The Course Project consists of 12 Requirements for you to complete.  There are eight worksheets in the workbook you will need to complete.  A list of March transactions  A Chart of Accounts reference sheet  A Grading Rubric to help explain what is expected.  Each worksheet has the Check Figures embedded as a comment. You've just secured a new client in your accounting practice, Howard's Flight Radio Management Corporation (HFRM), a brand new small business specializing in flight management systems (FMS). The owner, Howard Allan, is a former Air Force pilot and retired Colonel, but definitely not an accountant. Your job is to help Howard put his affairs in order. Luckily Howard has only been in operation for a month and things have not gotten too out of hand yet! Howard has to submit his financial statements to his investors and doesn't know where to begin. It's your job to go through the complete Accounting cycle to prepare the financial statements for the HFRM. March Transactions Date Transaction Description March 1 Began business by making a deposit in a company bank account of $22500, in exchange for 2,250 shares of $10 par value common stock. March 1 Paid the premium on a 1-year insurance policy, $2,160. March 1 Paid the current month's rent expense, $1,800. March 3 Purchased repair equipment from Fred Company, $5,800. Paid $2200 down and the balance was placed on account. The rest will be paid in equal payments over the next 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 8 Purchased repair supplies from Gary Company on credit, $650. March 10 Paid telephone bill for March, $400. March 11 Cash flight management system (FMS) repair revenue for the first third of March, $2000. March 18 Made payment to Gary Company, $400. March 20 Cash FMS repair revenue for the second third of March, $2,450. March 31 Cash FMS repair revenue for the last third of March, $1,500. March 31 Paid the current month's electic bill, $300. March 31 Declared and paid cash dividend of $1,000. Chart of Accounts Account Type Account Number Account Title Normal Balance Assets 111 Cash Debit 117 Prepaid Insurance Debit 119 Repair Supplies Debit 144 Repair Equipment Debit 145 Accum Dep -Repair Equipment Credit Liabilities 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Credit 313 Dividends Debit Revenue 411 FMS Repair Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit 513 Insurance Expense Debit 514 Repair Supplies Expense Debit 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense Debit Anything in yellow needs to be manually inputted Must be Manually Updated From "March Transactions" Data Must be Manually Updated From "Adjusting Entries" Data Event Entry Monthly Exp Monthly Insurance Exp 180 Cash 22500 Inventory Repair Supplies 200 450 Shares 2250 Repair Equip Depreciation 150 Share Price 10 Income Tax 100 Total Stock Value 22500 Insurance 2160 180 Month's Rent 1800 Repair Equipment 5800 Automatically Updated From "March Transactions" Data Paid Down on Equipment 2200 Equipment Balance 3600 300 Total Revenue 5950 Repair Supplies on Credit 650 Total Monthly Expense 3380 Telephone Bill March 400 Accounts Payable 3850 Revenue 3/1-3/10 2000 Paid Gary Company 400 Revenue 3/10-3/20 2450 Revenue 3/20-3/31 1500 Electic Bill 300 Declared and paid Dividend 1000 REQUIREMENT #1: Prepare journal entries to record the March transactions

Answer rating: 100% (QA)

Here are the journal entries to record the March transactions for Howards Flight Radio Management Co... View the full answer