29 Jun uestion During its first month of oper
uestion
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
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