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M Ratajczyk opened the Big D Emporium on March 1, 2017. During March, the following transactions were completed:

March 1 Issued 10,000 shares of common stock for $25,000 cash.

1 Purchased used servers for $10,000, paying $6,000 cash and the balance on account.

3 Purchased office supplies for $1,500 on account.

5 Paid $2,400 cash on 1-year insurance policy effective March 1.

14 Billed customers $4,200 for data analysis services.

18 Paid $1,500 cash on amount owed on servers and $500 on amount owed on office supplies.

20 Paid $2,750 cash for employee salaries.

21 Collected $1,400 cash from customers billed on March 14.

28 Billed customers $6,200 for data analysis services.

31 Paid $350 for server maintenance which did not extend the life or function of the servers.

31 Declared and paid $900 cash dividend. ACCT 3201

Required:

Post to the ledger accounts.

Prepare a trial balance at March 31.

Journalize the following adjustments:

Earned but unbilled and uncollected revenue at March 31 was $800.

Depreciation on equipment for the month was $650.

One-twelfth of the insurance policy expired.

An inventory count shows $280 of office supplies on hand at March 31.

Incurred employee salaries but unpaid were $1,060.

Post adjusting entries to the general ledger.

Prepare an adjusted trial balance.

Prepare the income statement and a retained earnings statement for March and a classified balance sheet at March 31.

Journalize and post closing entries and complete the closing process.

Prepare a post-closing trial balance at March 31.

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