How do I calculate adjusting entry, adjusted trial balance, financial statement,

Question

How do I calculate adjusting entry, adjusted trial balance, financial statement, closing entry, and post closing entry to:

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. 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.

Explanation / Answer

General Journal Chart of Accounts: Account Title (Normal Balance)
Date Description(Account Name) Debit Credit
1-Mar Cash 72,000 Assets
1-Mar Common Stock 72,000 Cash (Debit)
1-Mar Cash Prepaid Insurance (Debit)
1-Mar Rent Expense 4,500 Supplies (Debit)
1-Mar Cash 4,500 Equipment (Debit)
1-Mar Prepaid Insurance 3,300 Accumulated Depreciation -Equipment (Credit)
1-Mar Cash 3,300
7-Mar Supplies 900 Liabilities
7-Mar Cash 900 Accounts Payable (Credit)
10-Mar Salaries Expense 2,200 Income Tax Payable (Credit)
10-Mar Cash 2,200
March 14 Equipment 9,000 Stockholders Equity
March 14 Cash 1,500 Common Stock (Credit)
March 14 Accounts Payable 7,500 Retained Earnings (Credit)
March 15 Landscaping Revenue 4,896 Dividends (Debit)
March 15 Cash 4,896
March 19 Made payment 450 Revenue
March 19 Cash 450 Landscaping Revenue (Credit)
March 31 landscaping revenue 5,304
March 31 Cash 5,304 Expenses
March 31 Dividends 1,000 Rent Expense (Debit)
March 31 Cash 1,000 Salaries Expense (Debit)
Insurance Expense (Debit)
Supplies Expense (Debit)
Depreciation Expense (Debit)
Income Tax Expense (Debit)

Clearing Account
Income Summary



103,550 103,550

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