acct 504 flower landscaping corporation case study 1 100 correct a 495904

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.

March 31 Declared and paid cash dividend of $1,000.

Requirement 1 : Prepare journal entries to record the March transactions in the General Journal

Requirement 2: Post the March journal entries to the following T-Accounts and compute ending balances.

Requirement 3: Prepare a trial balance for March.

Requirement 4: Prepare adjusting entries using the following information in the General Journal below. Show your calculations!

a) One month’s insurance has expired.

b) The remaining inventory of supplies is $475.

c) The estimated depreciation on equipment is $150.

d) The estimated income taxes are $795.

Requirement 5: Post the adjusting entries to the General Ledger T-accounts and compute adjusted balances. Just add to the balances that are already listed.

Requirement 6: Prepare an Adjusted Trial Balance

Requirement 7: Prepare the financial statements for Flower Landscaping Corporation as of March 31.

Requirement 8: Prepare the closing entries at March 31 in the General Journal .

Requirement 9: Post the closing entries to the General Ledger T-accounts and compute ending balances. Just add to the adjusted balances already listed.

Requirement 10: Prepare a post-closing trial balance as of March 31