I need solutions to this problem. I am going to provide the informtion. I am nee
ID: 2376613 • Letter: I
Question
I need solutions to this problem. I am going to provide the informtion. I am needed assistance with calculating the adjusted trial entry, financial statement, closing entry, and post closing entry. I wil provide the information to the question below:
Here is the first requirement:
Here is the other requirents that I need assistance with:
REQUIREMENT #1: During its first month of operation, the Flower Landscaping Corporation, which specializes in residential landscaping, completed the following transactions: March 1 Began business by making a deposit in a company bank account of $72,000, in exchange for 7,200 shares of $10 par value common stock. March 1 Paid the current month's rent, $4,500. March 1 Paid the premium on a one-year insurance policy, $3,300. March 7 Purchased supplies on account from Parkview Company, $900. March 10 Paid employee salaries, $2,200. March 14 Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance was placed on account. Payments will be $375.00 per month for twenty months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. March 15 Received cash for landscaping revenue for the first half of March, $4,896. March 19 Made payment on account to Parkview Company, $450. March 31 Received cash for landscaping revenue for the last half of March, $5,304.Explanation / Answer
March 1 Began business by making a deposit in a company bank account of $72,000, in exchange
for $7,200 shares of $10 par value common stock.
Debit: Cash $72,000
Credit: Common Stock $72,000
March 1 Paid the current month's rent, $4,500.
Debit Rent Expense $4,500.
Credit Cash $4,500.
March 1 Paid the premium on a one-year insurance policy, $3,300.
Debit Prepaid Insurance 3,300
Credit Cash 3,300
March 7 Purchased supplies on account from Parkview Company, $900.
Debit Landscaping Supplies 900
Credit Accounts Payable 900
March 10 Paid employee salaries, $2,200.
Debit employee salaries $2,200.
Credit employee salaries $2,200.
March 14 Purchased equipment from Hammond Company, $9,000. Paid $1,500 down and the balance was
placed on account. Payments will be $375.00 per month for twenty months. The first payment is due 4/1.
Note: Use Accounts Payable for the Balance Due.
Debit Landscaping Equipment 9,000
Credit Cash 1,500
Credit Accounts Payable 7,500
March 15 Received cash for landscaping revenue for the first half of March, $4,896
Debit Cash 4,896
Credit Landscaping Revenue 4,896
March 19 Made payment on account to Parkview Company, $450.
Debit Accounts Payable 450
Credit Cash 450
March 31 Received cash for landscaping revenue for the last half of March, $5,304.
Debit Cash 5,304.
Credit Landscaping Revenue 5,304.
Requirement 4 - Prepare the Adjusting Entries
Dr Insurance Expense $3300
Cr Prepaid Insurance $3300
Expensed Insurance for March
The remaining inventory of supplies is $475.
Dr Acct Payable 475
Cr Cash 475
The estimated depreciation on equipment is 150
Inital cost = $9,000
Present value = $ $8850
The estimated income taxes are $795.
Net Income left after Tax = $63350