[Assetspayable]

During March the following transactions were completed.


March 1- Issued common stock for $20,000 cash

March 2- Purchased used van for $16,000, paying $2,000 cash and the remainder on account.

March 3- Purchased cleaning supplies for $1,200 on account.

March 4- Paid $7,200 cash for one year of rent in advance. (effective March 1)

March 12- Preformed cleaning services and billed customers $5,400.

March 14- Paid $6,000 on the amount owed for the van and $800 on the amount owed for supplies.

March 18- Paid $3,300 for employee salaries.

March 21- Received $4,000 from customers billed on March 12.

March 22- Paid $300 for van repairs.

March 24- Received $5,800 cash for cleaning services provided to customers.

March 31- Declared and paid $1,200 cash dividend.

The chart of accounts contains:
Cash, Accounts Receivable, Supplies, Prepaid Rent, Equipment, Accumulated Depreacition-Equipment, Accounts Payable, Salaries Payable, Common Stock, Retained Earnings, Dividends, Service Expense, Depreciation Expense.

1) Record each transaction in a journal.
2) post each transaction to the appropriate T-account.
3) Calculate the balance of each account as of March 31st.
4) Prepare a trial balance at March 31st.
5) Record the following adjustments in the journal:
A) Services provided but unbilled at March 31st were $1,300
B) Depreciation on the van was $400 for the month.
C) One month of rent expired.
D) Unused supplies of $300 remained at March 31st.
E) Accrued but unpaid salaries were $2,900 at March 31st.
6) Post the adjusted balance of each account.
7) Calculate the adjusted balance of each account.
8) Prepare an adjusted trial balance.
9)Prepare an income statement and a statement of Stockholders equity for March and a classified balance sheet at March 31st.

[paraclete]

All I can say is what is stopping you from completing your assignment?

[Assetspayable]

All I can say is what is stopping you from completing your assignment?

I am very new to accounting, while also being really really bad at learning it. This is a huge project for points and I am basically lost with every aspect of it. Help?

[paraclete]

We only help when we see you attempting the problem we don't provide model answers

Start at the beginning

Do the journals; debit account amount; credit account amount
First one
Debit cash $20000 credit issued capital 20000
Now you do the rest

There is a homework help section follow the prompts
In accounting you learn by doing not by copying answers someone has given you

[Assetspayable]

March 1st
Debit cash- $20,000
Credit common stock- $20,000

March 2nd
Debit accounts payable-$16,000
Credit cash - $2,000

March 3rd
Debit Supplies- $1,200
Credit - Accounts payable - $1,200

March 4th
Debit cash - $7,200
Credit prepaid rent- $7,200

March 12th
Debit accounts recievable- $5,400
Credit service revenue- $5,400

March 14th
Debit cash -$6,000
Credit van expense- $6,000

March 14th
Debit Cash- $800
Credit Accounts payable0 $800

March 18th
Debit Cash-$3,300
Credit salaries expense- $3,300

March 21st
Debit accounts receivable- $4,000
Credit cash -$4,000

March 22nd
Debit cash- $300
Credit-?

March 24th
Debit service revenue- $5,800
Credit accounts receievable- $5,800

March 31st
Debit Cash $1,200
Credit dividends- $1,200

I don't think those are all correct entries( all we need to put is debit and credit)
I also don't know what to do in regards of a t-account, and calculating the balance of each account as of march 31st, trial balance at march 31st adjustments needed in the journal and posting those adjusted entries.

[paraclete]

March 2nd
Debit accounts payable-$16,000
Credit cash - $2,000 Incorrect

Debit equipment $16000
Credit cash $2000
Credit accounts payable $14000

a journal entry must always contain equal debits and credits

March 22nd
Debit cash- $300
Credit-? Incorrect

debit Service Expense $300
Credit cash $300

March 14th
Debit cash -$6,000
Credit van expense- $6,000 Incorrect

credit cash $6000
Debit Accounts payable $6000


March 24th
Debit service revenue- $5,800
Credit accounts receievable- $5,800 incorrect
credit service revenue $5800
debit Cash $5800

March 31st
Debit Cash $1,200
Credit dividends- $1,200 Incorrect

Debit dividends $1200
credit Cash $1200

You seem to have difficulty with the concept of cash or bank. This is a common problem

Cash is an asset. When you receive cash it is a debit because you have increased the asset when you pay cash you reduce the asset therefore payments are a credit to cash when the business receives value it is a debit when it gives value it is a credit

[paraclete]

I also don't know what to do in regards of a t-account, and calculating the balance of each account as of march 31st, trial balance at march 31st adjustments needed in the journal and posting those adjusted entries

.

One step at a time

A T account is a representation of a ledger debits on the left, credits on the right

http://www.reallifeaccounting.com/pu...T_Accounts.pdf

Once again
March 1st
Debit cash- $20,000
Credit common stock- $20,000

... CASH
DATE DEBIT | DATE CREDIT
MAR 1 $20000

... COMMON STOCK
DATE DEBIT | DATE CREDIT
... MAR 1 $20000

When you have posted all the entries
Determine what the balance is by balancing off the account
Some accounts will have only one entry others multiple entries

... COMMON STOCK
DATE... DEBIT... |.. DATE CREDIT
... MAR 1 $20000

Extract each balance into a list with the name of the account and the balance, the debits must equal the credits

The adjusting entries are journaled and posted in the same manner