Question

Can you help me finish these chats?
A1 А E F G H B D Use the following account descriptions for journal entries. Chart OT ACCOUNTS Account Account Title Normal Balance Account Type Assets 111 117 119 144 145 Cash Prepaid Insurance Repair Supplies Repair Equipment Accum Dep-Repair Equipment Debit Debit Debit Debit Credit Review Chapter 2, p. 90 for more information on the Chart of Accounts Liabilities 212 213 Accounts Payable Income Tax Payable Credit Credit Stockholders Equity 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 311 312 313 Common Stock Retained Earnings Dividends Credit Credit Debit Revenue 411 Bicycle Repair Revenue Credit Expenses 511 512 513 514 515 516 517 Store Rent Expense Telephone Expense Insurance Expense Repair Supplies Expense Dep Expense - Repair Equipment Income Tax Expense Electric Expense Debit Debit Debit Debit Debit Debit Debit

Answer 1

4	Adjusting entries:
	Date	Account	Account title from chart of accounts tab				Debit	Credit
	Mar 31.	513	Insurance expense		(2400/12)		200
		117	Prepaid insurance					200
			(Insurance expired for March)
	Mar 31.	514	Repair supplies expense			(650-200)	450
		119	Repair supplies					450
			(Supplies used)
	Mar 31.	515	Dep expense-Repair equipment				120
		145	Accum dep-Repair equipment					120
			(Depreciation recorded)
	Mar 31.	516	Income tax expense				65
		213	Income tax payable					65
			(Income taxes due)

5		Repar supplies			Prepaid insurance
	Bal.	650			Bal.	2400
	Mar 31.		450		Mar 31.		200
		650	450			2400	200
	Adj bal.	200			Adj bal.	2200
		Insurance expense			Repair supplies expense
	Mar 31.	200			Mar 31.	450
		Dep expense-Repair equipment		Accum dep-Repair equipment
	Mar 31.	120			Mar 31.		120
		Income tax expense		Income tax payable
	Mar 31.	65			Mar 31.		65

6			Howard's flight radio management corporation
				Adjusted trial balance
				March 31.
	Account number	Account title			Debit	Credit
	111	Cash			18060
	311	Common stock				20000
	117	Prepaid insurance			2200
	511	Store rent expense			1900
	144	Repair equipment			5800
	212	Accounts payable				5050
	119	Repair supplies			200
	512	Telephone			340
	411	Bicycle repair revenue				5350
	517	Electric expenses			250
	313	Dividends			1000
	513	Insurance expense			200
	514	Repair supplies expense			450
	515	Dep expense-Repair equipment			120
	145	Accum dep-Repair equipment				120
	516	Income tax expense			65
	213	Income tax payable				65
	Totals				30585	30585

7 Howard's flight radio management corporation Income statement For the month ending March 31 $ $ Revenues: FMS repair revenue 5350 Total revenue 5350 Expenses: Store rent expense 1900 Telephone expense 340 Insurance expense 200 Repair supplies expense 450 Depreciation expense 120 Income taxes expense 65 Electric expense 250 Total expenses 3325 Net income 2025 Howard's flight radio management corporation Statement of retained earnings For the month ending March 31 $ Retained earnings, March 1 Add:Net income 2025 0

0 Retained earnings, March 1 Add:Net income Subtotal Less:Dividends Retained earnings, March 31 2025 2025 1000 1025 Howard's flight radio management corporation Balance sheet March 31. $ Assets: Cash 18060 Prepaid insurance 2200 Repair supplies 200 Repair equipment 5800 Less: Accum. Depr. 120 Total assets 26140 Liabilities and stockholder's equity Liabilities: Accounts payable Income taxes payable Total liabilities 5050 65 5115

Stockholder's equity: Common stock Retained earnings Total stockholder's equity 20000 1025 21025 Total liabilities and stockholder's equity 26140 Credit Debit 3325 1900 8 Closing entries: Date Account Account title from chart of accounts tab Mar 31. Income summary 511 Store rent expense 512 Telephone expense 513 Insurance expense 514 Repair supplies expense 515 Depreciation expense 516 Income taxes expense 517 Electric expense (To close expense) Mar 31. 411 FMS repair revenue Income summary (To close revenue) Mar 31. Income summary (5350-3325) 312 Retained earnings (To close net income) 340 200 450 120 65 250 5350 5350 2025 2025

H Mar 31. 1000 (To close net income) 312 Retained earnings 313 Dividends (To close dividend) 1000 9 Adj bal. Mar 31. Repair supplies expense 450 Insurance expense 200 200 200 200 Adj bal. Mar 31. 450 450 450 Electric expense 250 Adj bal. Dep expense-Repair equipment 120 Adj bal. 120 Mar 31. 120 120 Mar 31. 2501 250 250 Income tax expense 65 Telephone expense 340 Adj bal. Mar 31. Adj bal. Mar 31. 65 340 65 65 340 340 Service revenue 5350 Adj bal. Mar 31. Store rent expense 1900 1900) 1900 1900 Adj bal. Mar 31. 5350 5350 5350

Income summary 3325 Retained earnings 2025 Mar 31. Mar 31. Mar 31. Mar 31. 5350 1000 Mar 31. 2025 1000 2025 5350 5350 Bal. 1025 10 Howard's flight radio management corporation Post-closing trial balance March 31. Account number Account title Debit Credit 111 Cash 18060 311 Common stock 20000 117 Prepaid insurance 2200 144 Repair equipment 5800 212 Accounts payable 5050 119 Repair supplies 200 145 Accum dep-Repair equipment 120 213 Income tax payable 65 312 Retained earnings 1025 Totals 26260 26260