar. 1	Prepaid Insurance	2400
	Cash		2400
Mar. 1	Store Rent Expense	1900
	Cash		1900
Mar. 3	Repair Equipment	5800
	Cash		1000
	Accounts Payable		4800
Mar. 8	Repair Supplies	650
	Accounts Payable		650
Mar. 10	Telephone Expense	340
	Cash		340
Mar. 11	Cash	1650
	Bicycle Repair Revenue		1650
Mar. 18	Accounts Payable	400
	Cash		400
Mar. 20	Cash	2450
	Bicycle Repair Revenue		2450
Mar. 31	Cash	1250
	Bicycle Repair Revenue		1250
Mar. 31	Electric Expense	250
	Cash		250
Mar. 31	Dividends	1000
	Cash		1000

General Ledger

Date	Cash (111)	Debit ($)	Credit($)	Date	Bicycle Repair Revenue (411)	Debit ($)	Credit($)
Mar-01	Common Stock	20000		Mar-11	Cash		1650
Mar-01	Prepaid Insurance		2400	Mar-20	Cash		2450
Mar-01	Store Rent Expense		1900	Mar-31	Cash		1250
Mar-03	Repair Equipment		1000
Mar-10	Telephone Expense		340		Total		5350
Mar-11	Bicycle Repair Revenue	1650
Mar-18	Accounts Payable		400
Mar-20	Bicycle Repair Revenue	2450
Mar-31	Bicycle Repair Revenue	1250
Mar-31	Electric Expense		250
Mar-31	Dividends		1000
	Total	25350	7290
	Closing balance	18060
	Prepaid Insurance (117)				Store Rent Expense (511)
Mar-01	Cash	2400		Mar-01	Cash	1900
	Total	2400	0		Total	1900
	Closing balance	2400
	Repair Supplies (119)				Telephone Expense (512)
Mar-08	Accounts Payable	650		Mar-10	Cash	340
	Total	650			Total	340
	Repair Equipment (144)				Insurance Expense (513)
Mar-03	Cash	1000
	Accounts Payable	4800
	Total	5800
	Accum. Depr.-Repair Equipment (145)				Repair Supplies Expense (514)
	Accounts Payable (212)				Depr. Exp.-Repair Equipment (515)
Mar-03	Repair Equipment		4800
Mar-08	Repair Supplies		650
Mar-18	Cash	400
	Total	400	5450
	Closing balance		5050
	Income Taxes Payable (213)				Income Taxes Expense (516)
	Common Stock (311)				Electric Expense (517)
Mar-01	Cash		20000	Mar-31	Cash	250
	Total	0	20000
	Closing Balance		20000		Total	250
	Retained Earnings (312)
	Dividends (313)
Mar-31	Cash	1000
	Total	1000

Trial balance

Title	Debit	Credit
Cash	18,060
Prepaid Insurance	2,400
Accounts Payable		5,050
Common Stock		20,000
Dividends	1,000
Bicycle Repair Revenue		5,350
Repair Supplies Expense	650
Repair Equipment Expense	5,800
Electric Expense	250
Telephone Expense	340
Store Rent Expense	1,900