The following transactions occurred during Regina Repairs Company's first month of operations, March, 2021:

Mar 1: The owner, Jimmy Heartthrob, created the company by investing $42,000 cash, a work truck worth $63,000 and $5,000 of pens, sticky notes, and blank invoices.

Mar 6: The company received invoice UD64V310R purchasing heavy equipment worth $2,900 paid with cash.

Mar 8: Regina Repairs Company received cash for services provided to customers,$16,400

Mar 8: The company paid its employees $5,900 for their work this month

Mar 13: The company purchased $6,000 of liability insurance with cash

Mar 17: The company purchased a new cellphone and plan for $420 on account

Mar 28: The owner withdrew $5,400 for personal use

Required:

1. Prepare journal entries, in proper form, using the accounts provided in the general ledger

2. Post the journal entries to the general ledger accounts

3. Use the general ledger to prepare the trial balance

4. Prepare the income statement, statement of changes in equity, and balancesheet for the year in proper format

Answer rating: 100% (QA)

Journal Entries Date Description Debit Credit Mar 1 Cash Investment Account 4200000 Work Truck Asset Account 6300000 Office Supplies Asset Account 500... View the full answer