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Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:

Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Attached are images containing information to build what is essentially an encompassing financial report on "Howard's Flight Radio Management Corporation. I need:

- The Journal Entries for March - "General Journal"
- The General Ledger
- Trial Balance

- A new General Ledger adjusting the entries based on this information:    
a) One month's insurance has expired.      
b) The remaining inventory of repair supplies is $200.    
c) The estimated depreciation on repair equipment is $150.       
d) The estimated income taxes are $100.   

- Post the entries to the T-accounts.

- Prepare an adjusted Trial Balance
- Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet)
- Prepare the closing entries at March 31st in a General Ledger
- Post the Closing entries to the T-accounts.

During its first month of operation, HFRM completed the following transactions. Date March 1 March 1 March 1 March 3 March 8 March 10 March 11 March 18 March 20 March 31 March 31 March 31 March Transactions Transaction Description Began business by making a deposit in a company bank account of $22500, in exchange for 2,250 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy, $2,160. Paid the current month's rent expense, $1,800. Purchased repair equipment from Fred Company, $5,800. Paid $2200 down and the balance was placed on account. The rest will be paid in equal payments over the next 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. Purchased repair supplies from Gary Company on credit, $650. Paid telephone bill for March, $400. Cash flight management system (FMS) repair revenue for the first third of March, $2000. Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. Cash FMS repair revenue for the last third of March, $1,500. Paid the current month's electic bill, $300. Declared and paid cash dividend of $1,000. Chart of Accounts Account Number Account Title Anything in yellow needs to be manually inputted Account Type Normal Balance Assets Must be Manually Updated From "March Transactions" Data 111 Cash Debit Event Entry Monthly Exp 117 Prepaid Insurance Debit Cash 22500 119 Repair Supplies Debit Shares 2250 144 Repair Equipment Debit Share Price 10 Total Stock Value 22500 145 Accum Dep -Repair Equipment Credit Insurance 2160 180 Month's Rent Repair Equipment 1800 5800 Liabilities Paid Down on Equipment 2200 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Equipment Balance Repair Supplies on Credit Telephone Bill March Revenue 3/1-3/10 Paid Gary Company Revenue 3/10-3/20 Revenue 3/20-3/31 3600 300 650 400 2000 400 2450 1500 Credit 313 Dividends Debit Electic Bill Declared and paid Dividend 300 1000 Revenue 411 FMS Repair Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit lust be Manually Updated From "Adjusting Entries" Dat Monthly Insurance Exp 513 Insurance Expense Debit Inventory Repair Supplies Repair Equip Depreciation 514 Repair Supplies Expense Debit Income Tax 180 200 450 150 100 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense Debit Automatically Updated From "March Transactions" Data Total Revenue Total Monthly Expense Accounts Payable 5950 3380 3850
Transcribed Image Text:During its first month of operation, HFRM completed the following transactions. Date March 1 March 1 March 1 March 3 March 8 March 10 March 11 March 18 March 20 March 31 March 31 March 31 March Transactions Transaction Description Began business by making a deposit in a company bank account of $22500, in exchange for 2,250 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy, $2,160. Paid the current month's rent expense, $1,800. Purchased repair equipment from Fred Company, $5,800. Paid $2200 down and the balance was placed on account. The rest will be paid in equal payments over the next 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. Purchased repair supplies from Gary Company on credit, $650. Paid telephone bill for March, $400. Cash flight management system (FMS) repair revenue for the first third of March, $2000. Made payment to Gary Company, $400. Cash FMS repair revenue for the second third of March, $2,450. Cash FMS repair revenue for the last third of March, $1,500. Paid the current month's electic bill, $300. Declared and paid cash dividend of $1,000. Chart of Accounts Account Number Account Title Anything in yellow needs to be manually inputted Account Type Normal Balance Assets Must be Manually Updated From "March Transactions" Data 111 Cash Debit Event Entry Monthly Exp 117 Prepaid Insurance Debit Cash 22500 119 Repair Supplies Debit Shares 2250 144 Repair Equipment Debit Share Price 10 Total Stock Value 22500 145 Accum Dep -Repair Equipment Credit Insurance 2160 180 Month's Rent Repair Equipment 1800 5800 Liabilities Paid Down on Equipment 2200 212 Accounts Payable Credit 213 Income Tax Payable Credit Stockholders Equity 311 Common Stock Credit 312 Retained Earnings Equipment Balance Repair Supplies on Credit Telephone Bill March Revenue 3/1-3/10 Paid Gary Company Revenue 3/10-3/20 Revenue 3/20-3/31 3600 300 650 400 2000 400 2450 1500 Credit 313 Dividends Debit Electic Bill Declared and paid Dividend 300 1000 Revenue 411 FMS Repair Revenue Credit Expenses 511 Store Rent Expense Debit 512 Telephone Expense Debit lust be Manually Updated From "Adjusting Entries" Dat Monthly Insurance Exp 513 Insurance Expense Debit Inventory Repair Supplies Repair Equip Depreciation 514 Repair Supplies Expense Debit Income Tax 180 200 450 150 100 515 Dep Expense - Repair Equipment Debit 516 Income Tax Expense Debit 517 Electric Expense Debit Automatically Updated From "March Transactions" Data Total Revenue Total Monthly Expense Accounts Payable 5950 3380 3850
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Per the Q&A limits the final three questions are:

- Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet)
- Prepare the closing entries at March 31st in a General Ledger
- Post the Closing entries to the T-accounts.

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Complete the remaining sub-parts per the Q&A Guidlines please.

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