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Flower Landscaping Corporation_Journal to Balance sheet

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Question;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 1-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 20 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 the Journal Entries in the General Journal;Requirement;2?Post Journal Entries to the General Ledger;Requirement;3?Prepare a Trial Balance;Requirement;4?Prepare the Adjusting Entries;Requirement;5?Post Adjusting Entries to the General Ledger;Requirement;6?Prepare an Adjusted Trial Balance;Requirement;7?Prepare the Financial Statements;Requirement;8?Prepare the Closing Entries;Requirement;9?Post Closing Entries to the General Ledger;Requirement;10?Prepare the Post Closing Trial Balance

 

Paper#37214 | Written in 18-Jul-2015

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