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On March 1, 2002, Tahir Muktar, a famous businessman in Addis, opened a business named Universal Garage which is organized as a sole proprietorship. The business is established to render car repair, maintenance and related services for fees. Below are chart of accounts for and selected transactions completed by Universal Garage in March 2002. Mar 1 Received the following assets from its owner, Tahir: Cash....................................... Br, 8,300 Supplies ................................. 2,000 Office Equipment................... 10,000 2 Borrowed Br 5,000 from Dashen Bank 3 Paid Br 1,800 for rent on a building leased for business purposes 3 Purchased welding and other repair machinery for Br 3,600 cash 4 Paid Br 200 for a radio advertisement 8 Sold for Br 200 cash an old office equipment with a recorded cost of Br 200 13 Paid weekly salary Br 1,200 16 Received Br 4,400 from services rendered on cash 20 Paid weekly salary Br 1,200 include transactions for other income 20 Delivered service on credit, Br 6,000 21 Purchased additional repair machinery on account for Br 2,000 from Smi-Engineers 23 Received Br 5,000 additional cash investment from its owner 24 Repaid Br 1,000 bank loan and paid Br 100 interest on bank loan 26 Purchased supplies for Br 800 cash 27 Paid Br 100 for customer entertainment and other items 27 Paid weekly salary Br 1,200 31 Paid Br 500 for electricity and other utilities consumed during the month 31 Received Br 4,200 cash from credit customers 31 Paid Tahir Br 1,800 for personal uses Required: Journalize the above transactions in a two-column journal Post the journal entries to T accounts Prepare and complete a worksheet based on the following additional information Cost of supplies remained unconsumed on Mar 31 is Br 900 The amount paid on Mar 3 is for a three-month rent The amounts of depreciation for machinery and office equipment are estimated to be Br 560 and Br 1,900 respectively Universal Garage usually pays Br 1,200 for employee's salary every Saturday for a six-day work week ended on that day Interest on bank loan accrued but not paid on March 31 total Br 100

Prepare financial statements for the month

Journalize and post adjusting entries

Journalize and post closing entries

Prepare post-closing trial balance

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